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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. Original retail price - Lower retail price






2. Actual retail sales; the retail price at which one tiem is sold is combined with the retail prices of all the items that are sold to become the net sales amount.






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






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






5. He availability of your money is called _.






6. 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)






7. A/b






8. Convert 80% to a fraction






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






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






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






12. 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






13. Convert 41/100 to a percent






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






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






16. $ retail x (100%-markup)






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






18. $ RETAIL X (100 - GM %) / 100






19. Convert 1.25 to a percent






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






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






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






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






24. Convert .62 to a percent






25. The point at which you stop losing money.






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






27. What does percent mean?






28. total fixed costs/ selling price-variable cost






29. Beginning inventory + Purchases - Ending inventory






30. 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)






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






32. Sales - cost of goods sold






33. 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






34. Another way of counting part of a whole?






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






36. 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%






37. Convert 65% to a decimal






38. Net Sales for period/ Avg Stock for period






39. Convert 14% to a fraction






40. A/b + c/b = (a+c)/b






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






42. total annual sales/365






43. 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






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






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






46. Convert 10/11 to a percent






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






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






49. Assets - cost of goods sold - expenses






50. Convert 50% to a fraction







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