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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. Convert 1.25 to a percent






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






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






4. Gross Margin/ Average Inventory Cost






5. 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






6. Amount decrease (Original - New) / Original amount = decimal= convert to %






7. 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?






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






9. When sales plans are underestimated and the stock purchases result in a low inventory






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






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






12. 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%






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






14. Inside numbers in a ratio.






15. 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?






16. Net Sales for period/ Avg Stock for period






17. Convert .36 to a percent






18. 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%






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






20. 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?






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






22. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)






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






24. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit






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






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






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






28. Sales - cost of goods sold






29. Convert 80% to a fraction






30. BOM $ Stock/ Sales for period






31. Convert 70% to a decimal






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






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






34. What does percent mean?






35. Total Net Sales / Total Number of Transactions






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






37. 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






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






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






40. Convert 65% to a decimal






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






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






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






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 .62 to a percent






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






47. 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)






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






49. A/b






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