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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. 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)






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






3. Convert 1/4 to a percent






4. Convert 80% to a fraction






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






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






7. $ RETAIL X (100 - GM %) / 100






8. The cost of moving from the vendor's warehouse (loading dock) to the retail warehouse or store (loading dock) - may also include insurance to cover the merchandise while in transit






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






10. 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






11. accounts receivable/ average daily sales






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






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






14. Net Sales for period/ Avg Stock for period






15. 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%






16. Net Sales / Average Retail Value of Inventory






17. 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%






18. 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...






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






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






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






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






23. The point at which you stop losing money.






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






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






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






27. 1. develop a vision statement for the company - 2. scan the internal and external environments - 3. determine issues critical to the company - 4. select the problem to be solved - 5. determine the specific strategy to achieve the solution - 6. identi






28. 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)






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






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






31. Beginning inventory + Purchases - Ending inventory






32. $ retail x (100%-markup)






33. Convert 20 to a percent






34. Convert 10/11 to a percent






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






36. He availability of your money is called _.






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






38. Another way of counting part of a whole?






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






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






41. Assets - cost of goods sold - expenses






42. The wholesale cost of goods plus the markup






43. Convert 70% to a decimal






44. What does percent mean?






45. 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






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






47. 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?






48. Convert 56% to a decimal






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






50. 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