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






2. Convert .62 to a percent






3. 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






4. Total Net Sales / Total Number of Transactions






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






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






7. 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






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






10. A/b






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






12. Another way of counting part of a whole?






13. Sales - cost of goods sold






14. Convert 20 to a percent






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






16. Convert .36 to a percent






17. 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...






18. cash + receivables/ current liabilities.






19. 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.






20. 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%






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. Beginning inventory + Purchases - Ending inventory






23. 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)






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






26. current assets/ current liabilities






27. total fixed costs/ selling price-variable cost






28. (Retail - Cost)/ Retail






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






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






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






32. 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)






33. 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






34. Alignment of the decimals is not important






35. Original retail price - Lower retail price






36. Wholesale cost






37. After 4 years - $5 -000 will grow to how much if it earns 10% interest?






38. Inside numbers in a ratio.






39. The point at which you stop losing money.






40. Assets - cost of goods sold - expenses






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






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






43. accounts receivable/ average daily sales






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






45. Convert 1.25 to a percent






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






47. Liabilities - capital - income






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






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






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