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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. Net Sales / Average Retail Value of Inventory






2. total fixed costs/ selling price-variable cost






3. Convert 70/100 to a percent






4. Another way of counting part of a whole?






5. Net Sales for period/ Avg Stock for period






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






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






8. 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






9. 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






10. A/b






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






12. Wholesale cost






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






14. Convert 14% to a fraction






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






16. Convert 70% to a decimal






17. Convert 65% to a decimal






18. BOM $ Stock/ Sales for period






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






20. A^m/a^n = a^(m-n)






21. Convert .62 to a percent






22. Convert 80% to a fraction






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






24. Assets - cost of goods sold - expenses






25. Loss of items due to damaged goods - stealing - etc.






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






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






28. 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






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






30. Convert 50% to a fraction






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






32. Total Net Sales / Total Number of Transactions






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






34. accounts receivable/ average daily sales






35. Beginning inventory + Purchases - Ending inventory






36. 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...






37. Convert 56% to a decimal






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






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






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






41. A/b






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






43. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions






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






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






46. Inside numbers in a ratio.






47. Convert .36 to a percent






48. Two equivalent ratios joined by an equal sign.






49. 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?






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