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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. Original retail price - Lower retail price






2. 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






3. 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?






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






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






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






7. Convert .36 to a percent






8. Beginning inventory + Purchases - Ending inventory






9. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions






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






11. 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






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






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. What is the product of 3.26 and 0.4?






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






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






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






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






20. Capital stock - owner's equity (owner's funds invested in the business)






21. 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%






22. Total Net Sales / Total Number of Transactions






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






24. Outside numbers in a ratio.






25. Convert 70/100 to a percent






26. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8






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






28. Convert 80% to a fraction






29. 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.






30. cash + receivables/ current liabilities.






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






32. Assets - cost of goods sold - expenses






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






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






35. Two equivalent ratios joined by an equal sign.






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






37. Overage$ = book$ - physical count$; overage% = overage$/NS$






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






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






40. 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






41. Net Sales / Average Retail Value of Inventory






42. Wholesale cost






43. Convert 3 to a percent






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






45. Liabilities - capital - income






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






47. Convert 65% to a decimal






48. Convert 10/11 to a percent






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






50. 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)






Can you answer 50 questions in 15 minutes?



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