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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. Two equivalent ratios joined by an equal sign.






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






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






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






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






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






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






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






9. Beginning inventory + Purchases - Ending inventory






10. Assets - cost of goods sold - expenses






11. 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)






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






13. total annual sales/365






14. current assets/ current liabilities






15. Formula: GM = NS - COG; GM$ = NS$ X GM%






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






17. A formal document that is used for a variety of functions within a retail business; it provides a big picture look at the succinct expression of the sales - markup - and profit for a business






18. 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?






19. Convert 70/100 to a percent






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






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






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






23. Outside numbers in a ratio.






24. Total Net Sales / Total Number of Transactions






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






26. BOM $ Stock/ Sales for period






27. Convert 50% to a fraction






28. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit






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






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






31. 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






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






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






34. Liabilities - capital - income






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






36. Net Sales for period/ Avg Stock for period






37. Net Sales / Average Retail Value of Inventory






38. Convert 20 to a percent






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






40. Convert 80% to a fraction






41. Turning assets into cash.






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






43. Another way of counting part of a whole?






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






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






46. 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%






47. The point at which you stop losing money.






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






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






50. Original retail price - Lower retail price