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






2. 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?






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






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






5. Convert 3 to a percent






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






7. (Retail - Cost)/ Retail






8. Wholesale cost






9. Turning assets into cash.






10. 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






11. total annual sales/365






12. What does percent mean?






13. Net Sales / Average Retail Value of Inventory






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






15. Alignment of the decimals is not important






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






17. Convert 1.25 to a percent






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






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






20. BOM $ Stock/ Sales for period






21. He availability of your money is called _.






22. Another way of counting part of a whole?






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






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






25. Convert .36 to a percent






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






27. The point at which you stop losing money.






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. Convert 80% to a fraction






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






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






32. 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%






33. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






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






36. 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.






37. Beginning inventory + Purchases - Ending inventory






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






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






41. 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






42. 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%






43. What is the product of 3.26 and 0.4?






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






45. The wholesale cost of goods plus the markup






46. Convert .62 to a percent






47. 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






48. 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...






49. Original retail price - Lower retail price






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