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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. Wholesale cost






2. 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






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






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






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






6. 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.






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






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






9. Rose borrowed money to buy a ring priced at $420. When she repaid the loan at the end of 3 months - the interest charge was $31.50. What was the rate of interest?






10. Gross Margin/ Average Inventory Cost






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






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






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






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






15. cash + receivables/ current liabilities.






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






17. What does percent mean?






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






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






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






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






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






23. total annual sales/365






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






25. 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






26. 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






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






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






29. total fixed costs/ selling price-variable cost






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






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






32. Two equivalent ratios joined by an equal sign.






33. 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)






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






35. accounts receivable/ average daily sales






36. Convert 1.25 to a percent






37. Another way of counting part of a whole?






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






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






40. Convert 20 to a percent






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






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






43. BOM $ Stock/ Sales for period






44. Convert 3 to a percent






45. Sales - cost of goods sold






46. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16






47. Convert 70/100 to a percent






48. Assets - cost of goods sold - expenses






49. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






50. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16