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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. 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%






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






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






4. 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






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






6. Convert 50% to a fraction






7. Net Sales for period/ Avg Stock for period






8. (Retail - Cost)/ Retail






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






10. Sales - cost of goods sold






11. Convert 3 to a percent






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






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






14. Convert 20 to a percent






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






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






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






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






19. The point at which you stop losing money.






20. After 4 years - $5 -000 will grow to how much if it earns 10% interest?






21. Cash or assets that can quickly be converted into cash.






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






23. A/b






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






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






26. 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?






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






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






29. 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)






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






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






32. Convert 41/100 to a percent






33. Assets - cost of goods sold - expenses






34. Cash on delivery; this dating is used when the vendor does not know the retailer or the retailer does not have a strong line of credit






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






36. 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






37. 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.






38. $ retail x (100%-markup)






39. Convert 1.25 to a percent






40. Net Sales / Average Retail Value of Inventory






41. Two equivalent ratios joined by an equal sign.






42. 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?






43. Convert 65% to a decimal






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






45. 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)






46. total annual sales/365






47. accounts receivable/ average daily sales






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






49. Convert .62 to a percent






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