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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 / COST) - 100






2. What does percent mean?






3. Convert 1.25 to a percent






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






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






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






7. Two equivalent ratios joined by an equal sign.






8. 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






9. accounts receivable/ average daily sales






10. 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%






11. 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.






12. A/b






13. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour






14. $ retail x (100%-markup)






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






16. Another way of counting part of a whole?






17. Wholesale cost






18. cash + receivables/ current liabilities.






19. 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






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






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






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






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






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






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






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






27. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)






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






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






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






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






32. Assets - cost of goods sold - expenses






33. Convert 14% to a fraction






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






35. Net Sales / Average Retail Value of Inventory






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






37. Convert 56% to a decimal






38. Convert 20 to a percent






39. Turning assets into cash.






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






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






42. Sales - cost of goods sold






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






44. 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






45. Convert 70% to a decimal






46. Gross Margin/ Average Inventory Cost






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






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






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






50. Convert 65% to a decimal