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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. A/b






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






4. 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...






5. Convert 65% to a decimal






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






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






8. ($ Retail x 100 / COST) - 100






9. 1. develop a vision statement for the company - 2. scan the internal and external environments - 3. determine issues critical to the company - 4. select the problem to be solved - 5. determine the specific strategy to achieve the solution - 6. identi






10. What does percent mean?






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






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






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






14. 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






15. 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)






16. Convert 14% to a fraction






17. Convert .4 to a percent






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






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






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






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






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






23. Convert 41/100 to a percent






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






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






26. 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%






27. A formal document that is used for a variety of functions within a retail business; it provides a big picture look at the succinct expression of the sales - markup - and profit for a business






28. 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%






29. Net Sales for period/ Avg Stock for period






30. Assets - cost of goods sold - expenses






31. Alignment of the decimals is not important






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






33. Net Sales / Average Retail Value of Inventory






34. Convert 1/4 to a percent






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






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






37. Another way of counting part of a whole?






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






39. Convert .36 to a percent






40. 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






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






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






43. accounts receivable/ average daily sales






44. 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






45. Convert 20 to a percent






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






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






48. 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)






49. Turning assets into cash.






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