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






2. 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%






3. 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






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






5. Sales - cost of goods sold






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






7. The average car payment is $_ per month for _ months.






8. Convert .62 to a percent






9. 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)






10. $ retail x (100%-markup)






11. Net Sales for period/ Avg Stock for period






12. $ Cost x (100 + Mark-up %) / 100






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






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






15. Total Net Sales / Total Number of Transactions






16. 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)






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






18. Convert 65% to a decimal






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






20. 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?






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






22. The wholesale cost of goods plus the markup






23. 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






24. Convert 3 to a percent






25. Convert 1/4 to a percent






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






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






28. Beginning inventory + Purchases - Ending inventory






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






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






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






32. (Retail - Cost)/ Retail






33. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






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






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






37. 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






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






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






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






41. 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






42. 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






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






44. Convert .4 to a percent






45. Convert 14% to a fraction






46. cash + receivables/ current liabilities.






47. Another way of counting part of a whole?






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






49. Convert 56% to a decimal






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