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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. Convert .62 to a percent






2. 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






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






4. Convert 1/4 to a percent






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






6. 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






7. Convert 20 to a percent






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






9. accounts receivable/ average daily sales






10. Convert 41/100 to a percent






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






12. 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






13. $ retail x (100%-markup)






14. 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%






15. Sales - cost of goods sold






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






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






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






19. What is the product of 3.26 and 0.4?






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






21. Convert 80% to a fraction






22. Outside numbers in a ratio.






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






24. 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?






25. 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)






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






27. What does percent mean?






28. Convert .36 to a percent






29. Assets - cost of goods sold - expenses






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






31. 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






32. Convert 70/100 to a percent






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






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






35. Convert 56% to a decimal






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






37. He availability of your money is called _.






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






39. BOM $ Stock/ Sales for period






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






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






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






43. total fixed costs/ selling price-variable cost






44. cash + receivables/ current liabilities.






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






46. (Retail - Cost)/ Retail






47. Two equivalent ratios joined by an equal sign.






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






49. 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






50. Convert 50% to a fraction