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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% to a decimal






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






3. 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...






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






5. 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)






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






7. A/b






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






9. Net Sales / Average Retail Value of Inventory






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






11. total fixed costs/ selling price-variable cost






12. BOM $ Stock/ Sales for period






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






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






15. Convert 1.25 to a percent






16. Net Sales for period/ Avg Stock for period






17. 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%






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






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






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






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






22. Another way of counting part of a whole?






23. Convert .62 to a percent






24. $ retail x (100%-markup)






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






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






27. Inside numbers in a ratio.






28. 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?






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






30. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






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






33. Wholesale cost






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






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






36. Convert 70/100 to a percent






37. Outside numbers in a ratio.






38. Convert 56% to a decimal






39. 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%






40. Convert 80% to a fraction






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






42. Total Net Sales / Total Number of Transactions






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






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






45. Convert .4 to a percent






46. He availability of your money is called _.






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






48. Gross Margin/ Average Inventory Cost






49. 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






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