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






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






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






4. Convert 3 to a percent






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






6. Convert .4 to a percent






7. 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)






8. Another way of counting part of a whole?






9. accounts receivable/ average daily sales






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






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






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






13. What does percent mean?






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






15. 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)






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






17. 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






18. total annual sales/365






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






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






21. A/b






22. Convert 41/100 to a percent






23. Convert 14% to a fraction






24. Alignment of the decimals is not important






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






26. Convert 65% to a decimal






27. A measure of the number of days needed to collect accounts receivable.






28. Wholesale cost






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






30. Convert 80% to a fraction






31. 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






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






33. Convert .62 to a percent






34. Beginning inventory + Purchases - Ending inventory






35. Original retail price - Lower retail price






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






37. 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%






38. The point at which you stop losing money.






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






40. 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






41. 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






42. Net Sales for period/ Avg Stock for period






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






44. Convert 1.25 to a percent






45. Convert 50% to a fraction






46. BOM $ Stock/ Sales for period






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






48. 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.






49. Net Sales / Average Retail Value of Inventory






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







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Can you answer 50 questions in 15 minutes?


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