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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. 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)






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






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






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






5. Convert .36 to a percent






6. 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?






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






8. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






9. Convert 1/4 to a percent






10. Convert 50% to a fraction






11. current assets/ current liabilities






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






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






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






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






16. Convert 80% to a fraction






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






18. Convert .4 to a percent






19. 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






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






21. Net Sales for period/ Avg Stock for period






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






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






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






25. 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.






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






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






28. 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






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






30. Convert 20 to a percent






31. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)






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






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






34. Total Net Sales / Total Number of Transactions






35. Convert 1.25 to a percent






36. What does percent mean?






37. Convert 14% to a fraction






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






39. 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)






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






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






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






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






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






46. Net Sales / Average Retail Value of Inventory






47. 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






48. Assets - cost of goods sold - expenses






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






50. Convert 41/100 to a percent