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






2. Liabilities - capital - income






3. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






4. Convert 1.25 to a percent






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






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






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






8. (Retail - Cost)/ Retail






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






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






11. 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?






12. Wholesale cost






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






14. He availability of your money is called _.






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






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






17. Convert 80% to a fraction






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






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






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






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






22. 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)






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






24. The wholesale cost of goods plus the markup






25. Cash on delivery; this dating is used when the vendor does not know the retailer or the retailer does not have a strong line of credit






26. 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)






27. 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.






28. Turning assets into cash.






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






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






31. 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%






32. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses






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






34. Convert .4 to a percent






35. Convert 1/4 to a percent






36. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring






37. What does percent mean?






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






39. 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?






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






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






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






43. Convert 56% to a decimal






44. Original retail price - Lower retail price






45. 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%






46. BOM $ Stock/ Sales for period






47. total fixed costs/ selling price-variable cost






48. Convert 3 to a percent






49. $ Cost/ (100%-markup%)






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