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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. Wholesale cost






3. Convert .4 to a percent






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






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






6. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






7. Convert 56% to a decimal






8. Net Sales / Average Retail Value of Inventory






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






10. Two equivalent ratios joined by an equal sign.






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






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






13. He availability of your money is called _.






14. Sales - cost of goods sold






15. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory






16. Convert 3 to a percent






17. (Retail - Cost)/ Retail






18. 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.






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






20. 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






21. A/b






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






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






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






25. 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






26. A/b






27. Total Net Sales / Total Number of Transactions






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






29. total fixed costs/ selling price-variable cost






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






31. 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






32. 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?






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






34. Convert 1/4 to a percent






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






36. Liabilities - capital - income






37. accounts receivable/ average daily sales






38. Convert 41/100 to a percent






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






40. Convert 50% to a fraction






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






42. 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)






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






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






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






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






47. End of month; dating starts with the end of the month and the invoice is to be paid within the specified number of days after the end of the month in which goods are invoiced; ex: 8/10 EOM - n/90






48. Assets - cost of goods sold - expenses






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






50. What does percent mean?