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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. The wholesale cost of an item (cost of goods - or COG)






2. Alignment of the decimals is not important






3. Convert .62 to a percent






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






5. Rose borrowed money to buy a ring priced at $420. When she repaid the loan at the end of 3 months - the interest charge was $31.50. What was the rate of interest?






6. Convert .36 to a percent






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






8. Convert 1/4 to a percent






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






10. 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?






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






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






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






14. Total Net Sales / Total Number of Transactions






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






16. Outside numbers in a ratio.






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






18. Convert 20 to a percent






19. Convert 50% to a fraction






20. Convert 1.25 to a percent






21. Net Sales / Average Retail Value of Inventory






22. Net Sales for period/ Avg Stock for period






23. 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?






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






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






26. Convert 10/11 to a percent






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






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






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. Another way of counting part of a whole?






31. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






32. total annual sales/365






33. 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






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






35. 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)






36. 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






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






38. 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






39. Inside numbers in a ratio.






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






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






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






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






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






46. The wholesale cost of goods plus the markup






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






48. 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...






49. Convert 56% to a decimal






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