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






2. 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






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






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






5. 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%






6. 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






7. (Retail - Cost)/ Retail






8. 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?






9. Convert 56% to a decimal






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






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






12. Convert 50% to a fraction






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






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






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






16. Convert 14% to a fraction






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






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






19. accounts receivable/ average daily sales






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






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






22. BOM $ Stock/ Sales for period






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






24. 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?






25. Cash on delivery; this dating is used when the vendor does not know the retailer or the retailer does not have a strong line of credit






26. 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






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






28. Convert .36 to a percent






29. Convert 20 to a percent






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






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






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






33. Wholesale cost






34. Convert 1/4 to a percent






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






36. What does percent mean?






37. Convert .62 to a percent






38. Convert 70/100 to a percent






39. 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)






40. Two equivalent ratios joined by an equal sign.






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






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






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






44. Total Net Sales / Total Number of Transactions






45. Inside numbers in a ratio.






46. Another way of counting part of a whole?






47. Convert 10/11 to a percent






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






49. total fixed costs/ selling price-variable cost






50. Alignment of the decimals is not important