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






2. Convert 70% to a decimal






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






4. 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






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






6. Convert 14% to a fraction






7. Convert 56% to a decimal






8. Outside numbers in a ratio.






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






10. The point at which you stop losing money.






11. 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






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






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






14. What is the product of 3.26 and 0.4?






15. Convert 10/11 to a percent






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






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






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






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






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






21. Wholesale cost






22. 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.






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






24. Convert 3 to a percent






25. Beginning inventory + Purchases - Ending inventory






26. 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?






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






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






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






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






31. Sales - cost of goods sold






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






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






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






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






36. 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






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






38. Convert 41/100 to a percent






39. 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






40. BOM $ Stock/ Sales for period






41. Net Sales for period/ Avg Stock for period






42. Convert 80% to a fraction






43. 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%






44. 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%






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






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






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






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






49. accounts receivable/ average daily sales






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