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






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






3. Advertising - bad debt expense - conributions and donations - depreciation - educational expense - insurance - interest expense - licenses - office supplies - postage - rent - repairs - salaries and wages - supplies - taxes - travel and transportatio






4. An electronics store is having a 40 percent off sale. Robert has been saving to purchase a stereo system that was originally priced at $420. If Robert purchases the system during the sale - what will be the cost?






5. 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






6. accounts receivable/ average daily sales






7. cost of an item expressed per unit of measure or count.






8. Convert 65% to a decimal






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






10. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price






11. Aka - the terminal value of an investment to which equal annual amounts will be added S=[A(R^n -1)]/R-1 Where: S=the terminal value A=the first term R=the common ratio n=the number of terms






12. Convert .62 to a percent






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






14. 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)






15. A team won 16 games and lost 9 games. What percent of games did the team lose?






16. To take advantage of the 6% cash discount - a retailer made a $2 -000 partial payment during the discount period. How much was the retailer credited for the $2 -000 partial payment?






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






18. Overage$ = book$ - physical count$; overage% = overage$/NS$






19. Convert 80% to a fraction






20. Original retail price - Lower retail price






21. Sales - cost of goods sold






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






23. Total Net Sales / Total Number of Transactions






24. Convert 70% to a decimal






25. Beginning inventory + Purchases - Ending inventory






26. 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...






27. Convert .4 to a percent






28. Wholesale cost






29. He availability of your money is called _.






30. What does percent mean?






31. total fixed costs/ selling price-variable cost






32. Outside numbers in a ratio.






33. Convert 1/4 to a percent






34. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.






35. Convert .36 to a percent






36. 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?






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






38. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles






39. Assets - cost of goods sold - expenses






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






41. Use compliments - Step 1 Find compliments 25% = 100-25%= 75% - 10%= 90% - 10%=90% Step 2 Multiple Compliments 75%x90%x90% .75x.90x.90= .6075 Step 3 Convert to Percentage .6075= 60.75% Step 4 Compliment it 100%-60.75%= 39.35%






42. The recommended house payment should be no more than _% of your monthly take-home pay.






43. A/b + c/b = (a+c)/b






44. X=S*[1/(1+r)^n] Where: S=the sum to be received after n time periods X=the present value of that sum r=the rate of return (as a proportion) n=the number of time periods - r - rate - is sometimes called cost of capital






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






46. BOM $ Stock/ Sales for period






47. Inside numbers in a ratio.






48. Turning assets into cash.






49. $ Cost x (100 + Mark-up %) / 100






50. Formula: GM = NS - COG; GM$ = NS$ X GM%