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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 41/100 to a percent






2. Liabilities - capital - income






3. Convert 20 to a percent






4. Convert 70% to a decimal






5. 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






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






7. The point at which you stop losing money.






8. What is the product of 3.26 and 0.4?






9. Gross Margin/ Average Inventory Cost






10. 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






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






12. 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%






13. Assets - cost of goods sold - expenses






14. Net Sales for period/ Avg Stock for period






15. Original retail price - Lower retail price






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






17. Wholesale cost






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






19. Convert .36 to a percent






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






21. Beginning inventory + Purchases - Ending inventory






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






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






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






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






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






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






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






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






30. total fixed costs/ selling price-variable cost






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






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






33. Another way of counting part of a whole?






34. 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






35. Two equivalent ratios joined by an equal sign.






36. An electronics store is having a 40 percent off sale. Robert has been saving to purchase a stereo system that was originally priced at $420. If Robert purchases the system during the sale - what will be the cost?






37. Convert 65% to a decimal






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






39. 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






40. 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.






41. Inside numbers in a ratio.






42. Sales - cost of goods sold






43. Convert 56% to a decimal






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






45. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






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






48. cash + receivables/ current liabilities.






49. Turning assets into cash.






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