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






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






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






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






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






6. 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?






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






8. 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






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






10. accounts receivable/ average daily sales






11. Convert .62 to a percent






12. Original retail price - Lower retail price






13. (Retail - Cost)/ Retail






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






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






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






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






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






19. % of 90 days same as cash convert to payments.






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






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






22. Outside numbers in a ratio.






23. 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






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






25. total fixed costs/ selling price-variable cost






26. Convert 10/11 to a percent






27. 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)






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






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






30. Net Sales for period/ Avg Stock for period






31. Convert 14% to a fraction






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






33. 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?






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






35. Convert 65% to a decimal






36. BOM $ Stock/ Sales for period






37. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%






38. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM






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






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






41. 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






42. A/b






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






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






45. 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






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






47. Convert .36 to a percent






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






49. Convert 1.25 to a percent






50. Another way of counting part of a whole?