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






2. Total Net Sales / Total Number of Transactions






3. 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?






4. Two equivalent ratios joined by an equal sign.






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






6. The wholesale cost of goods plus the markup






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






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






9. Beginning inventory + Purchases - Ending inventory






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






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






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






13. 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






14. 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






15. 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?






16. Original retail price - Lower retail price






17. total annual sales/365






18. He availability of your money is called _.






19. 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






20. current assets/ current liabilities






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






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






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






25. Inside numbers in a ratio.






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






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






28. Convert 80% to a fraction






29. Convert .36 to a percent






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






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






32. Convert .4 to a percent






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






34. Liabilities - capital - income






35. A/b






36. Convert 70% to a decimal






37. 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?






38. BOM $ Stock/ Sales for period






39. A/b






40. When sales plans are underestimated and the stock purchases result in a low inventory






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






42. Convert 10/11 to a percent






43. End of month; dating starts with the end of the month and the invoice is to be paid within the specified number of days after the end of the month in which goods are invoiced; ex: 8/10 EOM - n/90






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






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






46. (Retail - Cost)/ Retail






47. Turning assets into cash.






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






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






50. Convert 50% to a fraction