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






2. 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%






3. BOM $ Stock/ Sales for period






4. Convert .4 to a percent






5. Assets - cost of goods sold - expenses






6. S=X+nrX Where: X=the original sum invested r=the interest rate (as a proportion - e.g. 0.05=5%) n=the number of periods S=the sum invested after n periods (capital + interest) - e.g. invest $1000 @ 10% simple interest for 5 years = 1000+(50.101000)






7. Convert 80% to a fraction






8. accounts receivable/ average daily sales






9. 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)






10. The wholesale cost of goods plus the markup






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






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






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






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






15. What does percent mean?






16. A/b






17. Convert 56% to a decimal






18. IRR=1 + [(NPV1/NPV1-NPV2)(2-1)]% Where: 1=one interest rate 2=the other NPV1=the NPV at rate 1 NPV2=the NPV at rate 2 (NPV = Net Present Value)






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






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






21. Total Net Sales / Total Number of Transactions






22. 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?






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






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






25. $ retail x (100%-markup)






26. 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






27. 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%






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






29. Gross Margin/ Average Inventory Cost






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






31. Net Sales / Average Retail Value of Inventory






32. Convert 14% to a fraction






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






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






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






36. Convert 1/4 to a percent






37. What is the product of 3.26 and 0.4?






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






39. Inside numbers in a ratio.






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






41. Turning assets into cash.






42. The point at which you stop losing money.






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






44. Convert 1.25 to a percent






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






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






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






48. current assets/ current liabilities






49. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...






50. Original retail price - Lower retail price