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






2. Commissions - fees for service - merchandise sales - rental income - royalties






3. Convert 70% to a decimal






4. 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






5. 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)






6. Convert 3 to a percent






7. 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?






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






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






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






11. Gross Margin/ Average Inventory Cost






12. Original retail price - Lower retail price






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






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






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






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






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






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






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






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






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






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






23. Convert .36 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. What happens when your sales are higher than your expenses - etc.






26. Inside numbers in a ratio.






27. Convert 65% to a decimal






28. 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...






29. Another way of counting part of a whole?






30. Net Sales for period/ Avg Stock for period






31. The point at which you stop losing money.






32. $ retail x (100%-markup)






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






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






35. 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






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






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






38. The wholesale cost of goods plus the markup






39. 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)






40. BOM $ Stock/ Sales for period






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






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






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






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






45. Convert 1/4 to a percent






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






47. 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






48. A/b






49. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16






50. A/b