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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 14% to a fraction






2. Convert 56% to a decimal






3. Another way of counting part of a whole?






4. Beginning inventory + Purchases - Ending inventory






5. Original retail price - Lower retail price






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






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






9. cash + receivables/ current liabilities.






10. Liabilities - capital - income






11. total annual sales/365






12. Convert 3 to a percent






13. What is the product of 3.26 and 0.4?






14. Net Sales for period/ Avg Stock for period






15. 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)






16. Convert 50% to a fraction






17. Convert 1.25 to a percent






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






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






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






21. 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






22. 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%






23. Total Net Sales / Total Number of Transactions






24. Convert 65% to a decimal






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






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






27. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






29. BOM $ Stock/ Sales for period






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






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






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






33. Alignment of the decimals is not important






34. 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






35. Convert 80% to a fraction






36. (Retail - Cost)/ Retail






37. The wholesale cost of goods plus the markup






38. 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






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






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






41. Convert .4 to a percent






42. Convert .36 to a percent






43. Two equivalent ratios joined by an equal sign.






44. Convert 1/4 to a percent






45. $ retail x (100%-markup)






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






47. 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






48. 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






49. Turning assets into cash.






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