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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. An electronics store is having a 40 percent off sale. Robert has been saving to purchase a stereo system that was originally priced at $420. If Robert purchases the system during the sale - what will be the cost?






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






3. 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






4. Convert 80% to a fraction






5. 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...






6. 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






7. IRR=1 + [(NPV1/NPV1-NPV2)(2-1)]% Where: 1=one interest rate 2=the other NPV1=the NPV at rate 1 NPV2=the NPV at rate 2 (NPV = Net Present Value)






8. 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






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






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






11. Convert .62 to a percent






12. Convert 70/100 to a percent






13. What is the product of 3.26 and 0.4?






14. Original retail price - Lower retail price






15. 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






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






17. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






19. Inside numbers in a ratio.






20. Gross Margin/ Average Inventory Cost






21. A^m/a^n = a^(m-n)






22. Convert .36 to a percent






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






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






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






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






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






28. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles






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






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






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






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






33. Convert 70% to a decimal






34. current assets/ current liabilities






35. GMROII = GM% x (Sales / Average Value of Inventory)






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






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






38. Beginning inventory + Purchases - Ending inventory






39. Convert 41/100 to a percent






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






41. What does percent mean?






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






43. Assets - cost of goods sold - expenses






44. BOM $ Stock/ Sales for period






45. Wholesale cost






46. 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)






47. 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






48. Convert 3 to a percent






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






50. Net Sales / Average Retail Value of Inventory