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






2. Convert .4 to a percent






3. Convert 50% to a fraction






4. accounts receivable/ average daily sales






5. Convert 65% to a decimal






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






7. Sales - cost of goods sold






8. BOM $ Stock/ Sales for period






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






10. 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?






11. 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.






12. Convert 10/11 to a percent






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






14. (Retail - Cost)/ Retail






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






17. Liabilities - capital - income






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






19. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






21. Convert 1.25 to a percent






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






23. Convert .62 to a percent






24. The wholesale cost of goods plus the markup






25. Convert 70/100 to a percent






26. He availability of your money is called _.






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






28. 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)






29. Convert 14% to a fraction






30. 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%






31. $ RETAIL X (100 - GM %) / 100






32. Convert .36 to a percent






33. Wholesale cost






34. 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?






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






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






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






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






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






40. After 4 years - $5 -000 will grow to how much if it earns 10% interest?






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






42. 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?






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






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






45. Turning assets into cash.






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






47. 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






48. 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%






49. 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






50. Assets - cost of goods sold - expenses