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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. 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






2. 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)






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






4. Convert 10/11 to a percent






5. Sales - cost of goods sold






6. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles






7. Convert 20 to a percent






8. Gross Margin/ Average Inventory Cost






9. Capital stock - owner's equity (owner's funds invested in the business)






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






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






12. BOM $ Stock/ Sales for period






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






14. Convert .4 to a percent






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






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






17. Outside numbers in a ratio.






18. The wholesale cost of goods plus the markup






19. Convert 1.25 to a percent






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






21. 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.






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






23. Convert 41/100 to a percent






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






25. Convert 80% to a fraction






26. total fixed costs/ selling price-variable cost






27. 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%






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






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






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






31. A/b






32. 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?






33. Alignment of the decimals is not important






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






35. Another way of counting part of a whole?






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






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






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






39. (TY-LY)/ LY or (Plan-Actual)/






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






41. Two equivalent ratios joined by an equal sign.






42. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM






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






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






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






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






47. Use compliments - Step 1 Find compliments 25% = 100-25%= 75% - 10%= 90% - 10%=90% Step 2 Multiple Compliments 75%x90%x90% .75x.90x.90= .6075 Step 3 Convert to Percentage .6075= 60.75% Step 4 Compliment it 100%-60.75%= 39.35%






48. Beginning inventory + Purchases - Ending inventory






49. Wholesale cost






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