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






2. 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






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






4. Turning assets into cash.






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






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






7. 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?






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






9. Wholesale cost






10. Sales - cost of goods sold






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






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






13. Convert 50% to a fraction






14. A/b






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






16. 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)






17. Inside numbers in a ratio.






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






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






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






21. Gross Margin/ Average Inventory Cost






22. The wholesale cost of goods plus the markup






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






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






25. Convert 70/100 to a percent






26. 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.






27. Net Sales for period/ Avg Stock for period






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






29. Convert 70% to a decimal






30. total annual sales/365






31. current assets/ current liabilities






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






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






34. 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)






35. Outside numbers in a ratio.






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






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






38. Commissions - fees for service - merchandise sales - rental income - royalties






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






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






41. 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






42. 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)






43. $ retail x (100%-markup)






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






45. Convert 80% to a fraction






46. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$






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






48. cash + receivables/ current liabilities.






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






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