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






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. After 4 years - $5 -000 will grow to how much if it earns 10% interest?






4. 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%






5. $ retail x (100%-markup)






6. ($ Retail x 100 / COST) - 100






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






8. He availability of your money is called _.






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






10. 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.






11. Convert 65% to a decimal






12. total fixed costs/ selling price-variable cost






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






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






15. Turning assets into cash.






16. Net Sales / Average Retail Value of Inventory






17. BOM $ Stock/ Sales for period






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






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






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






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






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






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






24. $ Cost/ (100%-markup%)






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






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






27. cash + receivables/ current liabilities.






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






29. What is the product of 3.26 and 0.4?






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






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. current assets/ current liabilities






33. Convert .62 to a percent






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






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






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






37. 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?






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






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






40. 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?






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






42. Convert 1/4 to a percent






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






44. Convert 41/100 to a percent






45. Outside numbers in a ratio.






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






47. 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






48. 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%






49. Convert 14% to a fraction






50. Convert 1.25 to a percent