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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. Convert 14% to a fraction






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






3. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33






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






5. Liabilities - capital - income






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






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






8. BOM $ Stock/ Sales for period






9. Convert 1/4 to a percent






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






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






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






13. A/b






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






15. current assets/ current liabilities






16. total fixed costs/ selling price-variable cost






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






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






19. Convert 56% to a decimal






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






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






22. Sales - cost of goods sold






23. Convert 80% to a fraction






24. 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.






25. 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%






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






27. Convert .62 to a percent






28. 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?






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. Outside numbers in a ratio.






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






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. Convert 70/100 to a percent






34. 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






35. total annual sales/365






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






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






38. Wholesale cost






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






40. 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






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






42. Original retail price - Lower retail price






43. 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)






44. 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)






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






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






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






48. Convert 41/100 to a percent






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






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