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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. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30






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






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






4. Wholesale cost






5. Convert 80% to a fraction






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






7. Convert 10/11 to a percent






8. 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






9. Inside numbers in a ratio.






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






11. Net Sales / Average Retail Value of Inventory






12. The point at which you stop losing money.






13. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%






14. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






15. cash + receivables/ current liabilities.






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






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






18. current assets/ current liabilities






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






20. Convert .4 to a percent






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






22. 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)






23. Convert 56% to a decimal






24. Convert 1.25 to a percent






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






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






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






28. Alignment of the decimals is not important






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






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






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






32. Another way of counting part of a whole?






33. Original retail price - Lower retail price






34. total annual sales/365






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. Liabilities - capital - income






37. 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






38. Convert 70/100 to a percent






39. Convert 41/100 to a percent






40. What is the product of 3.26 and 0.4?






41. 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






42. Outside numbers in a ratio.






43. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)






44. A/b






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






46. 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?






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






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






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






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