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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. Convert 20 to a percent






2. Assets - cost of goods sold - expenses






3. 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






4. Another way of counting part of a whole?






5. 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






6. Convert 14% to a fraction






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






8. 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.






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






10. A/b






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






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






13. What does percent mean?






14. 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%






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






16. total annual sales/365






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






18. 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






19. Convert 10/11 to a percent






20. S=X(1+r1)^y(1+r






21. 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






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






23. Total Net Sales / Total Number of Transactions






24. Convert .4 to a percent






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






26. 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






27. 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)






28. Convert 56% to a decimal






29. Convert 41/100 to a percent






30. Two equivalent ratios joined by an equal sign.






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






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






33. total fixed costs/ selling price-variable cost






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






35. 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...






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






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






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






39. Convert 70/100 to a percent






40. BOM $ Stock/ Sales for period






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






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






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






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






45. (Retail - Cost)/ Retail






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






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






48. 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?






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






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