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






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






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






4. $ retail x (100%-markup)






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






6. 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.






7. Net Sales / Average Retail Value of Inventory






8. 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






9. 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






10. Convert 1.25 to a percent






11. Convert 1/4 to a percent






12. Original retail price - Lower retail price






13. A/b






14. Convert 50% to a fraction






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






16. Convert 41/100 to a percent






17. 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?






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






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






20. 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?






21. 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)






22. Two equivalent ratios joined by an equal sign.






23. 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






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






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






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






27. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






28. Inside numbers in a ratio.






29. Wholesale cost






30. Convert 70% to a decimal






31. cash + receivables/ current liabilities.






32. Net Sales for period/ Avg Stock for period






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






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






35. What does percent mean?






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






37. 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%






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






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






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






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






42. He availability of your money is called _.






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






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






45. Sales - cost of goods sold






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






47. Another way of counting part of a whole?






48. Convert 20 to a percent






49. Convert 65% to a decimal






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