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






2. Beginning inventory + Purchases - Ending inventory






3. Net Sales for period/ Avg Stock for period






4. cash + receivables/ current liabilities.






5. Convert .62 to a percent






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






7. Convert 80% to a fraction






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






9. IRR=1 + [(NPV1/NPV1-NPV2)(2-1)]% Where: 1=one interest rate 2=the other NPV1=the NPV at rate 1 NPV2=the NPV at rate 2 (NPV = Net Present Value)






10. Convert 50% to a fraction






11. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






12. Convert 41/100 to a percent






13. Sales - cost of goods sold






14. Convert 70/100 to a percent






15. What does percent mean?






16. Original retail price - Lower retail price






17. 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?






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






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






20. What is the product of 3.26 and 0.4?






21. BOM $ Stock/ Sales for period






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






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






24. Convert 10/11 to a percent






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






26. Assets - cost of goods sold - expenses






27. Convert 1.25 to a percent






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






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






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






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






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






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






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






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






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






37. 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)






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






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






40. A/b






41. Turning assets into cash.






42. total fixed costs/ selling price-variable cost






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






44. Convert 1/4 to a percent






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






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






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






48. 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






49. 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






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