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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. 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






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






3. Two equivalent ratios joined by an equal sign.






4. A/b






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






6. $ retail x (100%-markup)






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






8. A team won 16 games and lost 9 games. What percent of games did the team lose?






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






10. total fixed costs/ selling price-variable cost






11. Total Net Sales / Total Number of Transactions






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






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






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






15. 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






16. Net Sales / Average Retail Value of Inventory






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






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






19. Sales - cost of goods sold






20. 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.






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






22. 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






23. 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?






24. Convert 1.25 to a percent






25. Convert 65% to a decimal






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






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






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






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






30. Convert 80% to a fraction






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






32. What is the product of 3.26 and 0.4?






33. Net Sales for period/ Avg Stock for period






34. Convert 70/100 to a percent






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






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






37. 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...






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






39. Outside numbers in a ratio.






40. 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






41. Convert 70% to a decimal






42. Convert 41/100 to a percent






43. Convert 1/4 to a percent






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






45. 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






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






47. Convert .4 to a percent






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






49. 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






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