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






2. Total Net Sales / Total Number of Transactions






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






4. The point at which you stop losing money.






5. 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






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






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






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






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






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






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






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






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






14. 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?






15. 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...






16. Convert 70/100 to a percent






17. Convert .36 to a percent






18. Convert 3 to a percent






19. Convert .4 to a percent






20. current assets/ current liabilities






21. 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






22. Convert 70% to a decimal






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






24. 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






25. Convert 1/4 to a percent






26. 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






27. 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






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






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






30. 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)






31. 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%






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






33. The wholesale cost of goods plus the markup






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






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






36. Outside numbers in a ratio.






37. (Retail - Cost)/ Retail






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






39. A/b






40. Net Sales / Average Retail Value of Inventory






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






42. 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.






43. 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%






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






45. Convert 14% to a fraction






46. 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






47. Direct labor - factory overhead - merchandise inventory - packaging - raw material






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






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






50. Convert .62 to a percent