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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. A/b






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






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






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






5. Convert 10/11 to a percent






6. 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






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






8. total fixed costs/ selling price-variable cost






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






10. Convert 14% to a fraction






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






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






13. When sales plans are underestimated and the stock purchases result in a low inventory






14. accounts receivable/ average daily sales






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






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






17. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%






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






19. Beginning inventory + Purchases - Ending inventory






20. Convert 56% to a decimal






21. 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






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






23. total annual sales/365






24. An electronics store is having a 40 percent off sale. Robert has been saving to purchase a stereo system that was originally priced at $420. If Robert purchases the system during the sale - what will be the cost?






25. Convert 1.25 to a percent






26. 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






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






28. GMROII = GM% x (Sales / Average Value of Inventory)






29. 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...






30. Convert 41/100 to a percent






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






32. Convert 80% to a fraction






33. Total Net Sales / Total Number of Transactions






34. 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.






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






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






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






38. 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






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






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






41. 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)






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






43. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!






44. 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






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






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






47. Convert 50% to a fraction






48. Convert 65% to a decimal






49. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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