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






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






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






4. Convert 65% to a decimal






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






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






7. Convert 41/100 to a percent






8. Convert 1/4 to a percent






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






10. Original retail price - Lower retail price






11. 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)






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






13. 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






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






15. Inside numbers in a ratio.






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






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






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






19. 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%






20. current assets/ current liabilities






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. Alignment of the decimals is not important






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






24. Convert 70/100 to a percent






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






26. 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






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






28. Aka - the terminal value of an investment to which equal annual amounts will be added S=[A(R^n -1)]/R-1 Where: S=the terminal value A=the first term R=the common ratio n=the number of terms






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






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






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






32. Convert 70% to a decimal






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






34. A/b






35. Convert 56% to a decimal






36. total fixed costs/ selling price-variable cost






37. Turning assets into cash.






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






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






40. Sales - cost of goods sold






41. What is the product of 3.26 and 0.4?






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






43. 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






44. $ retail x (100%-markup)






45. Convert .62 to a percent






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






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






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






49. Net Sales for period/ Avg Stock for period






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