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






2. Sales - cost of goods sold






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






4. Convert 65% to a decimal






5. cash + receivables/ current liabilities.






6. $ retail x (100%-markup)






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






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






9. Assets - cost of goods sold - expenses






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






11. Convert 41/100 to a percent






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






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






14. End of month; dating starts with the end of the month and the invoice is to be paid within the specified number of days after the end of the month in which goods are invoiced; ex: 8/10 EOM - n/90






15. Convert .62 to a percent






16. current assets/ current liabilities






17. total fixed costs/ selling price-variable cost






18. 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






19. The wholesale cost of goods plus the markup






20. A/b






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






22. 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






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






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






25. 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?






26. What is the product of 3.26 and 0.4?






27. Turning assets into cash.






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






29. 1. develop a vision statement for the company - 2. scan the internal and external environments - 3. determine issues critical to the company - 4. select the problem to be solved - 5. determine the specific strategy to achieve the solution - 6. identi






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






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






32. Total Net Sales / Total Number of Transactions






33. 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)






34. Liabilities - capital - income






35. 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






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






37. Another way of counting part of a whole?






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






39. $ Cost/ (100%-markup%)






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






41. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






42. Convert 10/11 to a percent






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






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






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






47. Gross Margin/ Average Inventory Cost






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






49. Convert 56% to a decimal






50. He availability of your money is called _.