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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 20 to a percent






2. 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...






3. 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






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






5. 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?






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






7. 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






8. 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






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






10. $ retail x (100%-markup)






11. Assets - cost of goods sold - expenses






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






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






14. Two equivalent ratios joined by an equal sign.






15. Convert 50% to a fraction






16. Inside numbers in a ratio.






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






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






19. 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






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






21. Convert 70% to a decimal






22. Liabilities - capital - income






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






24. What is the product of 3.26 and 0.4?






25. 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?






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






27. Sales - cost of goods sold






28. Net Sales / Average Retail Value of Inventory






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






30. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






31. 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)






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






33. Outside numbers in a ratio.






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






35. 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






36. Alignment of the decimals is not important






37. He availability of your money is called _.






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






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






40. current assets/ current liabilities






41. Net Sales for period/ Avg Stock for period






42. The wholesale cost of goods plus the markup






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






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






45. Convert .62 to a percent






46. What does percent mean?






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






48. total fixed costs/ selling price-variable cost






49. Cash or assets that can quickly be converted into cash.






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