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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. Convert 80% to a fraction






2. Total Net Sales / Total Number of Transactions






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






4. Wholesale cost






5. 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






6. Convert .4 to a percent






7. Convert 1.25 to a percent






8. What is the product of 3.26 and 0.4?






9. Amount decrease (Original - New) / Original amount = decimal= convert to %






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






11. 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?






12. A/b - c/b = a-c/b






13. A/b






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






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






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






17. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






18. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8






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






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






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






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






23. Commissions - fees for service - merchandise sales - rental income - royalties






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






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






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






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






28. accounts receivable/ average daily sales






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






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






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






32. BOM $ Stock/ Sales for period






33. total fixed costs/ selling price-variable cost






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






35. 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?






36. Net Sales / Average Retail Value of Inventory






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. Beginning inventory + Purchases - Ending inventory






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






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






41. 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.






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






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






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






45. Another way of counting part of a whole?






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






47. $ retail x (100%-markup)






48. Convert 14% to a fraction






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






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