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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. If freight is to be paid by the seller - the shipping terms are...






2. A/b






3. total annual sales/365






4. Sales - cost of goods sold






5. Two equivalent ratios joined by an equal sign.






6. 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






7. Net Sales / Average Retail Value of Inventory






8. Liabilities - capital - income






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






10. He availability of your money is called _.






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






12. $ retail x (100%-markup)






13. Original retail price - Lower retail price






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






15. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






16. The wholesale cost of goods plus the markup






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






18. Alignment of the decimals is not important






19. 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)






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






21. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...






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






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






24. Convert 80% to a fraction






25. Net Sales for period/ Avg Stock for period






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






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






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






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






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






31. 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.






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






33. Outside numbers in a ratio.






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






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






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






37. Convert 14% to a fraction






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






39. 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%






40. Beginning inventory + Purchases - Ending inventory






41. cost of an item expressed per unit of measure or count.






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. Turning assets into cash.






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






45. Wholesale cost






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






47. Convert 20 to a percent






48. Gross Margin/ Average Inventory Cost






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






50. Convert 3 to a percent







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Can you answer 50 questions in 15 minutes?


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