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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. Convert 50% to a fraction






2. total annual sales/365






3. 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






4. Convert 1.25 to a percent






5. Convert .62 to a percent






6. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






7. The point at which you stop losing money.






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






9. The average car will lose _% of its value in the first 4 years.






10. Convert 1/4 to a percent






11. Convert 20 to a percent






12. cash + receivables/ current liabilities.






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






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






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






16. 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






17. A/b






18. 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






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






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






21. 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%






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






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






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






25. 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%






26. Turning assets into cash.






27. 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






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






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






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






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






32. Another way of counting part of a whole?






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






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






35. Gross Margin/ Average Inventory Cost






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






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






38. Wholesale cost






39. 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?






40. What does percent mean?






41. 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






42. (Retail - Cost)/ Retail






43. 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?






44. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30






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






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






47. Liabilities - capital - income






48. What is the product of 3.26 and 0.4?






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






50. The wholesale cost of goods plus the markup