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






2. 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...






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






4. Convert 14% to a fraction






5. Convert 70/100 to a percent






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






7. 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






8. 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)






9. Gross Margin/ Average Inventory Cost






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






11. Convert 56% to a decimal






12. Wholesale cost






13. total annual sales/365






14. Net Sales / Average Retail Value of Inventory






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






16. current assets/ current liabilities






17. Convert 50% to a fraction






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






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






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






21. 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%






22. Convert 1/4 to a percent






23. Assets - cost of goods sold - expenses






24. 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?






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






26. Two equivalent ratios joined by an equal sign.






27. Convert 20 to a percent






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






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






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






31. Outside numbers in a ratio.






32. Convert 65% to a decimal






33. Total Net Sales / Total Number of Transactions






34. Direct labor - factory overhead - merchandise inventory - packaging - raw material






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






36. He availability of your money is called _.






37. 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






38. 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)






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






40. Original retail price - Lower retail price






41. Convert 80% to a fraction






42. 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






43. Convert 41/100 to a percent






44. Convert .4 to a percent






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






46. Another way of counting part of a whole?






47. cash + receivables/ current liabilities.






48. accounts receivable/ average daily sales






49. Alignment of the decimals is not important






50. Liabilities - capital - income