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






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






3. Convert 41/100 to a percent






4. Convert .4 to a percent






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






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






7. 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






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






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






10. 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%






11. 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






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






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






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






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






16. Inside numbers in a ratio.






17. 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)






18. 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)






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






20. Two equivalent ratios joined by an equal sign.






21. 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?






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






23. The point at which you stop losing money.






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






26. cash + receivables/ current liabilities.






27. Net Sales for period/ Avg Stock for period






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






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






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






31. Convert 80% to a fraction






32. 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






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






34. Total Net Sales / Total Number of Transactions






35. Net Sales / Average Retail Value of Inventory






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






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






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






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






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






41. 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






42. Original retail price - Lower retail price






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






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






45. 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.






46. The wholesale cost of goods plus the markup






47. Convert 1.25 to a percent






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






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






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