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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. 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






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






3. Convert 56% to a decimal






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. Convert 3 to a percent






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






7. What is the product of 3.26 and 0.4?






8. Convert .36 to a percent






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






10. Convert 41/100 to a percent






11. The point at which you stop losing money.






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






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






14. 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






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






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






17. Assets - cost of goods sold - expenses






18. What does percent mean?






19. Convert 65% to a decimal






20. Turning assets into cash.






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






22. To take advantage of the 6% cash discount - a retailer made a $2 -000 partial payment during the discount period. How much was the retailer credited for the $2 -000 partial payment?






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






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






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






26. 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






27. 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






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






29. Wholesale cost






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






31. 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?






32. 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)






33. 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






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






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






36. 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






37. Convert 1/4 to a percent






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






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






40. Net Sales / Average Retail Value of Inventory






41. Outside numbers in a ratio.






42. Gross Margin/ Average Inventory Cost






43. BOM $ Stock/ Sales for period






44. $ retail x (100%-markup)






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






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






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. accounts receivable/ average daily sales






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






50. 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