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






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






3. Alignment of the decimals is not important






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






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






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






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






8. $ retail x (100%-markup)






9. Convert 1.25 to a percent






10. Aka - the terminal value of an investment to which equal annual amounts will be added S=[A(R^n -1)]/R-1 Where: S=the terminal value A=the first term R=the common ratio n=the number of terms






11. 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?






12. 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)






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






14. 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






15. 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






16. A/b






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






18. 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






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






20. total fixed costs/ selling price-variable cost






21. Convert .62 to a percent






22. Net Sales / Average Retail Value of Inventory






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






24. Convert 65% to a decimal






25. Convert 3 to a percent






26. Convert .4 to a percent






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






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






29. Inside numbers in a ratio.






30. 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)






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






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






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






34. (Retail - Cost)/ Retail






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






36. Convert 80% to a fraction






37. Convert 10/11 to a percent






38. What does percent mean?






39. What is the product of 3.26 and 0.4?






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






41. Another way of counting part of a whole?






42. BOM $ Stock/ Sales for period






43. He availability of your money is called _.






44. Gross Margin/ Average Inventory Cost






45. Liabilities - capital - income






46. Convert 20 to a percent






47. Sales - cost of goods sold






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






49. Net Sales for period/ Avg Stock for period






50. Outside numbers in a ratio.