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






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






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






4. Convert 1/4 to a percent






5. Original retail price - Lower retail price






6. Convert 14% to a fraction






7. Convert .4 to a percent






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






9. The point at which you stop losing money.






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






11. 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






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






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






14. 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.






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






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






17. Liabilities - capital - income






18. Inside numbers in a ratio.






19. 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






20. Outside numbers in a ratio.






21. 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






22. Two equivalent ratios joined by an equal sign.






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






24. Alignment of the decimals is not important






25. 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?






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






27. Assets - cost of goods sold - expenses






28. Another way of counting part of a whole?






29. Convert 1.25 to a percent






30. Convert 70% to a decimal






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






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






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






34. 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






35. total annual sales/365






36. 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)






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






38. 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






39. 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...






40. $ retail x (100%-markup)






41. Wholesale cost






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






43. A/b






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






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






46. 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






47. 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






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






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






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