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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 20 to a percent






2. 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)






3. A/b






4. 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






5. The point at which you stop losing money.






6. $ retail x (100%-markup)






7. $ Cost x (100 + Mark-up %) / 100






8. 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






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






10. Convert 56% to a decimal






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






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






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






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






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






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






17. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price






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






19. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33






20. cash + receivables/ current liabilities.






21. Amount decrease (Original - New) / Original amount = decimal= convert to %






22. BOM $ Stock/ Sales for period






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






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






25. What is the product of 3.26 and 0.4?






26. Liabilities - capital - income






27. A/b






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






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 10/11 to a percent






31. Convert .36 to a percent






32. 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






33. accounts receivable/ average daily sales






34. Gross Margin/ Average Inventory Cost






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






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






37. Assets - cost of goods sold - expenses






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






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






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






41. A measure of the number of days needed to collect accounts receivable.






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






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






44. Outside numbers in a ratio.






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






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






47. Convert 41/100 to a percent






48. Convert 70% to a decimal






49. Total Net Sales / Total Number of Transactions






50. Convert 50% to a fraction







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