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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. Alignment of the decimals is not important






3. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33






4. Convert 41/100 to a percent






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






6. cash + receivables/ current liabilities.






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






8. Wholesale cost






9. Total Net Sales / Total Number of Transactions






10. The average person will have _ jobs in their lifetime.






11. Inside numbers in a ratio.






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






13. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)






14. Convert 10/11 to a percent






15. 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






16. Convert 65% to a decimal






17. Gross Margin/ Average Inventory Cost






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






19. Sales - cost of goods sold






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






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






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






23. 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?






24. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16






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






26. total fixed costs/ selling price-variable cost






27. Convert 14% to a fraction






28. Actual retail sales; the retail price at which one tiem is sold is combined with the retail prices of all the items that are sold to become the net sales amount.






29. current assets/ current liabilities






30. A form of closed-end credit used for purchasing durable goods such as cars






31. Convert 50% to a fraction






32. 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






33. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16






34. 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)






35. accounts receivable/ average daily sales






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






37. BOM $ Stock/ Sales for period






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






39. Liabilities - capital - income






40. What is the product of 3.26 and 0.4?






41. Beginning inventory + Purchases - Ending inventory






42. 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






43. Convert 70% to a decimal






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






45. Convert 1/4 to a percent






46. Direct labor - factory overhead - merchandise inventory - packaging - raw material






47. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%






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






49. A formal document that is used for a variety of functions within a retail business; it provides a big picture look at the succinct expression of the sales - markup - and profit for a business






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