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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. Wholesale cost






2. BOM $ Stock/ Sales for period






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






4. 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.






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






6. Convert 20 to a percent






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






8. Convert 41/100 to a percent






9. cash + receivables/ current liabilities.






10. 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%






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






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






13. He availability of your money is called _.






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






15. 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






16. Original retail price - Lower retail price






17. Convert 70/100 to a percent






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






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






20. What does percent mean?






21. Gross Margin/ Average Inventory Cost






22. 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)






23. Turning assets into cash.






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. 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






26. total fixed costs/ selling price-variable cost






27. Another way of counting part of a whole?






28. $ retail x (100%-markup)






29. 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)






30. Convert 50% to a fraction






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






32. A/b






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






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






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






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






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






38. 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?






39. Overage$ = book$ - physical count$; overage% = overage$/NS$






40. Convert 65% to a decimal






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






42. Net Sales / Average Retail Value of Inventory






43. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price






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






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






46. Sales - cost of goods sold






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






48. Inside numbers in a ratio.






49. Outside numbers in a ratio.






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