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. He availability of your money is called _.

2. current assets/ current liabilities

3. Inside numbers in a ratio.

4. Convert 65% to a decimal

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

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

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

8. 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

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

10. To take advantage of the 6% cash discount - a retailer made a \$2 -000 partial payment during the discount period. How much was the retailer credited for the \$2 -000 partial payment?

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

12. Convert 3 to a percent

13. \$ Cost/ (100%-markup%)

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

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

16. Wholesale cost

17. The point at which you stop losing money.

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

19. Convert 1.25 to a percent

20. 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

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

22. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods

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

24. 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

25. Convert 20 to a percent

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

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

28. 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

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

30. \$ RETAIL X (100 - GM %) / 100

31. total fixed costs/ selling price-variable cost

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. 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?

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

35. Alignment of the decimals is not important

36. Net Sales / Average Retail Value of Inventory

37. 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

38. Convert .4 to a percent

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

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

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. Convert 56% to a decimal

43. Another way of counting part of a whole?

44. 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%

45. Turning assets into cash.

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

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

48. Convert 80% to a fraction

49. 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

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