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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. Convert 65% to a decimal






2. 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)






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






4. Convert .4 to a percent






5. current assets/ current liabilities






6. After 4 years - $5 -000 will grow to how much if it earns 10% interest?






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






8. Convert 70/100 to a percent






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






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






11. Beginning inventory + Purchases - Ending inventory






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






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






14. 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






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






16. Convert 80% to a fraction






17. Alignment of the decimals is not important






18. What happens when your sales are higher than your expenses - etc.






19. 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






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






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






22. 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)






23. 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






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






25. Convert 3 to a percent






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






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






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






29. He availability of your money is called _.






30. The point at which you stop losing money.






31. BOM $ Stock/ Sales for period






32. Convert .36 to a percent






33. What is the product of 3.26 and 0.4?






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






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






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






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






38. cash + receivables/ current liabilities.






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






40. $ Cost/ (100%-markup%)






41. 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%






42. Original retail price - Lower retail price






43. 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






44. The recommended house payment should be no more than _% of your monthly take-home pay.






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






46. Net Sales / Average Retail Value of Inventory






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






48. 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






49. Convert 56% to a decimal






50. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods