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






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






4. Convert 1.25 to a percent






5. Gross Margin/ Average Inventory Cost






6. Convert 1/4 to a percent






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






8. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






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






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






12. 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?






13. Convert .4 to a percent






14. (Retail - Cost)/ Retail






15. cash + receivables/ current liabilities.






16. Convert 70/100 to a percent






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






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






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






20. Alignment of the decimals is not important






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






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






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






24. Convert 41/100 to a percent






25. 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.






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






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






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






29. 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)






30. Wholesale cost






31. BOM $ Stock/ Sales for period






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






33. He availability of your money is called _.






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






35. Original retail price - Lower retail price






36. The cost of moving from the vendor's warehouse (loading dock) to the retail warehouse or store (loading dock) - may also include insurance to cover the merchandise while in transit






37. What does percent mean?






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






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






40. The recommended house payment should be no more than _% of your monthly take-home pay.






41. The wholesale cost of goods plus the markup






42. Inside numbers in a ratio.






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






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






45. Convert 50% to a fraction






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






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






48. Beginning inventory + Purchases - Ending inventory






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






50. Loss of items due to damaged goods - stealing - etc.