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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. Two equivalent ratios joined by an equal sign.






2. A/b






3. (Retail - Cost)/ Retail






4. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring






5. Assets - cost of goods sold - expenses






6. Alignment of the decimals is not important






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






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






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






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






11. Wholesale cost






12. Convert 10/11 to a percent






13. BOM $ Stock/ Sales for period






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






15. $ retail x (100%-markup)






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






17. 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






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






19. What is the product of 3.26 and 0.4?






20. cash + receivables/ current liabilities.






21. 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






22. current assets/ current liabilities






23. He availability of your money is called _.






24. Convert .62 to a percent






25. 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.






26. Convert 50% to a fraction






27. Net Sales / Average Retail Value of Inventory






28. Convert .4 to a percent






29. 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?






30. Convert 70/100 to a percent






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






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






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






34. 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%






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






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






37. Convert 3 to a percent






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






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






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






41. 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?






42. $ RETAIL X (100 - GM %) / 100






43. Sales - cost of goods sold






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 sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...






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






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






48. Convert 65% to a decimal






49. The wholesale cost of goods plus the markup






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