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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. Sales - cost of goods sold






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






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






4. Outside numbers in a ratio.






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






6. 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






7. 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






8. current assets/ current liabilities






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






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






11. Liabilities - capital - income






12. 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.






13. Assets - cost of goods sold - expenses






14. Inside numbers in a ratio.






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






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. Alignment of the decimals is not important






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






19. Gross Margin/ Average Inventory Cost






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






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






22. Two equivalent ratios joined by an equal sign.






23. Convert 70/100 to a percent






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






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






26. The recommended house payment should be no more than _% of your monthly take-home pay.






27. total annual sales/365






28. He availability of your money is called _.






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






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






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






32. accounts receivable/ average daily sales






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






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






35. Convert 1.25 to a percent






36. 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)






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






38. 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






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






40. Convert 41/100 to a percent






41. $ retail x (100%-markup)






42. 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%






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






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






45. Convert 3 to a percent






46. 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






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






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






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






50. Convert .62 to a percent