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






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






3. (Retail - Cost)/ Retail






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






5. Original retail price - Lower retail price






6. Total Net Sales / Total Number of Transactions






7. 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%






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






9. Assets - cost of goods sold - expenses






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






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






13. Convert 20 to a percent






14. 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






15. Wholesale cost






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






17. Convert 3 to a percent






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






19. 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






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






21. Convert 41/100 to a percent






22. Convert 70% to a decimal






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






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






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






26. A form of closed-end credit used for purchasing durable goods such as cars






27. The point at which you stop losing money.






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






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






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






31. Convert 65% to a decimal






32. 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






33. Beginning inventory + Purchases - Ending inventory






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






35. Net Sales for period/ Avg Stock for period






36. 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






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






38. 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)






39. accounts receivable/ average daily sales






40. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






41. Convert 10/11 to a percent






42. Use compliments - Step 1 Find compliments 25% = 100-25%= 75% - 10%= 90% - 10%=90% Step 2 Multiple Compliments 75%x90%x90% .75x.90x.90= .6075 Step 3 Convert to Percentage .6075= 60.75% Step 4 Compliment it 100%-60.75%= 39.35%






43. Convert 80% to a fraction






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






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






46. Outside numbers in a ratio.






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






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






49. 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






50. $ retail x (100%-markup)