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






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






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






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






5. Convert 1.25 to a percent






6. Original retail price - Lower retail price






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






8. Convert 70/100 to a percent






9. Turning assets into cash.






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






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






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






13. Alignment of the decimals is not important






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






15. Another way of counting part of a whole?






16. 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?






17. Convert 1/4 to a percent






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






19. He availability of your money is called _.






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






21. 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)






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






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






24. What is the product of 3.26 and 0.4?






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






26. Convert .4 to a percent






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






28. 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






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






30. 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.






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






32. Net Sales for period/ Avg Stock for period






33. Convert 20 to a percent






34. (Retail - Cost)/ Retail






35. 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?






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






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






38. 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






39. 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






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






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






42. Wholesale cost






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






44. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles






45. 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...






46. Convert 41/100 to a percent






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






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






49. $ retail x (100%-markup)






50. 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)