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






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






3. 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?






4. Inside numbers in a ratio.






5. Convert 70/100 to a percent






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






7. Alignment of the decimals is not important






8. Liabilities - capital - income






9. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






10. Wholesale cost






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






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






13. Convert .4 to a percent






14. 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.






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






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






17. Convert 56% to a decimal






18. Sales - cost of goods sold






19. Two equivalent ratios joined by an equal sign.






20. 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






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






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






23. The wholesale cost of goods plus the markup






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






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






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






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






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






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






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






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






32. A/b






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






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






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






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






37. 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)






38. Original retail price - Lower retail price






39. 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...






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






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






42. 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)






43. Convert 10/11 to a percent






44. 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%






45. 1. develop a vision statement for the company - 2. scan the internal and external environments - 3. determine issues critical to the company - 4. select the problem to be solved - 5. determine the specific strategy to achieve the solution - 6. identi






46. 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






47. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8






48. Net Sales / Average Retail Value of Inventory






49. Gross Margin/ Average Inventory Cost






50. $ Cost/ (100%-markup%)







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