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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. The average car payment is $_ per month for _ months.






2. Turning assets into cash.






3. $ retail x (100%-markup)






4. 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)






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






6. A/b






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






8. 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%






9. Convert .36 to a percent






10. What does percent mean?






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






12. Total Net Sales / Total Number of Transactions






13. 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)






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






15. Convert 3 to a percent






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






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






18. 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






19. Convert 70% to a decimal






20. Convert 14% to a fraction






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






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






23. Convert 50% to a fraction






24. Inside numbers in a ratio.






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






26. What is the product of 3.26 and 0.4?






27. 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






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






29. 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)






30. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






31. 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






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






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






34. 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?






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






36. 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






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






38. 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?






39. The recommended house payment should be no more than _% of your monthly take-home pay.






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






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






42. The wholesale cost of goods plus the markup






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






44. Convert 56% to a decimal






45. Sales - cost of goods sold






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






47. Convert .4 to a percent






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






49. Original retail price - Lower retail price






50. Convert 41/100 to a percent