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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. S=X(1+r1)^y(1+r






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






3. Convert 70/100 to a percent






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






5. total fixed costs/ selling price-variable cost






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






7. Two equivalent ratios joined by an equal sign.






8. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






9. Convert 1/4 to a percent






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






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






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






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






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






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






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






17. Convert .36 to a percent






18. 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






19. Beginning inventory + Purchases - Ending inventory






20. 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?






21. A/b






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






23. 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%






24. (Retail - Cost)/ Retail






25. 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






26. Net Sales / Average Retail Value of Inventory






27. Convert 14% to a fraction






28. Convert 65% to a decimal






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






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






31. What does percent mean?






32. 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






33. BOM $ Stock/ Sales for period






34. accounts receivable/ average daily sales






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






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






37. Turning assets into cash.






38. 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?






39. Inside numbers in a ratio.






40. total annual sales/365






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






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






43. cash + receivables/ current liabilities.






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






45. Convert .4 to a percent






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






47. 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%






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






49. 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)






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