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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 70/100 to a percent






2. 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






3. Two equivalent ratios joined by an equal sign.






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






5. Original retail price - Lower retail price






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






7. Gross Margin/ Average Inventory Cost






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






9. 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?






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






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






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






13. Convert 1/4 to a percent






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






15. Assets - cost of goods sold - expenses






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






17. A/b






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






19. $ retail x (100%-markup)






20. He availability of your money is called _.






21. total fixed costs/ selling price-variable cost






22. Convert .4 to a percent






23. Liabilities - capital - income






24. Wholesale cost






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






26. (Retail - Cost)/ Retail






27. 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






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






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






30. Alignment of the decimals is not important






31. Convert 50% to a fraction






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






33. 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)






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






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






37. Convert 10/11 to a percent






38. Convert .36 to a percent






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






40. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)






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






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






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






44. 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...






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






46. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring






47. 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






48. Convert 20 to a percent






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






50. Net Sales / Average Retail Value of Inventory