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DSST Business Math

Instructions:
  • Answer 50 questions in 15 minutes.
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  • 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. 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%






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






3. Convert 50% to a fraction






4. Convert .4 to a percent






5. Convert .62 to a percent






6. Convert .36 to a percent






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






8. Original retail price - Lower retail price






9. 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...






10. 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






11. Turning assets into cash.






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






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






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






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






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






17. $ retail x (100%-markup)






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






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






20. 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?






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






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






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






24. 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






25. Convert 3 to a percent






26. Net Sales / Average Retail Value of Inventory






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






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






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






30. accounts receivable/ average daily sales






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






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






33. 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)






34. Convert 70/100 to a percent






35. Another way of counting part of a whole?






36. The point at which you stop losing money.






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






38. total fixed costs/ selling price-variable cost






39. Total Net Sales / Total Number of Transactions






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






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






42. (Retail - Cost)/ Retail






43. 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






44. A form of closed-end credit used for purchasing durable goods such as cars






45. 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?






46. The wholesale cost of goods plus the markup






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






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






49. 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






50. Convert 41/100 to a percent







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