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






2. Convert 50% to a fraction






3. total fixed costs/ selling price-variable cost






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






5. Convert 41/100 to a percent






6. Convert .36 to a percent






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






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






9. 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






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






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






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






13. 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






14. Two equivalent ratios joined by an equal sign.






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






16. Another way of counting part of a whole?






17. 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






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






19. current assets/ current liabilities






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






21. Convert 56% to a decimal






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






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






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






25. BOM $ Stock/ Sales for period






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






27. 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






28. Convert 80% to a fraction






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






30. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






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






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






34. $ retail x (100%-markup)






35. Convert 1.25 to a percent






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






37. Gross Margin/ Average Inventory Cost






38. Convert .62 to a percent






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






40. Convert 65% to a decimal






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






42. Wholesale cost






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






44. A/b






45. 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%






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






47. 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)






48. Sales - cost of goods sold






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






50. The wholesale cost of goods plus the markup