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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. He availability of your money is called _.






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






3. Sales - cost of goods sold






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






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






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






7. current assets/ current liabilities






8. 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)






9. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory






10. $ retail x (100%-markup)






11. 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)






12. Alignment of the decimals is not important






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






14. (TY-LY)/ LY or (Plan-Actual)/






15. 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






16. Gross Margin/ Average Inventory Cost






17. Another way of counting part of a whole?






18. 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%






19. Convert 65% to a decimal






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






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






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






23. Liabilities - capital - income






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






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






26. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)






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






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






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






30. 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






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






32. BOM $ Stock/ Sales for period






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






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






35. total fixed costs/ selling price-variable cost






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






37. 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






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






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






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






41. Total Net Sales / Total Number of Transactions






42. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)






43. cash + receivables/ current liabilities.






44. 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






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






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






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






48. S=X+nrX Where: X=the original sum invested r=the interest rate (as a proportion - e.g. 0.05=5%) n=the number of periods S=the sum invested after n periods (capital + interest) - e.g. invest $1000 @ 10% simple interest for 5 years = 1000+(50.101000)






49. What does percent mean?






50. Convert 50% to a fraction







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