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






2. Another way of counting part of a whole?






3. (Retail - Cost)/ Retail






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






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. Convert .4 to a percent






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






8. 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?






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






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






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






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






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






14. Convert 14% to a fraction






15. 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?






16. Convert 20 to a percent






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






18. Convert 65% to a decimal






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






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






21. Net Sales / Average Retail Value of Inventory






22. Liabilities - capital - income






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






24. 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)






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






26. Formula: GM = NS - COG; GM$ = NS$ X GM%






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






28. Beginning inventory + Purchases - Ending inventory






29. 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.






30. A/b - c/b = a-c/b






31. Convert 50% to a fraction






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






33. 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%






34. 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






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






36. The wholesale cost of goods plus the markup






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






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






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






40. 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






41. BOM $ Stock/ Sales for period






42. A/b






43. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour






44. Convert 56% to a decimal






45. Convert 70% to a decimal






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






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






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






49. Outside numbers in a ratio.






50. What is the product of 3.26 and 0.4?