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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. (Retail - Cost)/ Retail






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






3. 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






4. 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.






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






6. 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)






7. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.






8. Two equivalent ratios joined by an equal sign.






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






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






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






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






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






14. The point at which you stop losing money.






15. What is the product of 3.26 and 0.4?






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






17. 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






18. $ retail x (100%-markup)






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






20. accounts receivable/ average daily sales






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






22. Convert 3 to a percent






23. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






24. Convert 14% to a fraction






25. Total Net Sales / Total Number of Transactions






26. Convert 50% to a fraction






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






28. 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?






29. Liabilities - capital - income






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






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






32. Convert 65% to a decimal






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






34. Convert 70/100 to a percent






35. Another way of counting part of a whole?






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






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






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






39. Wholesale cost






40. Convert 1.25 to a percent






41. Advertising - bad debt expense - conributions and donations - depreciation - educational expense - insurance - interest expense - licenses - office supplies - postage - rent - repairs - salaries and wages - supplies - taxes - travel and transportatio






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






43. 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%






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






45. 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...






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






47. Convert .62 to a percent






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






49. 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)






50. total fixed costs/ selling price-variable cost