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






2. 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?






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






4. Sales - cost of goods sold






5. Convert 1.25 to a percent






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






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






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






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






10. Liabilities - capital - income






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






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






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






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






15. Two equivalent ratios joined by an equal sign.






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






17. 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






18. Assets - cost of goods sold - expenses






19. 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






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






21. 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?






22. Original retail price - Lower retail price






23. 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






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






25. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16






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






27. 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






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






29. Convert 80% to a fraction






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






31. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






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






34. Convert 41/100 to a percent






35. Net Sales / Average Retail Value of Inventory






36. 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%






37. He availability of your money is called _.






38. accounts receivable/ average daily sales






39. A measure of the number of days needed to collect accounts receivable.






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






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






42. Convert 14% to a fraction






43. S=X(1+r1)^y(1+r






44. Convert 1/4 to a percent






45. Outside numbers in a ratio.






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






47. % of 90 days same as cash convert to payments.






48. Convert .62 to a percent






49. 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






50. Wholesale cost







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