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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. Convert 56% to a decimal






2. 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






3. Total Net Sales / Total Number of Transactions






4. You should never take out more than a _ year mortgage.






5. Convert 70/100 to a percent






6. Sales - cost of goods sold






7. 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...






8. cash + receivables/ current liabilities.






9. $ retail x (100%-markup)






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






11. 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%






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






13. Assets - cost of goods sold - expenses






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






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






16. Convert 65% to a decimal






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






18. 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






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






20. Convert 10/11 to a percent






21. BOM $ Stock/ Sales for period






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






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






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






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






26. Convert 14% to a fraction






27. Liabilities - capital - income






28. total fixed costs/ selling price-variable cost






29. Wholesale cost






30. Convert 1/4 to a percent






31. 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)






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






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






34. Two equivalent ratios joined by an equal sign.






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






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






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






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






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






40. 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






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






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






43. Inside numbers in a ratio.






44. Net Sales for period/ Avg Stock for period






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






46. The wholesale cost of goods plus the markup






47. Convert .4 to a percent






48. total annual sales/365






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






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