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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. Another way of counting part of a whole?






2. He availability of your money is called _.






3. What is the product of 3.26 and 0.4?






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






5. Alignment of the decimals is not important






6. 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)






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






8. 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?






9. A/b






10. 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






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






12. Convert 56% to a decimal






13. A formal document that is used for a variety of functions within a retail business; it provides a big picture look at the succinct expression of the sales - markup - and profit for a business






14. Convert 1/4 to a percent






15. Convert 70/100 to a percent






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






17. (Retail - Cost)/ Retail






18. Sales - cost of goods sold






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






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






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






22. Convert 70% to a decimal






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






24. 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...






25. total annual sales/365






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






27. Convert 10/11 to a percent






28. Convert .36 to a percent






29. accounts receivable/ average daily sales






30. 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






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






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






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






34. The point at which you stop losing money.






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






36. 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






37. 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?






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






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






40. Convert 3 to a percent






41. Assets - cost of goods sold - expenses






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






43. Convert .62 to a percent






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






45. GMROII = GM% x (Sales / Average Value of Inventory)






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






47. 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%






48. What does percent mean?






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






50. A/b