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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. Convert 1/4 to a percent






2. The point at which you stop losing money.






3. Convert 80% to a fraction






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






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






6. Turning assets into cash.






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






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






9. 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)






10. What does percent mean?






11. Net Sales for period/ Avg Stock for period






12. 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...






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






14. 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)






15. Cash or assets that can quickly be converted into cash.






16. Outside numbers in a ratio.






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






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






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






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






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






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






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






24. 1. develop a vision statement for the company - 2. scan the internal and external environments - 3. determine issues critical to the company - 4. select the problem to be solved - 5. determine the specific strategy to achieve the solution - 6. identi






25. Convert 20 to a percent






26. Convert .4 to a percent






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






28. 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?






29. total fixed costs/ selling price-variable cost






30. He availability of your money is called _.






31. 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?






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






33. You should never take out more than a _ year mortgage.






34. (Retail - Cost)/ Retail






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






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






37. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






38. 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%






39. Cash on delivery; this dating is used when the vendor does not know the retailer or the retailer does not have a strong line of credit






40. Convert 10/11 to a percent






41. Wholesale cost






42. What is the product of 3.26 and 0.4?






43. 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?






44. A/b + c/b = (a+c)/b






45. 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)






46. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions






47. BOM $ Stock/ Sales for period






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






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






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