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






2. 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.






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






4. Convert 20 to a percent






5. A/b






6. The recommended house payment should be no more than _% of your monthly take-home pay.






7. Convert 56% to a decimal






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






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






10. current assets/ current liabilities






11. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






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






14. Convert 1.25 to a percent






15. 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%






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






17. Turning assets into cash.






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






19. Another way of counting part of a whole?






20. BOM $ Stock/ Sales for period






21. Alignment of the decimals is not important






22. 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)






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






24. 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






25. accounts receivable/ average daily sales






26. Total Net Sales / Total Number of Transactions






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






28. Convert 3 to a percent






29. He availability of your money is called _.






30. Outside numbers in a ratio.






31. Convert .36 to a percent






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






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






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






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






36. Gross Margin/ Average Inventory Cost






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






38. 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?






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






40. $ retail x (100%-markup)






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






42. Two equivalent ratios joined by an equal sign.






43. Convert .62 to a percent






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






45. 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






46. 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?






47. Convert 50% to a fraction






48. Sales - cost of goods sold






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. 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