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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. Wholesale cost






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






3. 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...






4. 1. develop a vision statement for the company - 2. scan the internal and external environments - 3. determine issues critical to the company - 4. select the problem to be solved - 5. determine the specific strategy to achieve the solution - 6. identi






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






6. Convert 50% to a fraction






7. 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






8. $ retail x (100%-markup)






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






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






11. Outside numbers in a ratio.






12. IRR=1 + [(NPV1/NPV1-NPV2)(2-1)]% Where: 1=one interest rate 2=the other NPV1=the NPV at rate 1 NPV2=the NPV at rate 2 (NPV = Net Present Value)






13. 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?






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






15. 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?






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






17. He availability of your money is called _.






18. Convert 14% to a fraction






19. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






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






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






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






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






25. Sales - cost of goods sold






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






27. Turning assets into cash.






28. What does percent mean?






29. The wholesale cost of an item (cost of goods - or COG)






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






31. Alignment of the decimals is not important






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






33. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour






34. The point at which you stop losing money.






35. Capital stock - owner's equity (owner's funds invested in the business)






36. accounts receivable/ average daily sales






37. current assets/ current liabilities






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






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






40. Convert 56% to a decimal






41. Net Sales / Average Retail Value of Inventory






42. 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%






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






44. Convert 41/100 to a percent






45. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$






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






47. Assets - cost of goods sold - expenses






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






49. Loss of items due to damaged goods - stealing - etc.






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