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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. Convert 70/100 to a percent






2. Convert 20 to a percent






3. Convert 1.25 to a percent






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






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 .4 to a percent






7. Sales - cost of goods sold






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






9. X=S*[1/(1+r)^n] Where: S=the sum to be received after n time periods X=the present value of that sum r=the rate of return (as a proportion) n=the number of time periods - r - rate - is sometimes called cost of capital






10. Turning assets into cash.






11. Convert 10/11 to a percent






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






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






14. cash + receivables/ current liabilities.






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






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






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






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






19. % of 90 days same as cash convert to payments.






20. Outside numbers in a ratio.






21. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






22. Liabilities - capital - income






23. 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






24. $ Cost x (100 + Mark-up %) / 100






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






26. 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%






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






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






29. 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)






30. accounts receivable/ average daily sales






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






32. A/b






33. Inside numbers in a ratio.






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






35. He availability of your money is called _.






36. Net Sales / Average Retail Value of Inventory






37. (Retail - Cost)/ Retail






38. 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)






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






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






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






42. The average car payment is $_ per month for _ months.






43. 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






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






45. Alignment of the decimals is not important






46. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour






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






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






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






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