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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. Convert 1.25 to a percent






2. Convert 41/100 to a percent






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






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






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






6. Convert 70/100 to a percent






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






8. $ Cost x (100 + Mark-up %) / 100






9. Beginning inventory + Purchases - Ending inventory






10. total fixed costs/ selling price-variable cost






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






12. What is the product of 3.26 and 0.4?






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






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






15. 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






16. Two equivalent ratios joined by an equal sign.






17. Outside numbers in a ratio.






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






19. 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)






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






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






22. $ RETAIL X (100 - GM %) / 100






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






24. 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?






25. Assets - cost of goods sold - expenses






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






27. Convert 1/4 to a percent






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






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






30. The point at which you stop losing money.






31. (Retail - Cost)/ Retail






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






33. Convert 80% to a fraction






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






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






36. Cash or assets that can quickly be converted into cash.






37. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33






38. 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






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






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






41. Sales - cost of goods sold






42. Convert 20 to a percent






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






44. Gross Margin/ Average Inventory Cost






45. Turning assets into cash.






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






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






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






49. Total Net Sales / Total Number of Transactions






50. The wholesale cost of an item (cost of goods - or COG)