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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 - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles






2. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30






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






4. total fixed costs/ selling price-variable cost






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






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






7. The wholesale cost of goods plus the markup






8. Net Sales / Average Retail Value of Inventory






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






10. 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.






11. 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%






12. Gross Margin/ Average Inventory Cost






13. (Retail - Cost)/ Retail






14. Convert 50% to a fraction






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






16. Convert 70/100 to a percent






17. Convert .36 to a percent






18. Convert 65% to a decimal






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






20. Convert 56% to a decimal






21. $ Cost x (100 + Mark-up %) / 100






22. Convert 14% to a fraction






23. Outside numbers in a ratio.






24. Another way of counting part of a whole?






25. Convert 1.25 to a percent






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






27. Sales - cost of goods sold






28. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions






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






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






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






32. The point at which you stop losing money.






33. 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






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






35. 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)






36. Wholesale cost






37. 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?






38. Convert 20 to a percent






39. A/b






40. Liabilities - capital - income






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






42. Convert 70% to a decimal






43. Convert 3 to a percent






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






45. 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)






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






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






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






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






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