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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. Net Sales for period/ Avg Stock for period






3. 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)






4. (Retail - Cost)/ Retail






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






6. Beginning inventory + Purchases - Ending inventory






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






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






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






10. Convert 14% to a fraction






11. Capital stock - owner's equity (owner's funds invested in the business)






12. 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?






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






14. 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






15. 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)






16. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






18. Convert 56% to a decimal






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






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






22. 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?






23. 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






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






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






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






27. Total Net Sales / Total Number of Transactions






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






29. Convert .4 to a percent






30. What does percent mean?






31. accounts receivable/ average daily sales






32. current assets/ current liabilities






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






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






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






36. 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






37. 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...






38. 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






39. He availability of your money is called _.






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






41. Convert 41/100 to a percent






42. cash + receivables/ current liabilities.






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






44. A/b






45. The wholesale cost of goods plus the markup






46. Gross Margin/ Average Inventory Cost






47. 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%






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






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






50. Convert 20 to a percent