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DSST Business Math

Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Loss of items due to damaged goods - stealing - etc.






2. Convert .4 to a percent






3. $ RETAIL X (100 - GM %) / 100






4. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






5. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory






6. End of month; dating starts with the end of the month and the invoice is to be paid within the specified number of days after the end of the month in which goods are invoiced; ex: 8/10 EOM - n/90






7. Convert 1/4 to a percent






8. The wholesale cost of goods plus the markup






9. You should never take out more than a _ year mortgage.






10. Units Sold/ (Units Sold + On Hand Inventory)






11. Assets - cost of goods sold - expenses






12. S=X+nrX Where: X=the original sum invested r=the interest rate (as a proportion - e.g. 0.05=5%) n=the number of periods S=the sum invested after n periods (capital + interest) - e.g. invest $1000 @ 10% simple interest for 5 years = 1000+(50.101000)






13. Convert .36 to a percent






14. A/b






15. current assets/ current liabilities






16. The average car will lose _% of its value in the first 4 years.






17. What happens when your expenses - etc. are higher than your sales






18. GMROII = GM% x (Sales / Average Value of Inventory)






19. If freight is to be paid by the seller - the shipping terms are...






20. S=X(1+r1)^y(1+r






21. Convert 20 to a percent






22. (TY-LY)/ LY or (Plan-Actual)/






23. Convert 10/11 to a percent






24. Net Sales for period/ Avg Stock for period






25. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...






26. Sales - cost of goods sold






27. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!






28. Rose borrowed money to buy a ring priced at $420. When she repaid the loan at the end of 3 months - the interest charge was $31.50. What was the rate of interest?






29. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)






30. A measure of the number of days needed to collect accounts receivable.






31. A^m/a^n = a^(m-n)






32. total annual sales/365






33. % of 90 days same as cash convert to payments.






34. After 4 years - $5 -000 will grow to how much if it earns 10% interest?






35. Convert 50% to a fraction






36. Convert 70/100 to a percent






37. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8






38. ($ Retail x 100 / COST) - 100






39. What is the product of 3.26 and 0.4?






40. The average car payment is $_ per month for _ months.






41. Commissions - fees for service - merchandise sales - rental income - royalties






42. Turning assets into cash.






43. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions






44. A/b - c/b = a-c/b






45. Cash or assets that can quickly be converted into cash.






46. What happens when your sales are higher than your expenses - etc.






47. Convert 3 to a percent






48. Liabilities - capital - income






49. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM






50. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30