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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 80% to a fraction






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






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






4. current assets/ current liabilities






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






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






7. A/b






8. 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?






9. Convert 70/100 to a percent






10. 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






11. cash + receivables/ current liabilities.






12. Original retail price - Lower retail price






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






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






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






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






17. Inside numbers in a ratio.






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






19. 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






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






21. Total Net Sales / Total Number of Transactions






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






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






24. 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?






25. 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






26. Convert 70% to a decimal






27. total annual sales/365






28. 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?






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






30. BOM $ Stock/ Sales for period






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. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30






33. Convert 1.25 to a percent






34. 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






35. Another way of counting part of a whole?






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






37. Turning assets into cash.






38. Convert 56% to a decimal






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






40. Convert 3 to a percent






41. The point at which you stop losing money.






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






43. Assets - cost of goods sold - expenses






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






45. Convert .4 to a percent






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






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






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






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






50. Convert 50% to a fraction