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






2. BOM $ Stock/ Sales for period






3. 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






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






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






6. Convert 14% to a fraction






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






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






9. total annual sales/365






10. A/b






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






12. 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






13. 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%






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






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






16. cash + receivables/ current liabilities.






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






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






19. A/b






20. Two equivalent ratios joined by an equal sign.






21. Convert 1/4 to a percent






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






23. current assets/ current liabilities






24. Outside numbers in a ratio.






25. 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






26. accounts receivable/ average daily sales






27. Convert 41/100 to a percent






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






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






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. Convert 3 to a percent






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






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






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






35. Assets - cost of goods sold - expenses






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






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






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






39. Convert 70% to a decimal






40. 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?






41. Convert 56% to a decimal






42. 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)






43. Sales - cost of goods sold






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






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






46. Inside numbers in a ratio.






47. Original retail price - Lower retail price






48. Convert 20 to a percent






49. Convert 1.25 to a percent






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