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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 wholesale cost of goods plus the markup






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






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






4. Assets - cost of goods sold - expenses






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






6. Convert 50% to a fraction






7. current assets/ current liabilities






8. Liabilities - capital - income






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






10. 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






11. He availability of your money is called _.






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






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






14. What does percent mean?






15. Outside numbers in a ratio.






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






17. Convert 70/100 to a percent






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






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






20. Convert 1/4 to a percent






21. total annual sales/365






22. (Retail - Cost)/ Retail






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






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






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






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






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






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. ($ Retail x 100 / COST) - 100






30. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






32. 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






33. Convert 14% to a fraction






34. 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)






35. $ retail x (100%-markup)






36. Convert 70% to a decimal






37. 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






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. Convert .62 to a percent






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






41. total fixed costs/ selling price-variable cost






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






43. 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%






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






45. End of month; dating starts with the end of the month and the invoice is to be paid within the specified number of days after the end of the month in which goods are invoiced; ex: 8/10 EOM - n/90






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






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






48. 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%






49. Convert 10/11 to a percent






50. Convert 1.25 to a percent