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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. To take advantage of the 6% cash discount - a retailer made a $2 -000 partial payment during the discount period. How much was the retailer credited for the $2 -000 partial payment?






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






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






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






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






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






7. 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%






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






10. 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






11. $ retail x (100%-markup)






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






13. Convert 65% to a decimal






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






15. When sales plans are underestimated and the stock purchases result in a low inventory






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






17. A/b






18. Convert 1.25 to a percent






19. Convert 3 to a percent






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






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






22. Wholesale cost






23. 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






24. What does percent mean?






25. Convert .4 to a percent






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






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






28. 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)






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






30. 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






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






32. What is the product of 3.26 and 0.4?






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






34. Convert 10/11 to a percent






35. 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...






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






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






38. Convert .36 to a percent






39. BOM $ Stock/ Sales for period






40. Beginning inventory + Purchases - Ending inventory






41. Convert 56% to a decimal






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






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






44. Outside numbers in a ratio.






45. Convert 1/4 to a percent






46. Original retail price - Lower retail price






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






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






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






50. Turning assets into cash.