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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. Alignment of the decimals is not important






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






3. Convert .36 to a percent






4. Cash on delivery; this dating is used when the vendor does not know the retailer or the retailer does not have a strong line of credit






5. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$






6. A/b






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






8. 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.






9. Convert 3 to a percent






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






11. (Retail - Cost)/ Retail






12. current assets/ current liabilities






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






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






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






16. Convert 20 to a percent






17. 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






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. Turning assets into cash.






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






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






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






23. Convert .4 to a percent






24. 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






25. accounts receivable/ average daily sales






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






27. Convert 70% to a decimal






28. BOM $ Stock/ Sales for period






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






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






31. Net Sales for period/ Avg Stock for period






32. Total Net Sales / Total Number of Transactions






33. Gross Margin/ Average Inventory Cost






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






35. Assets - cost of goods sold - expenses






36. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






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






39. Net Sales / Average Retail Value of Inventory






40. Convert 1.25 to a percent






41. Convert 14% to a fraction






42. Use compliments - Step 1 Find compliments 25% = 100-25%= 75% - 10%= 90% - 10%=90% Step 2 Multiple Compliments 75%x90%x90% .75x.90x.90= .6075 Step 3 Convert to Percentage .6075= 60.75% Step 4 Compliment it 100%-60.75%= 39.35%






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






44. What does percent mean?






45. Outside numbers in a ratio.






46. Convert 65% to a decimal






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






48. Inside numbers in a ratio.






49. Convert 41/100 to a percent






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