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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. Inside numbers in a ratio.






2. Convert 65% to a decimal






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






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






5. Two equivalent ratios joined by an equal sign.






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






7. Convert 14% to a fraction






8. (Retail - Cost)/ Retail






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






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






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






12. Convert 3 to a percent






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






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






15. 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






16. Wholesale cost






17. 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)






18. Convert .36 to a percent






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






20. 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)






21. Convert 70% to a decimal






22. Convert .4 to a percent






23. 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?






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






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






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






27. BOM $ Stock/ Sales for period






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






29. What is the product of 3.26 and 0.4?






30. He availability of your money is called _.






31. Total Net Sales / Total Number of Transactions






32. Convert 70/100 to a percent






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






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






35. Convert 10/11 to a percent






36. The point at which you stop losing money.






37. 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.






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






39. Overage$ = book$ - physical count$; overage% = overage$/NS$






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






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






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






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






44. 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%






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






46. 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






47. 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%






48. 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






49. 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?






50. The wholesale cost of goods plus the markup