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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. total annual sales/365






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






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






4. Outside numbers in a ratio.






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






6. 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






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






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






9. The wholesale cost of goods plus the markup






10. cash + receivables/ current liabilities.






11. Inside numbers in a ratio.






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






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






14. Convert 3 to a percent






15. Convert 70% to a decimal






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






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






18. Net Sales for period/ Avg Stock for period






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






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






21. Convert 80% to a fraction






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






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






24. Sales - cost of goods sold






25. total fixed costs/ selling price-variable cost






26. $ Cost/ (100%-markup%)






27. Beginning inventory + Purchases - Ending inventory






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






29. Wholesale cost






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






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






32. Convert 41/100 to a percent






33. Convert 56% to a decimal






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






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






36. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






37. current assets/ current liabilities






38. The point at which you stop losing money.






39. Convert 70/100 to a percent






40. Convert 20 to a percent






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






42. 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?






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






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






45. (Retail - Cost)/ Retail






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






47. When sales plans are underestimated and the stock purchases result in a low inventory






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






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






50. Convert .62 to a percent