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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. 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






2. Two equivalent ratios joined by an equal sign.






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






4. Outside numbers in a ratio.






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






6. Sales - cost of goods sold






7. 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






8. Liabilities - capital - income






9. cash + receivables/ current liabilities.






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






11. Convert 70/100 to a percent






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






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






14. Alignment of the decimals is not important






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






16. BOM $ Stock/ Sales for period






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






18. A/b






19. 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






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






21. Convert 56% to a decimal






22. Wholesale cost






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






24. Net Sales / Average Retail Value of Inventory






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






26. Net Sales for period/ Avg Stock for period






27. The wholesale cost of goods plus the markup






28. $ retail x (100%-markup)






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






30. Convert 70% to a decimal






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






32. 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?






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






34. 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






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






36. What does percent mean?






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






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






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






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






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






42. 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






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






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






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






46. A/b






47. Convert 14% to a fraction






48. 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?






49. accounts receivable/ average daily sales






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