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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. Convert 41/100 to a percent






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






3. (Retail - Cost)/ Retail






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






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






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






7. IRR=1 + [(NPV1/NPV1-NPV2)(2-1)]% Where: 1=one interest rate 2=the other NPV1=the NPV at rate 1 NPV2=the NPV at rate 2 (NPV = Net Present Value)






8. Convert 56% to a decimal






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






10. Convert 70% to a decimal






11. Wholesale cost






12. total annual sales/365






13. What does percent mean?






14. accounts receivable/ average daily sales






15. 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






16. 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






17. What is the product of 3.26 and 0.4?






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






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






20. $ retail x (100%-markup)






21. 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






22. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring






23. Sales - cost of goods sold






24. Convert 1.25 to a percent






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






26. Assets - cost of goods sold - expenses






27. 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






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






29. 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






30. Convert 1/4 to a percent






31. (TY-LY)/ LY or (Plan-Actual)/






32. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16






33. Turning assets into cash.






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






35. 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)






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






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






38. The point at which you stop losing money.






39. Total Net Sales / Total Number of Transactions






40. Another way of counting part of a whole?






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






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






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






44. Convert 14% to a fraction






45. Two equivalent ratios joined by an equal sign.






46. Gross Margin/ Average Inventory Cost






47. Convert 10/11 to a percent






48. Convert 3 to a percent






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






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







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