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






2. 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...






3. total annual sales/365






4. Another way of counting part of a whole?






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






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






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






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






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






10. A/b






11. Outside numbers in a ratio.






12. X=S*[1/(1+r)^n] Where: S=the sum to be received after n time periods X=the present value of that sum r=the rate of return (as a proportion) n=the number of time periods - r - rate - is sometimes called cost of capital






13. Convert .4 to a percent






14. Convert 14% to a fraction






15. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33






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






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






18. Convert 3 to a percent






19. 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






20. Net Sales / Average Retail Value of Inventory






21. Total Net Sales / Total Number of Transactions






22. 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?






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






24. BOM $ Stock/ Sales for period






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






26. 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






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






28. Net Sales for period/ Avg Stock for period






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






30. 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






31. 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






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






33. Wholesale cost






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






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






36. Convert 1.25 to a percent






37. accounts receivable/ average daily sales






38. Convert .62 to a percent






39. A/b






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






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






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






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






44. 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






45. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






47. Convert 50% to a fraction






48. Convert 65% to a decimal






49. Sales - cost of goods sold






50. 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?