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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 + receivables/ current liabilities.






2. 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






3. Sales - cost of goods sold






4. 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%






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






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






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






8. 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






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






10. Convert .62 to a percent






11. 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






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






13. 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?






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






15. What does percent mean?






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






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






18. Convert .4 to a percent






19. total fixed costs/ selling price-variable cost






20. The wholesale cost of goods plus the markup






21. 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)






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






23. 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?






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






25. 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.






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






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






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






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






30. total annual sales/365






31. 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






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






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






34. Gross Margin/ Average Inventory Cost






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






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






37. Inside numbers in a ratio.






38. The point at which you stop losing money.






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






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






41. Convert 56% to a decimal






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






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






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






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






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






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






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






49. (Retail - Cost)/ Retail






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