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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. 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)






3. Convert 70/100 to a percent






4. Outside numbers in a ratio.






5. A^m/a^n = a^(m-n)






6. Convert 56% to a decimal






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






8. 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?






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






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






11. total fixed costs/ selling price-variable cost






12. Convert 1/4 to a percent






13. Convert .62 to a percent






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






15. Inside numbers in a ratio.






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






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






18. Sales - cost of goods sold






19. 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






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






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






22. Total Net Sales / Total Number of Transactions






23. Convert 3 to a percent






24. cash + receivables/ current liabilities.






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






26. What does percent mean?






27. Convert 1.25 to a percent






28. An electronics store is having a 40 percent off sale. Robert has been saving to purchase a stereo system that was originally priced at $420. If Robert purchases the system during the sale - what will be the cost?






29. What is the product of 3.26 and 0.4?






30. The wholesale cost of goods plus the markup






31. Convert 70% to a decimal






32. Liabilities - capital - income






33. Convert .36 to a percent






34. 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






35. 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)






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






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






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






39. Turning assets into cash.






40. Convert 41/100 to a percent






41. 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)






42. A/b






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






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






45. Convert 10/11 to a percent






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






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






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






49. (Retail - Cost)/ Retail






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