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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. total annual sales/365






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






3. Assets - cost of goods sold - expenses






4. A/b






5. Inside numbers in a ratio.






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






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






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






10. $ retail x (100%-markup)






11. 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%






12. 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)






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






14. BOM $ Stock/ Sales for period






15. What does percent mean?






16. Convert 3 to a percent






17. 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






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






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






20. 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)






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






22. Total Net Sales / Total Number of Transactions






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






24. Convert 1.25 to a percent






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






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






27. Another way of counting part of a whole?






28. 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






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






30. Outside numbers in a ratio.






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






32. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions






33. The point at which you stop losing money.






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






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






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






37. Original retail price - Lower retail price






38. Two equivalent ratios joined by an equal sign.






39. Net Sales / Average Retail Value of Inventory






40. 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






41. 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%






42. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






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






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






46. 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?






47. Convert 70% to a decimal






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






50. Turning assets into cash.