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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. Units Sold/ (Units Sold + On Hand Inventory)






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






3. He availability of your money is called _.






4. cash + receivables/ current liabilities.






5. Convert 50% to a fraction






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






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






8. 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?






9. A team won 16 games and lost 9 games. What percent of games did the team lose?






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






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






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






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






14. 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)






15. 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%






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






17. Gross Margin/ Average Inventory Cost






18. 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






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






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






21. Total Net Sales / Total Number of Transactions






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






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






25. Assets - cost of goods sold - expenses






26. Convert 1.25 to a percent






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






28. What is the product of 3.26 and 0.4?






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






30. The point at which you stop losing money.






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






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






33. Outside numbers in a ratio.






34. Beginning inventory + Purchases - Ending inventory






35. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price






36. 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)






37. Convert 70/100 to a percent






38. A/b






39. Two equivalent ratios joined by an equal sign.






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






41. Convert 65% to a decimal






42. Convert 14% to a fraction






43. $ retail x (100%-markup)






44. 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






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






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






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






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






49. Convert 3 to a percent






50. Net Sales / Average Retail Value of Inventory