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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. 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






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






3. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30






4. Convert 65% to a decimal






5. accounts receivable/ average daily sales






6. Convert .4 to a percent






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






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






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






10. An electronics store is having a 40 percent off sale. Robert has been saving to purchase a stereo system that was originally priced at $420. If Robert purchases the system during the sale - what will be the cost?






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






12. 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?






13. Convert 10/11 to a percent






14. BOM $ Stock/ Sales for period






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






16. total fixed costs/ selling price-variable cost






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






18. (Retail - Cost)/ Retail






19. Total Net Sales / Total Number of Transactions






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






21. 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






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






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






24. Convert 1.25 to a percent






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






26. What is the product of 3.26 and 0.4?






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






28. Convert 14% to a fraction






29. cash + receivables/ current liabilities.






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






31. 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%






32. 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






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






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






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






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






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






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






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






40. current assets/ current liabilities






41. 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?






42. Inside numbers in a ratio.






43. Convert 70% to a decimal






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






45. Net Sales / Average Retail Value of Inventory






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






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






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






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






50. Convert .62 to a percent