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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. Gross Margin/ Average Inventory Cost






2. Convert .36 to a percent






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






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






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






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






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






8. 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)






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






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






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






12. 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






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






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






15. Convert 1/4 to a percent






16. total annual sales/365






17. Original retail price - Lower retail price






18. A/b






19. Convert 70/100 to a percent






20. Total Net Sales / Total Number of Transactions






21. Inside numbers in a ratio.






22. Convert 50% to a fraction






23. Net Sales for period/ Avg Stock for period






24. Convert .62 to a percent






25. 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






26. Convert 1.25 to a percent






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






28. Convert 56% to a decimal






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






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






31. 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






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






33. Convert 10/11 to a percent






34. What does percent mean?






35. 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%






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






37. A/b






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






39. Convert 65% to a decimal






40. Another way of counting part of a whole?






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






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






44. 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






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






46. What is the product of 3.26 and 0.4?






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






48. 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?






49. 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






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