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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. 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)






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






3. Outside numbers in a ratio.






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






5. 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%






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






7. BOM $ Stock/ Sales for period






8. Convert 1/4 to a percent






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






10. Wholesale cost






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. Sales - cost of goods sold






13. A/b






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






15. Convert .4 to a percent






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






17. total fixed costs/ selling price-variable cost






18. Beginning inventory + Purchases - Ending inventory






19. 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






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






21. Convert 1.25 to a percent






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






23. Convert 41/100 to a percent






24. Alignment of the decimals is not important






25. Turning assets into cash.






26. 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






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






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






29. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






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






32. Convert 80% to a fraction






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






34. Liabilities - capital - income






35. Total Net Sales / Total Number of Transactions






36. He availability of your money is called _.






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






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






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






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






41. 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






42. 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.






43. Net Sales for period/ Avg Stock for period






44. What does percent mean?






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






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






47. (Retail - Cost)/ Retail






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






49. 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%






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