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






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






3. 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...






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






5. 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






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






7. Two equivalent ratios joined by an equal sign.






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






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






10. Convert 1.25 to a percent






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






12. 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)






13. cash + receivables/ current liabilities.






14. 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.






15. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions






16. He availability of your money is called _.






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






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






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






20. Convert .36 to a percent






21. The wholesale cost of goods plus the markup






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






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






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






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






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






28. 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






29. Assets - cost of goods sold - expenses






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






31. Another way of counting part of a whole?






32. Convert .62 to a percent






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






34. What does percent mean?






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






36. Net Sales / Average Retail Value of Inventory






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






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






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






40. Convert 20 to a percent






41. (Retail - Cost)/ Retail






42. 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)






43. Total Net Sales / Total Number of Transactions






44. A/b






45. Outside numbers in a ratio.






46. What is the product of 3.26 and 0.4?






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






48. Gross Margin/ Average Inventory Cost






49. 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%






50. A/b + c/b = (a+c)/b