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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. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16






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






3. 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






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






5. Sales - cost of goods sold






6. 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






7. Convert 65% to a decimal






8. accounts receivable/ average daily sales






9. Outside numbers in a ratio.






10. Convert .62 to a percent






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






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






13. Convert 1/4 to a percent






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






15. Convert 20 to a percent






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






17. 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%






18. Original retail price - Lower retail price






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






20. 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?






21. Net Sales / Average Retail Value of Inventory






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






23. Inside numbers in a ratio.






24. What does percent mean?






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






26. A/b






27. Convert 14% to a fraction






28. BOM $ Stock/ Sales for period






29. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






30. Two equivalent ratios joined by an equal sign.






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






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






33. What is the product of 3.26 and 0.4?






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






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






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






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






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






39. Alignment of the decimals is not important






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






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






42. Another way of counting part of a whole?






43. Turning assets into cash.






44. current assets/ current liabilities






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






46. Net Sales for period/ Avg Stock for period






47. Capital stock - owner's equity (owner's funds invested in the business)






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






49. total annual sales/365






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