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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. Another way of counting part of a whole?






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






3. Net Sales / Average Retail Value of Inventory






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






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






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






7. Convert .4 to a percent






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






9. BOM $ Stock/ Sales for period






10. Actual retail sales; the retail price at which one tiem is sold is combined with the retail prices of all the items that are sold to become the net sales amount.






11. After 4 years - $5 -000 will grow to how much if it earns 10% interest?






12. Alignment of the decimals is not important






13. total annual sales/365






14. 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






15. A/b






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






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






18. current assets/ current liabilities






19. Gross Margin/ Average Inventory Cost






20. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...






21. Convert 1.25 to a percent






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






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






24. (Retail - Cost)/ Retail






25. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring






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






27. Sales - cost of goods sold






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






29. 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?






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






31. Convert 20 to a percent






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






33. 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)






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






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






36. The average car will lose _% of its value in the first 4 years.






37. 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%






38. 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)






39. accounts receivable/ average daily sales






40. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






42. What does percent mean?






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






44. Convert 65% to a decimal






45. Assets - cost of goods sold - expenses






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






47. Convert 50% to a fraction






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






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






50. $ retail x (100%-markup)