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






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






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






4. The point at which you stop losing money.






5. What is the product of 3.26 and 0.4?






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






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






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






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






10. Convert 20 to a percent






11. Assets - cost of goods sold - expenses






12. 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)






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






14. 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%






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






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






17. Sales - cost of goods sold






18. 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?






19. Outside numbers in a ratio.






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






21. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions






22. cash + receivables/ current liabilities.






23. 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






24. Liabilities - capital - income






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






26. $ Cost x (100 + Mark-up %) / 100






27. Convert 65% to a decimal






28. Convert 50% to a fraction






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






30. Alignment of the decimals is not important






31. Turning assets into cash.






32. Another way of counting part of a whole?






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






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






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






36. Total Net Sales / Total Number of Transactions






37. Convert 70/100 to a percent






38. Convert .4 to a percent






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






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






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






42. BOM $ Stock/ Sales for period






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






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






45. He availability of your money is called _.






46. Net Sales / Average Retail Value of Inventory






47. Convert 56% to a decimal






48. total fixed costs/ selling price-variable cost






49. Convert 70% to a decimal






50. 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