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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. S=X(1+r1)^y(1+r






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






3. After 4 years - $5 -000 will grow to how much if it earns 10% interest?






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






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






6. 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






7. Beginning inventory + Purchases - Ending inventory






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. Original retail price - Lower retail price






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






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






12. Convert 41/100 to a percent






13. What does percent mean?






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






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






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






17. total annual sales/365






18. The wholesale cost of goods plus the markup






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






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






21. cash + receivables/ current liabilities.






22. Another way of counting part of a whole?






23. BOM $ Stock/ Sales for period






24. (Retail - Cost)/ Retail






25. A/b






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






27. 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.






28. Convert 3 to a percent






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






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






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






32. Liabilities - capital - income






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






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






35. 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






36. 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?






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






38. Convert 20 to a percent






39. 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






40. Convert 70/100 to a percent






41. 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)






42. accounts receivable/ average daily sales






43. Convert 14% to a fraction






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






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






46. Total Net Sales / Total Number of Transactions






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






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






49. 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)






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