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






2. Net Sales / Average Retail Value of Inventory






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






4. Convert 1/4 to a percent






5. Another way of counting part of a whole?






6. Convert 56% to a decimal






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






8. Original retail price - Lower retail price






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






10. Convert 3 to a percent






11. Convert .62 to a percent






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






13. Convert 50% to a fraction






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






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






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






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






18. What is the product of 3.26 and 0.4?






19. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






21. Convert 20 to a percent






22. Wholesale cost






23. Sales - cost of goods sold






24. 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?






25. 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






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






27. current assets/ current liabilities






28. The wholesale cost of goods plus the markup






29. He availability of your money is called _.






30. total annual sales/365






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






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






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






34. Inside numbers in a ratio.






35. cash + receivables/ current liabilities.






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






37. Convert 80% to a fraction






38. BOM $ Stock/ Sales for period






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






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






41. A/b






42. (Retail - Cost)/ Retail






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






44. accounts receivable/ average daily sales






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






46. 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%






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






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






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






50. Convert 70% to a decimal