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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. What does percent mean?






3. 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






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






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






6. 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)






7. Convert .4 to a percent






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






9. The wholesale cost of goods plus the markup






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






11. The point at which you stop losing money.






12. Convert 50% to a fraction






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






14. Convert 20 to a percent






15. cash + receivables/ current liabilities.






16. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






17. 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...






18. 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?






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






20. He availability of your money is called _.






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






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






23. 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






24. 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?






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






26. Convert 3 to a percent






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






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






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






30. BOM $ Stock/ Sales for period






31. A/b






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






33. 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






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






35. 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.






36. Convert 65% to a decimal






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






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






39. accounts receivable/ average daily sales






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






41. 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






42. Gross Margin/ Average Inventory Cost






43. Net Sales for period/ Avg Stock for period






44. Assets - cost of goods sold - expenses






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






46. Another way of counting part of a whole?






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






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






49. Convert 80% to a fraction






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