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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. 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)






2. Outside numbers in a ratio.






3. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses






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






5. Gross Margin/ Average Inventory Cost






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






7. He availability of your money is called _.






8. Sales - cost of goods sold






9. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour






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






11. Wholesale cost






12. Convert 50% to a fraction






13. 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)






14. 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






15. Convert 3 to a percent






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






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






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






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






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






21. What is the product of 3.26 and 0.4?






22. 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.






23. Liabilities - capital - income






24. 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






25. 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...






26. current assets/ current liabilities






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






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






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






30. Convert 1/4 to a percent






31. Convert 10/11 to a percent






32. 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






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






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






35. 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






36. Convert 56% to a decimal






37. 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?






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






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






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






41. What does percent mean?






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






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






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






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






46. 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






47. BOM $ Stock/ Sales for period






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






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






50. Net Sales / Average Retail Value of Inventory