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






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






3. 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






4. A measure of the number of days needed to collect accounts receivable.






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






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






7. A/b






8. 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






9. A^m/a^n = a^(m-n)






10. accounts receivable/ average daily sales






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






12. The point at which you stop losing money.






13. 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?






14. Convert 10/11 to a percent






15. Convert 70/100 to a percent






16. 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






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






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






19. Beginning inventory + Purchases - Ending inventory






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






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






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






23. cash + receivables/ current liabilities.






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






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






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






27. Convert 41/100 to a percent






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. What is the product of 3.26 and 0.4?






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






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






32. Convert .4 to a percent






33. Gross Margin/ Average Inventory Cost






34. 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)






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






36. 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)






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






38. 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.






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






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






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






42. What does percent mean?






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






44. Total Net Sales / Total Number of Transactions






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






46. Net Sales for period/ Avg Stock for period






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






48. Convert 3 to a percent






49. Convert 65% to a decimal






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