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






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






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






4. 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






5. He availability of your money is called _.






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






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






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






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






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






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






12. A/b






13. 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






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






15. total annual sales/365






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






17. cash + receivables/ current liabilities.






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






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






20. Convert 10/11 to a percent






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






22. (Retail - Cost)/ Retail






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






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






25. Commissions - fees for service - merchandise sales - rental income - royalties






26. 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






27. BOM $ Stock/ Sales for period






28. Inside numbers in a ratio.






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






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






31. Wholesale cost






32. Beginning inventory + Purchases - Ending inventory






33. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






34. Turning assets into cash.






35. X=S*[1/(1+r)^n] Where: S=the sum to be received after n time periods X=the present value of that sum r=the rate of return (as a proportion) n=the number of time periods - r - rate - is sometimes called cost of capital






36. Another way of counting part of a whole?






37. Assets - cost of goods sold - expenses






38. Liabilities - capital - income






39. 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






40. What is the product of 3.26 and 0.4?






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






42. Convert 80% to a fraction






43. Convert 50% to a fraction






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






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






46. 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






47. 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






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






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






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