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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. IRR=1 + [(NPV1/NPV1-NPV2)(2-1)]% Where: 1=one interest rate 2=the other NPV1=the NPV at rate 1 NPV2=the NPV at rate 2 (NPV = Net Present Value)






2. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...






3. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit






4. Convert 70/100 to a percent






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






6. What does percent mean?






7. A/b






8. BOM $ Stock/ Sales for period






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






10. Convert 70% to a decimal






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






12. Alignment of the decimals is not important






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






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






15. 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






16. Convert 1/4 to a percent






17. Convert 56% to a decimal






18. 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?






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






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






21. Wholesale cost






22. accounts receivable/ average daily sales






23. Convert .36 to a percent






24. (Retail - Cost)/ Retail






25. Total Net Sales / Total Number of Transactions






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






27. cash + receivables/ current liabilities.






28. Convert 65% to a decimal






29. The point at which you stop losing money.






30. A formal document that is used for a variety of functions within a retail business; it provides a big picture look at the succinct expression of the sales - markup - and profit for a business






31. 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.






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






33. Liabilities - capital - income






34. Convert .4 to a percent






35. 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)






36. $ retail x (100%-markup)






37. Two equivalent ratios joined by an equal sign.






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






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






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






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






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






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






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






45. 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






46. Overage$ = book$ - physical count$; overage% = overage$/NS$






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






48. The wholesale cost of goods plus the markup






49. Turning assets into cash.






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