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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. 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.






2. Convert 20 to a percent






3. 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






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






5. Alignment of the decimals is not important






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






7. Convert .4 to a percent






8. Convert 80% to a fraction






9. current assets/ current liabilities






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






11. Net Sales / Average Retail Value of Inventory






12. Convert 10/11 to a percent






13. Use compliments - Step 1 Find compliments 25% = 100-25%= 75% - 10%= 90% - 10%=90% Step 2 Multiple Compliments 75%x90%x90% .75x.90x.90= .6075 Step 3 Convert to Percentage .6075= 60.75% Step 4 Compliment it 100%-60.75%= 39.35%






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






15. $ retail x (100%-markup)






16. 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)






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






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






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






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






21. 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)






22. 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?






23. (Retail - Cost)/ Retail






24. Convert 65% to a decimal






25. Another way of counting part of a whole?






26. 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?






27. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles






28. Convert 1.25 to a percent






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






30. Total Net Sales / Total Number of Transactions






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






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






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






34. BOM $ Stock/ Sales for period






35. 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






36. 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






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






38. Inside numbers in a ratio.






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






40. Convert 41/100 to a percent






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






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






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






44. 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






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






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






47. Outside numbers in a ratio.






48. He availability of your money is called _.






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






50. Original retail price - Lower retail price