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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. A/b






2. Turning assets into cash.






3. Alignment of the decimals is not important






4. Convert 3 to a percent






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






6. 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






7. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$






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






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






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






11. Convert .36 to a percent






12. 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






13. Convert .4 to a percent






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






15. Convert 1.25 to a percent






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






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






18. 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%






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






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






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






22. Sales - cost of goods sold






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






24. 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?






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






26. Another way of counting part of a whole?






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






28. Total Net Sales / Total Number of Transactions






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






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






31. BOM $ Stock/ Sales for period






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






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






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






35. Convert .62 to a percent






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






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






38. total fixed costs/ selling price-variable cost






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






40. 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






41. Convert 20 to a percent






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






43. The wholesale cost of goods plus the markup






44. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






45. (Retail - Cost)/ Retail






46. Original retail price - Lower retail price






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






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






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






50. Convert 50% to a fraction