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






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






3. total annual sales/365






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






5. Sales - cost of goods sold






6. Beginning inventory + Purchases - Ending inventory






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






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






9. 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






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






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






12. Convert 80% to a fraction






13. 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?






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






15. Gross Margin/ Average Inventory Cost






16. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit






17. What does percent mean?






18. Two equivalent ratios joined by an equal sign.






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






20. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30






21. 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






22. 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%






23. 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)






24. Advertising - bad debt expense - conributions and donations - depreciation - educational expense - insurance - interest expense - licenses - office supplies - postage - rent - repairs - salaries and wages - supplies - taxes - travel and transportatio






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






26. Total Net Sales / Total Number of Transactions






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






28. 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






29. Convert 10/11 to a percent






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






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






32. $ retail x (100%-markup)






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






34. A team won 16 games and lost 9 games. What percent of games did the team lose?






35. Convert 1/4 to a percent






36. 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?






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






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






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






40. Net Sales for period/ Avg Stock for period






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






42. Assets - cost of goods sold - expenses






43. The point at which you stop losing money.






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






45. 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.






46. Liabilities - capital - income






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






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






49. What is the product of 3.26 and 0.4?






50. Inside numbers in a ratio.