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






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






3. What does percent mean?






4. Total Net Sales / Total Number of Transactions






5. Convert 65% to a decimal






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






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






8. 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...






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






10. Alignment of the decimals is not important






11. Loss of items due to damaged goods - stealing - etc.






12. Assets - cost of goods sold - expenses






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






14. Net Sales / Average Retail Value of Inventory






15. What is the product of 3.26 and 0.4?






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






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






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






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






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






21. 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%






22. Convert 14% to a fraction






23. 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)






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






25. Convert .36 to a percent






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






27. $ Cost x (100 + Mark-up %) / 100






28. Overage$ = book$ - physical count$; overage% = overage$/NS$






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






30. BOM $ Stock/ Sales for period






31. Wholesale cost






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






33. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






34. Turning assets into cash.






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






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






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






38. 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)






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






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






41. Convert 80% to a fraction






42. Original retail price - Lower retail price






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






44. A/b






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






46. Convert 1/4 to a percent






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






48. Sales - cost of goods sold






49. Net Sales for period/ Avg Stock for period






50. Convert 1.25 to a percent