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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 65% to a decimal






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






3. Convert 10/11 to a percent






4. Wholesale cost






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






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






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






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






9. Outside numbers in a ratio.






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






11. Inside numbers in a ratio.






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






13. Convert 56% to a decimal






14. 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






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






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






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






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






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






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






21. Net Sales for period/ Avg Stock for period






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






23. 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






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






25. Turning assets into cash.






26. Gross Margin/ Average Inventory Cost






27. Original retail price - Lower retail price






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






29. What does percent mean?






30. 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






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






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






33. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30






34. Assets - cost of goods sold - expenses






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






36. 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?






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






38. Net Sales / Average Retail Value of Inventory






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






40. 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






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






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






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






44. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)






45. total annual sales/365






46. What is the product of 3.26 and 0.4?






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






48. Convert 3 to a percent






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






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