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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. Sales - cost of goods sold






2. 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






3. Beginning inventory + Purchases - Ending inventory






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






5. current assets/ current liabilities






6. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions






7. Liabilities - capital - income






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






9. A/b






10. Convert 3 to a percent






11. (Retail - Cost)/ Retail






12. What does percent mean?






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






14. Overage$ = book$ - physical count$; overage% = overage$/NS$






15. Convert .36 to a percent






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






17. accounts receivable/ average daily sales






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






19. Convert 20 to a percent






20. What is the product of 3.26 and 0.4?






21. 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?






22. 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






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






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






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






26. Convert .4 to a percent






27. BOM $ Stock/ Sales for period






28. Assets - cost of goods sold - expenses






29. Convert 10/11 to a percent






30. Total Net Sales / Total Number of Transactions






31. 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?






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






33. Convert 70% to a decimal






34. The point at which you stop losing money.






35. 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%






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






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






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






39. Convert 14% to a fraction






40. Alignment of the decimals is not important






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






42. Another way of counting part of a whole?






43. 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)






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






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






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






47. Convert 65% to a decimal






48. 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






49. 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%






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