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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. 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)






3. 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)






4. Outside numbers in a ratio.






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






6. The recommended house payment should be no more than _% of your monthly take-home pay.






7. Convert 50% to a fraction






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






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






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






11. BOM $ Stock/ Sales for period






12. 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.






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






14. Convert 14% to a fraction






15. 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






16. Gross Margin/ Average Inventory Cost






17. Net Sales for period/ Avg Stock for period






18. 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)






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






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






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






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






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






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






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






26. Convert 10/11 to a percent






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






28. total annual sales/365






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






30. What is the product of 3.26 and 0.4?






31. An electronics store is having a 40 percent off sale. Robert has been saving to purchase a stereo system that was originally priced at $420. If Robert purchases the system during the sale - what will be the cost?






32. 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






33. Convert 3 to a percent






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






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






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






37. Commissions - fees for service - merchandise sales - rental income - royalties






38. The wholesale cost of goods plus the markup






39. 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?






40. Net Sales / Average Retail Value of Inventory






41. 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...






42. cash + receivables/ current liabilities.






43. 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






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






45. Total Net Sales / Total Number of Transactions






46. current assets/ current liabilities






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






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






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






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