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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 80% to a fraction






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






3. 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






4. Assets - cost of goods sold - expenses






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






6. Beginning inventory + Purchases - Ending inventory






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






8. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM






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






10. IRR=1 + [(NPV1/NPV1-NPV2)(2-1)]% Where: 1=one interest rate 2=the other NPV1=the NPV at rate 1 NPV2=the NPV at rate 2 (NPV = Net Present Value)






11. Net Sales / Average Retail Value of Inventory






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






13. total fixed costs/ selling price-variable cost






14. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30






15. A^m/a^n = a^(m-n)






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






17. Convert .4 to a percent






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






19. 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?






20. BOM $ Stock/ Sales for period






21. 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






22. Wholesale cost






23. 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






24. He availability of your money is called _.






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






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






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






28. Convert 10/11 to a percent






29. 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)






30. Liabilities - capital - income






31. Turning assets into cash.






32. current assets/ current liabilities






33. Convert 1.25 to a percent






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






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






36. Convert 70/100 to a percent






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






38. Convert 3 to a percent






39. Convert 14% to a fraction






40. What does percent mean?






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






42. Alignment of the decimals is not important






43. accounts receivable/ average daily sales






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






45. $ retail x (100%-markup)






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






47. 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






48. Outside numbers in a ratio.






49. Two equivalent ratios joined by an equal sign.






50. 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