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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. 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?






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






4. Convert 65% to a decimal






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






6. Convert 56% to a decimal






7. $ retail x (100%-markup)






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






9. 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)






10. total fixed costs/ selling price-variable cost






11. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






12. Liabilities - capital - income






13. The average car will lose _% of its value in the first 4 years.






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






15. total annual sales/365






16. Convert 1/4 to a percent






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






18. 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.






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






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






21. 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






22. Convert 70% to a decimal






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






24. 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)






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






26. Another way of counting part of a whole?






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






28. If freight is to be paid by the seller - the shipping terms are...






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






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






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






32. Assets - cost of goods sold - expenses






33. Convert 50% to a fraction






34. 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






35. BOM $ Stock/ Sales for period






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






37. Net Sales / Average Retail Value of Inventory






38. Convert .36 to a percent






39. (TY-LY)/ LY or (Plan-Actual)/






40. A/b






41. 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)






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






43. 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...






44. The average person will have _ jobs in their lifetime.






45. Alignment of the decimals is not important






46. current assets/ current liabilities






47. Convert 80% to a fraction






48. The average car payment is $_ per month for _ months.






49. 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






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