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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. 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






2. A/b






3. Convert 14% to a fraction






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






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






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






7. Convert 70% to a decimal






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






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






10. Inside numbers in a ratio.






11. 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






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






13. Net Sales / Average Retail Value of Inventory






14. 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.






15. Original retail price - Lower retail price






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






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






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






19. 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






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






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






22. Convert 1.25 to a percent






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






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






25. total annual sales/365






26. Convert 20 to a percent






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






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






29. (Retail - Cost)/ Retail






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






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






32. 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%






33. accounts receivable/ average daily sales






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






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






36. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






37. Beginning inventory + Purchases - Ending inventory






38. Net Sales for period/ Avg Stock for period






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






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






41. Total Net Sales / Total Number of Transactions






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






43. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16






44. Convert .4 to a percent






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






46. BOM $ Stock/ Sales for period






47. Liabilities - capital - income






48. 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?






49. Convert .62 to a percent






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