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






2. You should never take out more than a _ year mortgage.






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






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






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






6. Convert 65% to a decimal






7. 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...






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






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






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






11. $ Cost/ (100%-markup%)






12. total fixed costs/ selling price-variable cost






13. Convert 1.25 to a percent






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






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






16. What is the product of 3.26 and 0.4?






17. (Retail - Cost)/ Retail






18. 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






19. Total Net Sales / Total Number of Transactions






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






21. 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?






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






23. Convert .36 to a percent






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






25. Convert 80% to a fraction






26. Convert 70/100 to a percent






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






28. 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?






29. 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)






30. accounts receivable/ average daily sales






31. Liabilities - capital - income






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






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






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






35. He availability of your money is called _.






36. 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






37. current assets/ current liabilities






38. Original retail price - Lower retail price






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






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






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






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






43. 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%






44. 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






45. Convert .62 to a percent






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






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






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






49. Outside numbers in a ratio.






50. Convert 10/11 to a percent