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






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






4. current assets/ current liabilities






5. Liabilities - capital - income






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






7. 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...






8. Outside numbers in a ratio.






9. The point at which you stop losing money.






10. 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






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






12. Convert 70/100 to a percent






13. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)






14. 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?






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






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






17. 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






18. Convert 10/11 to a percent






19. Convert 20 to a percent






20. 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






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






22. Net Sales / Average Retail Value of Inventory






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






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






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






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






27. 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)






28. Alignment of the decimals is not important






29. cash + receivables/ current liabilities.






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






31. Beginning inventory + Purchases - Ending inventory






32. A/b






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






34. 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%






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






36. Turning assets into cash.






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






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






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






40. total fixed costs/ selling price-variable cost






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






42. Wholesale cost






43. Convert 80% to a fraction






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






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






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






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






48. Total Net Sales / Total Number of Transactions






49. Convert 41/100 to a percent






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