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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. accounts receivable/ average daily sales






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






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. Convert 1/4 to a percent






5. Sales - cost of goods sold






6. 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






7. (Retail - Cost)/ Retail






8. Liabilities - capital - income






9. 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






10. Assets - cost of goods sold - expenses






11. What is the product of 3.26 and 0.4?






12. Convert 56% to a decimal






13. Turning assets into cash.






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






15. cost of an item expressed per unit of measure or count.






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






17. Wholesale cost






18. 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






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






20. Convert 20 to a percent






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






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






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






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






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






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






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






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






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






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






31. Convert 10/11 to a percent






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






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






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






35. Convert 1.25 to a percent






36. 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...






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






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






39. Convert 41/100 to a percent






40. 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






41. Convert 70% to a decimal






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






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






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






45. Convert .36 to a percent






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






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






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






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






50. Two equivalent ratios joined by an equal sign.