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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. accounts receivable/ average daily sales






2. Another way of counting part of a whole?






3. The point at which you stop losing money.






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






5. Convert 1.25 to a percent






6. Convert 50% to a fraction






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






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






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






10. What is the product of 3.26 and 0.4?






11. 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






12. Convert 70% to a decimal






13. Original retail price - Lower retail price






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






15. 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






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






17. Outside numbers in a ratio.






18. What happens when your expenses - etc. are higher than your sales






19. Convert 10/11 to a percent






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






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






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






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






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






25. Beginning inventory + Purchases - Ending inventory






26. Turning assets into cash.






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






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






29. What does percent mean?






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






31. Convert .62 to a percent






32. cash + receivables/ current liabilities.






33. $ retail x (100%-markup)






34. (Retail - Cost)/ Retail






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






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






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






38. total annual sales/365






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






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






41. A/b






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






43. Gross Margin/ Average Inventory Cost






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






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. Convert 65% to a decimal






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






48. 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






49. Convert 41/100 to a percent






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