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






2. 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






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






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






5. accounts receivable/ average daily sales






6. Turning assets into cash.






7. Convert 10/11 to a percent






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






9. 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






10. 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






11. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring






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






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






14. 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






15. current assets/ current liabilities






16. Convert 1.25 to a percent






17. Total Net Sales / Total Number of Transactions






18. 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






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






20. Convert 20 to a percent






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






22. Convert 50% to a fraction






23. Convert 14% to a fraction






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






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






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






27. 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...






28. 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)






29. What is the product of 3.26 and 0.4?






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






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






32. 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






33. Gross Margin/ Average Inventory Cost






34. Original retail price - Lower retail price






35. Outside numbers in a ratio.






36. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






37. Assets - cost of goods sold - expenses






38. Convert 80% to a fraction






39. Sales - cost of goods sold






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






41. 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)






42. 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?






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






44. 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






45. The wholesale cost of goods plus the markup






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






47. Another way of counting part of a whole?






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






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






50. Convert 70/100 to a percent