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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. 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. A form of closed-end credit used for purchasing durable goods such as cars






4. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses






5. Convert 20 to a percent






6. Convert .62 to a percent






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






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






9. 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?






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






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






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






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 56% to a decimal






15. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8






16. 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






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






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






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






20. Another way of counting part of a whole?






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






22. 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






23. Alignment of the decimals is not important






24. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%






25. 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






26. Total Net Sales / Total Number of Transactions






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






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






29. The average car will lose _% of its value in the first 4 years.






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






31. Inside numbers in a ratio.






32. 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






33. Outside numbers in a ratio.






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






35. Assets - cost of goods sold - expenses






36. 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)






37. Net Sales for period/ Avg Stock for period






38. Rose borrowed money to buy a ring priced at $420. When she repaid the loan at the end of 3 months - the interest charge was $31.50. What was the rate of interest?






39. Convert 70/100 to a percent






40. A/b






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






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






43. A team won 16 games and lost 9 games. What percent of games did the team lose?






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






45. Convert 80% to a fraction






46. A/b






47. Convert 50% to a fraction






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






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






50. Net Sales / Average Retail Value of Inventory