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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. cash + receivables/ current liabilities.






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






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






4. Turning assets into cash.






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






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






7. What is the product of 3.26 and 0.4?






8. total annual sales/365






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






10. Convert 1/4 to a percent






11. Convert 20 to a percent






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






13. 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?






14. Convert .36 to a percent






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






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






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






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






19. 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%






20. A/b






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






22. Total Net Sales / Total Number of Transactions






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






24. Convert 3 to a percent






25. total fixed costs/ selling price-variable cost






26. What does percent mean?






27. Convert 10/11 to a percent






28. 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)






29. Convert 50% to a fraction






30. accounts receivable/ average daily sales






31. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM






32. 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






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






34. 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






35. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






36. Another way of counting part of a whole?






37. (Retail - Cost)/ Retail






38. Sales - cost of goods sold






39. Convert 65% to a decimal






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






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






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






43. 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






44. Alignment of the decimals is not important






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






46. 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?






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






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






49. 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






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