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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. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price






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






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






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






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






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






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






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






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






10. Convert 70% to a decimal






11. He availability of your money is called _.






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






13. The wholesale cost of goods plus the markup






14. 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






15. 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.






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






17. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!






18. total annual sales/365






19. 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






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






21. total fixed costs/ selling price-variable cost






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






23. The point at which you stop losing money.






24. A/b






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






26. End of month; dating starts with the end of the month and the invoice is to be paid within the specified number of days after the end of the month in which goods are invoiced; ex: 8/10 EOM - n/90






27. Liabilities - capital - income






28. 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?






29. Convert 65% to a decimal






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






31. 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)






32. Convert .4 to a percent






33. Formula: GM = NS - COG; GM$ = NS$ X GM%






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






35. The average person will have _ jobs in their lifetime.






36. What is the product of 3.26 and 0.4?






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






38. Gross Margin/ Average Inventory Cost






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






40. 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






41. Net Sales for period/ Avg Stock for period






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






43. Convert 80% to a fraction






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






45. Convert .62 to a percent






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






47. Convert 50% to a fraction






48. 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?






49. 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






50. Convert 56% to a decimal