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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. Original retail price - Lower retail price






2. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory






3. Convert 65% to a decimal






4. 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.






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






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






7. 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...






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






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






10. 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






11. 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






12. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM






13. Convert .62 to a percent






14. Convert 70% to a decimal






15. Another way of counting part of a whole?






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






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






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






20. Inside numbers in a ratio.






21. Convert 80% to a fraction






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






23. Gross Margin/ Average Inventory Cost






24. What does percent mean?






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






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






27. 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






28. Convert 1/4 to a percent






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






30. Convert .4 to a percent






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






32. BOM $ Stock/ Sales for period






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






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






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






36. Net Sales / Average Retail Value of Inventory






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






38. Convert 41/100 to a percent






39. 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)






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






41. (Retail - Cost)/ Retail






42. total annual sales/365






43. A/b






44. accounts receivable/ average daily sales






45. Convert 20 to a percent






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






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






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






49. 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






50. Alignment of the decimals is not important