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






2. 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?






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






4. Convert 70/100 to a percent






5. 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






6. Total Net Sales / Total Number of Transactions






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






8. Gross Margin/ Average Inventory Cost






9. Two equivalent ratios joined by an equal sign.






10. Convert 80% to a fraction






11. What is the product of 3.26 and 0.4?






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






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






14. Convert 14% to a fraction






15. A/b






16. (Retail - Cost)/ Retail






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






18. A/b + c/b = (a+c)/b






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






20. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






22. Net Sales for period/ Avg Stock for period






23. Convert 70% to a decimal






24. Outside numbers in a ratio.






25. Net Sales / Average Retail Value of Inventory






26. $ retail x (100%-markup)






27. Alignment of the decimals is not important






28. Original retail price - Lower retail price






29. 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






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






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






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






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






34. Convert 65% to a decimal






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






36. current assets/ current liabilities






37. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%






38. Convert 41/100 to a percent






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






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






41. Convert 1/4 to a percent






42. total fixed costs/ selling price-variable cost






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






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






45. 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






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






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






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






49. Convert 3 to a percent






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