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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. 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?






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






3. Alignment of the decimals is not important






4. What does percent mean?






5. He availability of your money is called _.






6. Convert 3 to a percent






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






8. Gross Margin/ Average Inventory Cost






9. Convert 56% to a decimal






10. accounts receivable/ average daily sales






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






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






13. 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






14. Convert 14% to a fraction






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






16. Convert 10/11 to a percent






17. A/b






18. 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






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






20. 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%






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






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






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






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






25. cost of an item expressed per unit of measure or count.






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






27. 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






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






29. The average person will have _ jobs in their lifetime.






30. Liabilities - capital - income






31. total fixed costs/ selling price-variable cost






32. 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






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






34. 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)






35. $ retail x (100%-markup)






36. 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?






37. Convert 65% to a decimal






38. 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






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






40. 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.






41. Sales - cost of goods sold






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






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






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






45. % of 90 days same as cash convert to payments.






46. Convert .36 to a percent






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






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






49. Outside numbers in a ratio.






50. cash + receivables/ current liabilities.