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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 3 to a percent






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






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






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






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






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






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






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






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






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






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






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






13. 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






14. He availability of your money is called _.






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






16. 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...






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. Net Sales for period/ Avg Stock for period






19. A/b






20. A/b






21. 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?






22. The point at which you stop losing money.






23. 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)






24. What does percent mean?






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






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






27. Net Sales / Average Retail Value of Inventory






28. 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.






29. Convert .4 to a percent






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






31. Outside numbers in a ratio.






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. 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






34. accounts receivable/ average daily sales






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






36. 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)






37. Total Net Sales / Total Number of Transactions






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






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






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






41. Convert 14% to a fraction






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






43. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






44. BOM $ Stock/ Sales for period






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






46. Convert 10/11 to a percent






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






48. 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






49. Convert 1.25 to a percent






50. total fixed costs/ selling price-variable cost