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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. Convert 10/11 to a percent






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






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






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






5. $ retail x (100%-markup)






6. Another way of counting part of a whole?






7. 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)






8. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






10. Total Net Sales / Total Number of Transactions






11. Convert 3 to a percent






12. 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






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






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






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






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






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






19. BOM $ Stock/ Sales for period






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






21. What does percent mean?






22. 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






23. Convert 56% to a decimal






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






25. 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)






26. Convert 70% to a decimal






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






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






29. current assets/ current liabilities






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






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






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






33. Convert .62 to a percent






34. 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






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






36. Net Sales / Average Retail Value of Inventory






37. 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?






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






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






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






41. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33






42. 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






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






44. 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.






45. The wholesale cost of goods plus the markup






46. total fixed costs/ selling price-variable cost






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






48. Convert 14% to a fraction






49. A/b






50. What is the product of 3.26 and 0.4?