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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. Assets - cost of goods sold - expenses






2. Total Net Sales / Total Number of Transactions






3. Convert 65% to a decimal






4. 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






5. Convert 41/100 to a percent






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






7. Convert 1/4 to a percent






8. Convert 3 to a percent






9. 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)






10. Turning assets into cash.






11. 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?






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






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






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






15. Convert .36 to a percent






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






17. 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






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






19. A/b






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






21. total annual sales/365






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






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






24. Rose borrowed money to buy a ring priced at $420. When she repaid the loan at the end of 3 months - the interest charge was $31.50. What was the rate of interest?






25. 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)






26. 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






27. cash + receivables/ current liabilities.






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






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






30. 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






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






32. Convert 14% to a fraction






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






34. Net Sales / Average Retail Value of Inventory






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






36. Convert 50% to a fraction






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






38. Convert 56% to a decimal






39. accounts receivable/ average daily sales






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






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






42. Outside numbers in a ratio.






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






44. 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)






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






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






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






48. Convert 10/11 to a percent






49. Another way of counting part of a whole?






50. Convert 80% to a fraction