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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. Convert 1.25 to a percent






2. 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






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






4. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8






5. 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






6. 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






7. Alignment of the decimals is not important






8. 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.






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






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






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






12. 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






13. Convert 65% to a decimal






14. Outside numbers in a ratio.






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






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






17. What is the product of 3.26 and 0.4?






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. 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)






20. $ Cost/ (100%-markup%)






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






22. Gross Margin/ Average Inventory Cost






23. Original retail price - Lower retail price






24. Convert 10/11 to a percent






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






26. Beginning inventory + Purchases - Ending inventory






27. Convert 80% to a fraction






28. Convert 70% to a decimal






29. Sales - cost of goods sold






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






31. Total Net Sales / Total Number of Transactions






32. Convert 70/100 to a percent






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






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






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






36. He availability of your money is called _.






37. 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






38. 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






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






40. 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?






41. Convert .36 to a percent






42. Convert .62 to a percent






43. (Retail - Cost)/ Retail






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






45. A/b






46. Assets - cost of goods sold - expenses






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






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






49. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour






50. What does percent mean?