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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. Net Sales for period/ Avg Stock for period






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






3. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30






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






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






6. accounts receivable/ average daily sales






7. A/b






8. Convert 56% to a decimal






9. Convert 1/4 to a percent






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






11. 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)






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






13. Convert .62 to a percent






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. Convert .4 to a percent






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






17. Total Net Sales / Total Number of Transactions






18. Liabilities - capital - income






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






20. 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...






21. Convert 3 to a percent






22. 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






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






24. Convert 70% to a decimal






25. 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?






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






27. 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






28. 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






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






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






31. total annual sales/365






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






33. The point at which you stop losing money.






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






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






36. Amount decrease (Original - New) / Original amount = decimal= convert to %






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






38. Turning assets into cash.






39. He availability of your money is called _.






40. cash + receivables/ current liabilities.






41. Net Sales / Average Retail Value of Inventory






42. Convert 65% to a decimal






43. 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






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






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






46. 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?






47. $ Cost x (100 + Mark-up %) / 100






48. 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.






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






50. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM