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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 .36 to a percent






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






3. Convert 80% to a fraction






4. Inside numbers in a ratio.






5. 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...






6. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!






7. cash + receivables/ current liabilities.






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






10. Convert 65% to a decimal






11. An electronics store is having a 40 percent off sale. Robert has been saving to purchase a stereo system that was originally priced at $420. If Robert purchases the system during the sale - what will be the cost?






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






13. total fixed costs/ selling price-variable cost






14. (Retail - Cost)/ Retail






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






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






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






18. A/b






19. Convert 3 to a percent






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






21. Net Sales for period/ Avg Stock for period






22. Another way of counting part of a whole?






23. Convert 56% to a decimal






24. 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)






25. 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






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






27. 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)






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






29. 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






30. Outside numbers in a ratio.






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






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






33. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






34. 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?






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






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






37. Total Net Sales / Total Number of Transactions






38. Net Sales / Average Retail Value of Inventory






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






40. 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






41. accounts receivable/ average daily sales






42. 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%






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






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






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






46. Turning assets into cash.






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






48. 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)






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






50. Convert 14% to a fraction