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






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






4. Alignment of the decimals is not important






5. accounts receivable/ average daily sales






6. 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






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






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






9. 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






10. Convert 20 to a percent






11. Convert .62 to a percent






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






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






14. 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






15. Net Sales / Average Retail Value of Inventory






16. Inside numbers in a ratio.






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






18. 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






19. $ retail x (100%-markup)






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






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






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






23. total annual sales/365






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






25. 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?






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






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






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






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






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






31. Wholesale cost






32. (Retail - Cost)/ Retail






33. 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






34. (TY-LY)/ LY or (Plan-Actual)/






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






36. Convert .36 to a percent






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






38. What does percent mean?






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






40. Another way of counting part of a whole?






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






42. Gross Margin/ Average Inventory Cost






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






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






45. 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)






46. 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%






47. Convert 56% to a decimal






48. Convert 41/100 to a percent






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






50. Liabilities - capital - income