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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. Two equivalent ratios joined by an equal sign.






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






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






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. What is the product of 3.26 and 0.4?






6. The wholesale cost of goods plus the markup






7. Convert 70/100 to a percent






8. 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%






9. Assets - cost of goods sold - expenses






10. The point at which you stop losing money.






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






12. 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






13. 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)






14. Convert 80% to a fraction






15. What does percent mean?






16. 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...






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






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






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






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






21. Another way of counting part of a whole?






22. BOM $ Stock/ Sales for period






23. 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?






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






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






26. Total Net Sales / Total Number of Transactions






27. Inside numbers in a ratio.






28. Convert 56% to a decimal






29. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






30. 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)






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






32. current assets/ current liabilities






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






34. 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.






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






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






37. Outside numbers in a ratio.






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






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






40. 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?






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






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






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






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






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






46. Convert .62 to a percent






47. Net Sales / Average Retail Value of Inventory






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






49. Beginning inventory + Purchases - Ending inventory






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