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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. 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






2. 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)






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






4. Turning assets into cash.






5. Beginning inventory + Purchases - Ending inventory






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






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






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






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






10. Convert 10/11 to a percent






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






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






13. Convert 56% to a decimal






14. Convert .36 to a percent






15. 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)






16. Convert 14% to a fraction






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






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






19. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33






20. 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...






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






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






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






24. What does percent mean?






25. A/b






26. The wholesale cost of goods plus the markup






27. (Retail - Cost)/ Retail






28. What is the product of 3.26 and 0.4?






29. 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.






30. cash + receivables/ current liabilities.






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






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






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






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






35. The point at which you stop losing money.






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






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






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






39. Original retail price - Lower retail price






40. 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?






41. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






42. Gross Margin/ Average Inventory Cost






43. total annual sales/365






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






45. 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






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






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






48. Net Sales / Average Retail Value of Inventory






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






50. accounts receivable/ average daily sales