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






2. Outside numbers in a ratio.






3. Convert 50% to a fraction






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






5. 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...






6. 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






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






8. Convert 3 to a percent






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






10. The point at which you stop losing money.






11. Wholesale cost






12. Original retail price - Lower retail price






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






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






15. A/b






16. Convert 65% to a decimal






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






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






19. Net Sales / Average Retail Value of Inventory






20. The wholesale cost of goods plus the markup






21. Net Sales for period/ Avg Stock for period






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






23. 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?






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






25. Convert 1/4 to a percent






26. 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.






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






28. Convert 56% to a decimal






29. Turning assets into cash.






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






31. cash + receivables/ current liabilities.






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






33. Convert 10/11 to a percent






34. 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






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






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. Aka - the terminal value of an investment to which equal annual amounts will be added S=[A(R^n -1)]/R-1 Where: S=the terminal value A=the first term R=the common ratio n=the number of terms






38. 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?






39. total annual sales/365






40. 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%






41. Direct labor - factory overhead - merchandise inventory - packaging - raw material






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






43. 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






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






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






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






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






48. accounts receivable/ average daily sales






49. 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)






50. Convert 41/100 to a percent