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






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






3. Original retail price - Lower retail price






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






5. total fixed costs/ selling price-variable cost






6. Net Sales / Average Retail Value of Inventory






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






8. 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.






9. What does percent mean?






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






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






12. The average car payment is $_ per month for _ months.






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






14. cash + receivables/ current liabilities.






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






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






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






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






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






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






21. 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%






22. 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






23. 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






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






25. 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






26. 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...






27. $ Cost/ (100%-markup%)






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






29. 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)






30. Sales - cost of goods sold






31. (Retail - Cost)/ Retail






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






33. Direct labor - factory overhead - merchandise inventory - packaging - raw material






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






35. Convert 56% to a decimal






36. 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)






37. A/b






38. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.






39. Assets - cost of goods sold - expenses






40. current assets/ current liabilities






41. Convert 70/100 to a percent






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






43. Convert 14% to a fraction






44. What is the product of 3.26 and 0.4?






45. Convert 80% to a fraction






46. Convert 1/4 to a percent






47. Convert .62 to a percent






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






49. $ retail x (100%-markup)






50. Convert 1.25 to a percent