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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+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)






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






3. Convert .36 to a percent






4. total annual sales/365






5. Convert 65% to a decimal






6. Convert 20 to a percent






7. Another way of counting part of a whole?






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






9. 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%






10. Convert 50% to a fraction






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






12. Liabilities - capital - income






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






14. Inside numbers in a ratio.






15. cash + receivables/ current liabilities.






16. Convert 1.25 to a percent






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






18. 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...






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






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






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






22. current assets/ current liabilities






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






24. Alignment of the decimals is not important






25. He availability of your money is called _.






26. Turning assets into cash.






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






28. Original retail price - Lower retail price






29. 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






30. What is the product of 3.26 and 0.4?






31. Convert 70% to a decimal






32. A/b






33. 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






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






35. Sales - cost of goods sold






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






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. accounts receivable/ average daily sales






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






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






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






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






43. $ retail x (100%-markup)






44. Convert 3 to a percent






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






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






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






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






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






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