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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. What is the product of 3.26 and 0.4?






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






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






4. Net Sales for period/ Avg Stock for period






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






6. 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






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






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






9. 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






10. Liabilities - capital - income






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






12. The average car payment is $_ per month for _ months.






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






14. 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)






15. Convert 10/11 to a percent






16. Net Sales / Average Retail Value of Inventory






17. A/b + c/b = (a+c)/b






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






19. accounts receivable/ average daily sales






20. 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






21. % of 90 days same as cash convert to payments.






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






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






24. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions






25. 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






26. 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






27. Two equivalent ratios joined by an equal sign.






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






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






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






31. Sales - cost of goods sold






32. total fixed costs/ selling price-variable cost






33. cash + receivables/ current liabilities.






34. 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%






35. Beginning inventory + Purchases - Ending inventory






36. To take advantage of the 6% cash discount - a retailer made a $2 -000 partial payment during the discount period. How much was the retailer credited for the $2 -000 partial payment?






37. Another way of counting part of a whole?






38. Inside numbers in a ratio.






39. 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?






40. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






41. Convert .36 to a percent






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






43. Convert 20 to a percent






44. Convert 50% to a fraction






45. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8






46. current assets/ current liabilities






47. Total Net Sales / Total Number of Transactions






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






49. 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






50. A/b