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






2. What is the product of 3.26 and 0.4?






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






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






5. total fixed costs/ selling price-variable cost






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






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






8. 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






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






10. Convert 1/4 to a percent






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






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






13. Convert 1.25 to a percent






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






15. Convert 70% to a decimal






16. 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






17. Outside numbers in a ratio.






18. 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






19. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






20. A team won 16 games and lost 9 games. What percent of games did the team lose?






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






22. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price






23. Another way of counting part of a whole?






24. Turning assets into cash.






25. Convert .62 to a percent






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






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






28. 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






29. Convert .36 to a percent






30. 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)






31. Convert 70/100 to a percent






32. 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?






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






34. Convert 14% to a fraction






35. total annual sales/365






36. Convert 80% to a fraction






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






38. Sales - cost of goods sold






39. He availability of your money is called _.






40. S=X+nrX Where: X=the original sum invested r=the interest rate (as a proportion - e.g. 0.05=5%) n=the number of periods S=the sum invested after n periods (capital + interest) - e.g. invest $1000 @ 10% simple interest for 5 years = 1000+(50.101000)






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






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






43. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%






44. A/b






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






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






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






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






49. Assets - cost of goods sold - expenses






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