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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. 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






2. Alignment of the decimals is not important






3. 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)






4. 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?






5. Net Sales / Average Retail Value of Inventory






6. 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






7. Sales - cost of goods sold






8. The point at which you stop losing money.






9. Convert 1.25 to a percent






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






11. A/b






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






13. 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)






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






15. 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%






16. The wholesale cost of goods plus the markup






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






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






19. Convert .36 to a percent






20. Gross Margin/ Average Inventory Cost






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






22. total annual sales/365






23. Convert 1/4 to a percent






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






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






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






27. 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






28. Total Net Sales / Total Number of Transactions






29. Convert 3 to a percent






30. accounts receivable/ average daily sales






31. 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






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






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






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






35. Another way of counting part of a whole?






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






37. Inside numbers in a ratio.






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






39. Convert 20 to a percent






40. BOM $ Stock/ Sales for period






41. Convert 80% to a fraction






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






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






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






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






46. Convert 56% to a decimal






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






48. Convert 50% to a fraction






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






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