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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^m/a^n = a^(m-n)






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






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






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






5. The wholesale cost of goods plus the markup






6. Beginning inventory + Purchases - Ending inventory






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






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






9. Convert 65% to a decimal






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. $ retail x (100%-markup)






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






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






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






15. total fixed costs/ selling price-variable cost






16. Another way of counting part of a whole?






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






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






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






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






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






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






24. Convert .4 to a percent






25. 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%






26. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






27. Convert 14% to a fraction






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






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






30. cash + receivables/ current liabilities.






31. 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)






32. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour






33. What is the product of 3.26 and 0.4?






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






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






36. $ Cost x (100 + Mark-up %) / 100






37. Gross Margin/ Average Inventory Cost






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






39. Convert 10/11 to a percent






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






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






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






43. 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






44. Convert .36 to a percent






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






46. 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?






47. Sales - cost of goods sold






48. Convert 70/100 to a percent






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






50. 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