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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. Gross Margin/ Average Inventory Cost






2. After 4 years - $5 -000 will grow to how much if it earns 10% interest?






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






4. 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.






5. 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)






6. S=X(1+r1)^y(1+r






7. Convert 70/100 to a percent






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. Convert 65% to a decimal






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






11. accounts receivable/ average daily sales






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






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






14. Convert 1/4 to a percent






15. Net Sales / Average Retail Value of Inventory






16. Alignment of the decimals is not important






17. Two equivalent ratios joined by an equal sign.






18. What does percent mean?






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






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






21. Convert 80% to a fraction






22. 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%






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






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






25. What is the product of 3.26 and 0.4?






26. ($ Retail x 100 / COST) - 100






27. cash + receivables/ current liabilities.






28. Outside numbers in a ratio.






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






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






31. A/b






32. 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






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






34. The wholesale cost of goods plus the markup






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






36. 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






37. Convert 50% to a fraction






38. 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?






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






40. 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)






41. Convert .62 to a percent






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






43. Convert 1.25 to a percent






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






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






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






47. Assets - cost of goods sold - expenses






48. Convert 10/11 to a percent






49. Convert 70% to a decimal






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