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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. (Retail - Cost)/ Retail






2. Convert .62 to a percent






3. Convert 10/11 to a percent






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






5. Convert 50% to a fraction






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






7. Convert 14% to a fraction






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






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






10. What does percent mean?






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






13. Gross Margin/ Average Inventory Cost






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. 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)






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






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






18. Alignment of the decimals is not important






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






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






21. Turning assets into cash.






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






23. Convert 56% to a decimal






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






25. 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?






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






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






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 20 to a percent






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






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






32. accounts receivable/ average daily sales






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






34. Convert 1.25 to a percent






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






36. 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






37. Sales - cost of goods sold






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






39. Convert 70% to a decimal






40. Convert 70/100 to a percent






41. 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






42. What is the product of 3.26 and 0.4?






43. The wholesale cost of goods plus the markup






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






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






46. A/b






47. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16






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






49. Convert 1/4 to a percent






50. Assets - cost of goods sold - expenses