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






2. What does percent mean?






3. $ retail x (100%-markup)






4. 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%






5. (Retail - Cost)/ Retail






6. Convert .4 to a percent






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






8. Convert 20 to a percent






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






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






11. Turning assets into cash.






12. A form of closed-end credit used for purchasing durable goods such as cars






13. Convert 70/100 to a percent






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






15. A/b






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






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






18. BOM $ Stock/ Sales for period






19. A/b






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






21. Convert 1/4 to a percent






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






23. He availability of your money is called _.






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






25. Inside numbers in a ratio.






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






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






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






29. 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)






30. Wholesale cost






31. 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.






32. Outside numbers in a ratio.






33. 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






34. 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)






35. Convert .36 to a percent






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






37. 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






38. Net Sales for period/ Avg Stock for period






39. accounts receivable/ average daily sales






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






41. Convert 3 to a percent






42. Convert 65% to a decimal






43. Sales - cost of goods sold






44. 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?






45. What is the product of 3.26 and 0.4?






46. 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%






47. Another way of counting part of a whole?






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






49. Convert 1.25 to a percent






50. Net Sales / Average Retail Value of Inventory