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






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






3. Convert 70/100 to a percent






4. Convert 41/100 to a percent






5. 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?






6. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)






7. Convert 20 to a percent






8. Inside numbers in a ratio.






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






10. Convert 65% to a decimal






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






12. Turning assets into cash.






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






14. Convert 1/4 to a percent






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






16. Convert 56% to a decimal






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






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






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






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






21. Assets - cost of goods sold - expenses






22. 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






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






24. 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)






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






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






27. What does percent mean?






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






29. 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






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






31. 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






32. 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






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






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






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






36. Wholesale cost






37. Convert .4 to a percent






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






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






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






41. BOM $ Stock/ Sales for period






42. Convert 10/11 to a percent






43. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






44. 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?






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






46. $ retail x (100%-markup)






47. 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%






48. Beginning inventory + Purchases - Ending inventory






49. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)






50. total annual sales/365