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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. 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






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






3. 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.






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






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






6. accounts receivable/ average daily sales






7. 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?






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






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






10. cash + receivables/ current liabilities.






11. He availability of your money is called _.






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






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






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






15. Alignment of the decimals is not important






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






17. current assets/ current liabilities






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






19. total annual sales/365






20. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33






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






22. 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






23. A/b






24. Two equivalent ratios joined by an equal sign.






25. Convert 14% to a fraction






26. Another way of counting part of a whole?






27. 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






28. 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






29. A/b + c/b = (a+c)/b






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






31. Convert 56% to a decimal






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






33. Original retail price - Lower retail price






34. Convert 70% to a decimal






35. % of 90 days same as cash convert to payments.






36. What is the product of 3.26 and 0.4?






37. 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






38. 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)






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






40. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






41. Convert 65% to a decimal






42. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price






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






44. 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%






45. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles






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






47. The point at which you stop losing money.






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






49. total fixed costs/ selling price-variable cost






50. Liabilities - capital - income