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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. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses






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






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. Liabilities - capital - income






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






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






7. Convert .36 to a percent






8. 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






9. Inside numbers in a ratio.






10. Another way of counting part of a whole?






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






12. 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)






13. total annual sales/365






14. Total Net Sales / Total Number of Transactions






15. cash + receivables/ current liabilities.






16. What does percent mean?






17. 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.






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






19. Convert 80% to a fraction






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






21. He availability of your money is called _.






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






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






24. 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






25. Convert 65% to a decimal






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






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






28. accounts receivable/ average daily sales






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






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






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






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






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






34. A/b






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






36. Two equivalent ratios joined by an equal sign.






37. Convert 50% to a fraction






38. 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)






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






40. The point at which you stop losing money.






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






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






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






44. Convert .4 to a percent






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






46. Net Sales / Average Retail Value of Inventory






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






48. BOM $ Stock/ Sales for period






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






50. (Retail - Cost)/ Retail