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






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






3. total annual sales/365






4. Convert 41/100 to a percent






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






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






7. 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%






8. Wholesale cost






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






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






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






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






13. 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)






14. 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)






15. Sales - cost of goods sold






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






17. S=X+nrX Where: X=the original sum invested r=the interest rate (as a proportion - e.g. 0.05=5%) n=the number of periods S=the sum invested after n periods (capital + interest) - e.g. invest $1000 @ 10% simple interest for 5 years = 1000+(50.101000)






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






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. cash + receivables/ current liabilities.






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






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






23. 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?






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






25. A measure of the number of days needed to collect accounts receivable.






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






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






28. Convert .4 to a percent






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






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






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






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






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






34. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






35. 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






36. Convert 3 to a percent






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






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






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






40. BOM $ Stock/ Sales for period






41. Convert 10/11 to a percent






42. total fixed costs/ selling price-variable cost






43. A^m/a^n = a^(m-n)






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






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






46. Inside numbers in a ratio.






47. Convert 56% to a decimal






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






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