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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 70% to a decimal






2. The wholesale cost of an item (cost of goods - or COG)






3. Sales - cost of goods sold






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






5. Another way of counting part of a whole?






6. Convert 56% to a decimal






7. Convert 1/4 to a percent






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






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






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






11. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!






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






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






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






15. 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)






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






17. 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?






18. $ retail x (100%-markup)






19. Convert 41/100 to a percent






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






21. What is the product of 3.26 and 0.4?






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






23. Convert 14% to a fraction






24. Assets - cost of goods sold - expenses






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






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






27. Convert .62 to a percent






28. cash + receivables/ current liabilities.






29. 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






30. The wholesale cost of goods plus the markup






31. 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






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






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






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






35. 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






36. Convert 50% to a fraction






37. 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?






38. Convert 20 to a percent






39. 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%






40. (Retail - Cost)/ Retail






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






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






43. Wholesale cost






44. total fixed costs/ selling price-variable cost






45. A/b






46. Convert 80% to a fraction






47. Beginning inventory + Purchases - Ending inventory






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






49. 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.






50. Convert .4 to a percent