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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. accounts receivable/ average daily sales






2. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






3. 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...






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






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






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






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






8. 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)






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






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






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






12. Gross Margin/ Average Inventory Cost






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






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






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






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






17. Original retail price - Lower retail price






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






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






20. 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






21. 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






22. $ retail x (100%-markup)






23. ($ Retail x 100 / COST) - 100






24. Beginning inventory + Purchases - Ending inventory






25. Convert 70% to a decimal






26. cash + receivables/ current liabilities.






27. Wholesale cost






28. Alignment of the decimals is not important






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






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






31. 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%






32. 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?






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






34. 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.






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






36. A/b






37. Convert 50% to a fraction






38. 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






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






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






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






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






43. Convert .36 to a percent






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






45. The point at which you stop losing money.






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






47. Convert 10/11 to a percent






48. 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)






49. 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






50. 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







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