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






2. Convert 80% to a fraction






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






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






5. Beginning inventory + Purchases - Ending inventory






6. 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






7. 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.






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






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






10. Inside numbers in a ratio.






11. 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)






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






13. Net Sales for period/ Avg Stock for period






14. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






15. Liabilities - capital - income






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






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






18. accounts receivable/ average daily sales






19. (Retail - Cost)/ Retail






20. 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?






21. 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%






22. 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






23. cost of an item expressed per unit of measure or count.






24. Convert 1.25 to a percent






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






26. Convert .4 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. Convert .62 to a percent






29. cash + receivables/ current liabilities.






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






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






32. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit






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






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






35. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)






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






37. Outside numbers in a ratio.






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






39. Convert 14% to a fraction






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






41. Convert 1/4 to a percent






42. Original retail price - Lower retail price






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






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






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






46. Two equivalent ratios joined by an equal sign.






47. A/b






48. Convert 70% to a decimal






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






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