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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 for period/ Avg Stock for period






2. Convert .62 to a percent






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






4. current assets/ current liabilities






5. 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%






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






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






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






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






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






11. Convert 10/11 to a percent






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






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






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






15. Convert .36 to a percent






16. 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






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






18. 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






19. Outside numbers in a ratio.






20. Convert 1/4 to a percent






21. Assets - cost of goods sold - expenses






22. (Retail - Cost)/ Retail






23. S=X+nrX Where: X=the original sum invested r=the interest rate (as a proportion - e.g. 0.05=5%) n=the number of periods S=the sum invested after n periods (capital + interest) - e.g. invest $1000 @ 10% simple interest for 5 years = 1000+(50.101000)






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






25. Convert 41/100 to a percent






26. What does percent mean?






27. 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)






28. Net Sales / Average Retail Value of Inventory






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






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






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






32. Turning assets into cash.






33. 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






34. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16






35. The wholesale cost of goods plus the markup






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






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






39. A measure of the number of days needed to collect accounts receivable.






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






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






42. $ Cost x (100 + Mark-up %) / 100






43. 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?






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






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






46. Convert 70% to a decimal






47. Gross Margin/ Average Inventory Cost






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






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






50. Convert 20 to a percent