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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. $ retail x (100%-markup)






2. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...






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






4. Inside numbers in a ratio.






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






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






7. 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






8. 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)






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






10. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






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






13. 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%






14. Convert 70% to a decimal






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






16. $ Cost/ (100%-markup%)






17. Convert 70/100 to a percent






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






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






20. BOM $ Stock/ Sales for period






21. Two equivalent ratios joined by an equal sign.






22. Assets - cost of goods sold - expenses






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






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






25. 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?






26. Convert 65% to a decimal






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






28. Convert .36 to a percent






29. Net Sales / Average Retail Value of Inventory






30. What is the product of 3.26 and 0.4?






31. Convert 14% to a fraction






32. 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






33. A/b






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






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






36. 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






37. 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)






38. Convert 1/4 to a percent






39. cash + receivables/ current liabilities.






40. Liabilities - capital - income






41. Net Sales for period/ Avg Stock for period






42. Convert 56% to a decimal






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






44. Convert 3 to a percent






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






46. Turning assets into cash.






47. 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






48. He availability of your money is called _.






49. Convert 20 to a percent






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