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






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






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






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






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






6. Total Net Sales / Total Number of Transactions






7. Convert 41/100 to a percent






8. % of 90 days same as cash convert to payments.






9. 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






10. What does percent mean?






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






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






13. current assets/ current liabilities






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






15. $ retail x (100%-markup)






16. A formal document that is used for a variety of functions within a retail business; it provides a big picture look at the succinct expression of the sales - markup - and profit for a business






17. Convert 10/11 to a percent






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






19. Convert 14% to a fraction






20. Convert 20 to a percent






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






22. Convert 1/4 to a percent






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






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






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






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






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






28. Outside numbers in a ratio.






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






30. Convert .4 to a percent






31. 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?






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






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






34. 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?






35. 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






36. Convert 3 to a percent






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






38. Another way of counting part of a whole?






39. Convert 65% to a decimal






40. 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)






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






42. The point at which you stop losing money.






43. Inside numbers in a ratio.






44. What is the product of 3.26 and 0.4?






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






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






47. A/b






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






49. Liabilities - capital - income






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