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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. 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%






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






3. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)






4. 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






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






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






7. 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?






8. (Retail - Cost)/ Retail






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






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






11. 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






12. A/b






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






14. Convert 41/100 to a percent






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






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






17. Convert .36 to a percent






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






19. Convert 65% to a decimal






20. S=X+nrX Where: X=the original sum invested r=the interest rate (as a proportion - e.g. 0.05=5%) n=the number of periods S=the sum invested after n periods (capital + interest) - e.g. invest $1000 @ 10% simple interest for 5 years = 1000+(50.101000)






21. If freight is to be paid by the seller - the shipping terms are...






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






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






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






25. 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






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






27. 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)






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






29. Convert 3 to a percent






30. Convert 1.25 to a percent






31. Convert 50% to a fraction






32. Wholesale cost






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






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






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






36. Convert 1/4 to a percent






37. Outside numbers in a ratio.






38. 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)






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






40. The wholesale cost of goods plus the markup






41. Convert 10/11 to a percent






42. Convert 70/100 to a percent






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






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






45. 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






46. total annual sales/365






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






48. 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






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






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