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DSST Business Math

Instructions:
  • Answer 50 questions in 15 minutes.
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  • 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. Convert 65% to a decimal






2. 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)






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






4. 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)






5. Convert 14% to a fraction






6. 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)






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






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






9. Net Sales / Average Retail Value of Inventory






10. Outside numbers in a ratio.






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






12. A/b






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






14. 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






15. Gross Margin/ Average Inventory Cost






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






17. Convert 41/100 to a percent






18. Convert .4 to a percent






19. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






20. Another way of counting part of a whole?






21. 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%






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






23. Inside numbers in a ratio.






24. 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






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






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






27. Convert 3 to a percent






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






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






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






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






32. Assets - cost of goods sold - expenses






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






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






35. 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






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






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






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






39. Two equivalent ratios joined by an equal sign.






40. Turning assets into cash.






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






42. Wholesale cost






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






44. Cash on delivery; this dating is used when the vendor does not know the retailer or the retailer does not have a strong line of credit






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






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






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. Convert 20 to a percent






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






50. Convert 80% to a fraction







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