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






2. 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






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






4. Assets - cost of goods sold - expenses






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






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






7. Convert 41/100 to a percent






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






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






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






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






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






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






14. Total Net Sales / Total Number of Transactions






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






16. 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)






17. Gross Margin/ Average Inventory Cost






18. Convert 10/11 to a percent






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






20. 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?






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






22. Outside numbers in a ratio.






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. ($ Retail x 100 / COST) - 100






25. (Retail - Cost)/ Retail






26. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16






27. BOM $ Stock/ Sales for period






28. Inside numbers in a ratio.






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






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






31. 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






32. Net Sales / Average Retail Value of Inventory






33. cost of an item expressed per unit of measure or count.






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






35. Convert 80% to a fraction






36. Convert 1.25 to a percent






37. Convert 1/4 to a percent






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






39. Net Sales for period/ Avg Stock for period






40. Convert 65% to a decimal






41. Two equivalent ratios joined by an equal sign.






42. Convert 50% to a fraction






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






44. 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






45. 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%






46. Convert 56% to a decimal






47. Alignment of the decimals is not important






48. He availability of your money is called _.






49. Another way of counting part of a whole?






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