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






2. Assets - cost of goods sold - expenses






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






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






5. 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?






6. 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






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






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






9. A team won 16 games and lost 9 games. What percent of games did the team lose?






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






11. A/b






12. Convert 50% to a fraction






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






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






15. (Retail - Cost)/ Retail






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






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






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






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






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






21. $ retail x (100%-markup)






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






23. 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






24. The point at which you stop losing money.






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






26. Outside numbers in a ratio.






27. Convert .62 to a percent






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






29. Original retail price - Lower retail price






30. cash + receivables/ current liabilities.






31. Convert 65% to a decimal






32. current assets/ current liabilities






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






34. Liabilities - capital - income






35. Convert 70% to a decimal






36. Convert .36 to a percent






37. What does percent mean?






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






39. 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






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






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






42. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






43. Net Sales / Average Retail Value of Inventory






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






45. 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)






46. Convert 1.25 to a percent






47. Convert 20 to a percent






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






49. 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...






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