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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. 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?






2. current assets/ current liabilities






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






4. Beginning inventory + Purchases - Ending inventory






5. 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%






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






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






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






9. Convert .36 to a percent






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






11. He availability of your money is called _.






12. (Retail - Cost)/ Retail






13. 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






14. 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






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






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






17. Convert .4 to a percent






18. 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)






19. total annual sales/365






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






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






23. $ retail x (100%-markup)






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






25. Convert 41/100 to a percent






26. 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






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






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






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






31. Liabilities - capital - income






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






33. Convert 70% to a decimal






34. total fixed costs/ selling price-variable cost






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






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






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






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






39. Total Net Sales / Total Number of Transactions






40. 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






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






42. The point at which you stop losing money.






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






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






45. 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%






46. Convert 1.25 to a percent






47. Sales - cost of goods sold






48. Net Sales for period/ Avg Stock for period






49. Convert .62 to a percent






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







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