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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. Outside numbers in a ratio.






2. (Retail - Cost)/ Retail






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






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






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






6. Convert 3 to a percent






7. Another way of counting part of a whole?






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






9. total fixed costs/ selling price-variable cost






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






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






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






13. A/b






14. 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)






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






16. $ retail x (100%-markup)






17. 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?






18. Convert 41/100 to a percent






19. Assets - cost of goods sold - expenses






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






21. Convert 14% to a fraction






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






23. Net Sales / Average Retail Value of Inventory






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






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






26. He availability of your money is called _.






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






28. 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)






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






30. 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






31. Turning assets into cash.






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






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






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






35. 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






36. Alignment of the decimals is not important






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






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






39. accounts receivable/ average daily sales






40. 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






41. Inside numbers in a ratio.






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






43. What does percent mean?






44. 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?






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






46. 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






47. Total Net Sales / Total Number of Transactions






48. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.






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






50. 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