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






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






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






4. Convert 41/100 to a percent






5. BOM $ Stock/ Sales for period






6. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






8. 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%






9. 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.






10. total annual sales/365






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






12. current assets/ current liabilities






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






14. The point at which you stop losing money.






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






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






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






18. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16






19. Convert 1.25 to a percent






20. total fixed costs/ selling price-variable cost






21. 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






22. Convert 14% to a fraction






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






24. What does percent mean?






25. Commissions - fees for service - merchandise sales - rental income - royalties






26. cash + receivables/ current liabilities.






27. 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)






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






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






30. Inside numbers in a ratio.






31. 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)






32. Liabilities - capital - income






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






34. Outside numbers in a ratio.






35. Convert .4 to a percent






36. 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?






37. Net Sales / Average Retail Value of Inventory






38. 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






39. Convert 3 to a percent






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






41. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8






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






43. Convert 56% to a decimal






44. Convert 10/11 to a percent






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






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






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






48. Net Sales for period/ Avg Stock for period






49. 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...






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