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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. GMROII = GM% x (Sales / Average Value of Inventory)






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






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






4. 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%






5. Alignment of the decimals is not important






6. 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...






7. 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)






8. total fixed costs/ selling price-variable cost






9. 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)






10. Sales - cost of goods sold






11. 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






12. Total Net Sales / Total Number of Transactions






13. Another way of counting part of a whole?






14. Net Sales for period/ Avg Stock for period






15. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit






16. Original retail price - Lower retail price






17. Gross Margin/ Average Inventory Cost






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






19. The point at which you stop losing money.






20. 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.






21. Use compliments - Step 1 Find compliments 25% = 100-25%= 75% - 10%= 90% - 10%=90% Step 2 Multiple Compliments 75%x90%x90% .75x.90x.90= .6075 Step 3 Convert to Percentage .6075= 60.75% Step 4 Compliment it 100%-60.75%= 39.35%






22. Turning assets into cash.






23. A/b - c/b = a-c/b






24. accounts receivable/ average daily sales






25. 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






26. 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






27. Convert .62 to a percent






28. Liabilities - capital - income






29. 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






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






31. Convert 41/100 to a percent






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






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






34. The average car payment is $_ per month for _ months.






35. Convert .36 to a percent






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






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






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






39. Convert 56% to a decimal






40. Convert 70/100 to a percent






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






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






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






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






45. Convert 70% to a decimal






46. 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






47. 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?






48. Inside numbers in a ratio.






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






50. What is the product of 3.26 and 0.4?







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