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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. 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






2. 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%






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






4. Convert 56% to a decimal






5. ($ Retail x 100 / COST) - 100






6. Convert 50% to a fraction






7. Net Sales for period/ Avg Stock for period






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






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






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






11. 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...






12. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16






13. Convert .36 to a percent






14. Outside numbers in a ratio.






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






16. 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?






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






18. What does percent mean?






19. Two equivalent ratios joined by an equal sign.






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






21. The average person will have _ jobs in their lifetime.






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






23. What is the product of 3.26 and 0.4?






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






25. Another way of counting part of a whole?






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






27. 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?






28. Gross Margin/ Average Inventory Cost






29. current assets/ current liabilities






30. Wholesale cost






31. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)






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






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






34. cash + receivables/ current liabilities.






35. Convert .62 to a percent






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






37. 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






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






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






40. Sales - cost of goods sold






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






43. If freight is to be paid by the seller - the shipping terms are...






44. Convert 1/4 to a percent






45. total annual sales/365






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






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






48. He availability of your money is called _.






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






50. 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)







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