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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. Total Net Sales / Total Number of Transactions






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






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






4. total fixed costs/ selling price-variable cost






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






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






7. Capital stock - owner's equity (owner's funds invested in the business)






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






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






10. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






11. Convert 70/100 to a percent






12. Wholesale cost






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






14. 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)






15. Convert 3 to a percent






16. Assets - cost of goods sold - expenses






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






18. Alignment of the decimals is not important






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






20. Beginning inventory + Purchases - Ending inventory






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






22. What is the product of 3.26 and 0.4?






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






25. 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)






26. Convert 10/11 to a percent






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






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






29. Net Sales / Average Retail Value of Inventory






30. The wholesale cost of goods plus the markup






31. Turning assets into cash.






32. 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?






33. current assets/ current liabilities






34. Convert .62 to a percent






35. Convert .36 to a percent






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






37. total annual sales/365






38. 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...






39. Convert 1/4 to a percent






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






41. Convert 14% to a fraction






42. A/b - c/b = a-c/b






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






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






45. 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






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






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






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






49. Convert 1.25 to a percent






50. 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