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






2. 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?






3. 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%






4. The wholesale cost of goods plus the markup






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






6. Wholesale cost






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






8. Convert 70% to a decimal






9. What is the product of 3.26 and 0.4?






10. 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...






11. The cost of moving from the vendor's warehouse (loading dock) to the retail warehouse or store (loading dock) - may also include insurance to cover the merchandise while in transit






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






13. Sales - cost of goods sold






14. Convert 3 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. 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






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






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






19. Another way of counting part of a whole?






20. 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%






21. Convert 70/100 to a percent






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






23. 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?






24. 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






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






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






27. Convert 80% to a fraction






28. BOM $ Stock/ Sales for period






29. 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?






30. Beginning inventory + Purchases - Ending inventory






31. Net Sales for period/ Avg Stock for period






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






33. Original retail price - Lower retail price






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






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






36. cash + receivables/ current liabilities.






37. 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






38. 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)






39. Convert 20 to a percent






40. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)






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






42. Convert .36 to a percent






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






44. Convert 1.25 to a percent






45. Inside numbers in a ratio.






46. Outside numbers in a ratio.






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






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






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






50. Total Net Sales / Total Number of Transactions