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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 - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles






2. 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?






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. Inside numbers in a ratio.






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






6. Convert 14% to a fraction






7. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30






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






9. Beginning inventory + Purchases - Ending inventory






10. Gross Margin/ Average Inventory Cost






11. Liabilities - capital - income






12. 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)






13. Convert 70% to a decimal






14. BOM $ Stock/ Sales for period






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






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






17. Convert .62 to a percent






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






19. Convert 41/100 to a percent






20. What is the product of 3.26 and 0.4?






21. 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






22. The average person will have _ jobs in their lifetime.






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






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






25. cost of an item expressed per unit of measure or count.






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






27. 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%






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






29. 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






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






31. 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






32. Net Sales / Average Retail Value of Inventory






33. A/b






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






35. 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%






36. accounts receivable/ average daily sales






37. Outside numbers in a ratio.






38. Convert .4 to a percent






39. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.






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






41. Two equivalent ratios joined by an equal sign.






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






43. Convert 56% to a decimal






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






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






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






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






48. current assets/ current liabilities






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






50. Convert .36 to a percent