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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. 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%






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






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






4. Convert 65% to a decimal






5. Inside numbers in a ratio.






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






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






8. A/b






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






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






11. Convert 70/100 to a percent






12. Convert 41/100 to a percent






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






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






15. Alignment of the decimals is not important






16. Net Sales / Average Retail Value of Inventory






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






18. What is the product of 3.26 and 0.4?






19. Liabilities - capital - income






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






21. 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?






22. Another way of counting part of a whole?






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






24. cash + receivables/ current liabilities.






25. 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%






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






27. After 4 years - $5 -000 will grow to how much if it earns 10% interest?






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






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






30. He availability of your money is called _.






31. Convert 1/4 to a percent






32. Convert .62 to a percent






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






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






35. 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






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






37. The point at which you stop losing money.






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






39. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16






40. 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)






41. Two equivalent ratios joined by an equal sign.






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






43. Convert 80% to a fraction






44. Gross Margin/ Average Inventory Cost






45. Convert 50% to a fraction






46. Units Sold/ (Units Sold + On Hand Inventory)






47. To take advantage of the 6% cash discount - a retailer made a $2 -000 partial payment during the discount period. How much was the retailer credited for the $2 -000 partial payment?






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






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






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