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






2. Convert 41/100 to a percent






3. Two equivalent ratios joined by an equal sign.






4. BOM $ Stock/ Sales for period






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






6. 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






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






8. Inside numbers in a ratio.






9. Net Sales / Average Retail Value of Inventory






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






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






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






13. Gross Margin/ Average Inventory Cost






14. 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






15. Original retail price - Lower retail price






16. Convert 56% to a decimal






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






18. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)






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






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






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






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






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






24. 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%






25. He availability of your money is called _.






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






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






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






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






30. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price






31. 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)






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






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






34. Another way of counting part of a whole?






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






36. The wholesale cost of goods plus the markup






37. Outside numbers in a ratio.






38. Convert .62 to a percent






39. 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)






40. 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






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






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






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






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






45. total annual sales/365






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






47. (TY-LY)/ LY or (Plan-Actual)/






48. cash + receivables/ current liabilities.






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






50. Convert 10/11 to a percent