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






3. He availability of your money is called _.






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






5. Convert 1.25 to a percent






6. Convert .4 to a percent






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






8. Convert 80% to a fraction






9. Convert 56% to a decimal






10. Convert 70/100 to a percent






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






12. 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






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






14. 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






15. (Retail - Cost)/ Retail






16. 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






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






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






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






20. Convert 20 to a percent






21. Convert 65% to a decimal






22. total fixed costs/ selling price-variable cost






23. A/b






24. Convert .36 to a percent






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






26. cash + receivables/ current liabilities.






27. 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






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






29. Sales - cost of goods sold






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






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






32. accounts receivable/ average daily sales






33. 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%






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






35. 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






36. Convert 1/4 to a percent






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. Two equivalent ratios joined by an equal sign.






39. Convert 41/100 to a percent






40. Convert 10/11 to a percent






41. Outside numbers in a ratio.






42. 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.






43. What does percent mean?






44. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16






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






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






47. Gross Margin/ Average Inventory Cost






48. A form of closed-end credit used for purchasing durable goods such as cars






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






50. 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...