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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 10/11 to a percent






2. Convert 80% to a fraction






3. Assets - cost of goods sold - expenses






4. (Retail - Cost)/ Retail






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






6. 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)






7. accounts receivable/ average daily sales






8. The wholesale cost of goods plus the markup






9. 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






10. A/b






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






12. Convert 1.25 to a percent






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






14. Convert 3 to a percent






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






16. What is the product of 3.26 and 0.4?






17. He availability of your money is called _.






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






19. The point at which you stop losing money.






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. current assets/ current liabilities






22. Convert .4 to a percent






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






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






25. $ retail x (100%-markup)






26. 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






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






28. Convert 50% to a fraction






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






30. 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?






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






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






33. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$






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






35. Gross Margin/ Average Inventory Cost






36. Turning assets into cash.






37. 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?






38. cash + receivables/ current liabilities.






39. Convert .36 to a percent






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






41. 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.






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






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






44. Outside numbers in a ratio.






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






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






47. What does percent mean?






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






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






50. total annual sales/365