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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 payable - bonds - notes payable (bank loans) - provisions for pensions






2. $ retail x (100%-markup)






3. 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






4. A/b






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






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






7. Amount decrease (Original - New) / Original amount = decimal= convert to %






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






9. Convert 1/4 to a percent






10. Convert 70% to a decimal






11. Convert 14% to a fraction






12. The wholesale cost of goods plus the markup






13. Liabilities - capital - income






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






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






16. 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?






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






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






19. Net Sales / Average Retail Value of Inventory






20. 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






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






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






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






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






25. Assets - cost of goods sold - expenses






26. Net Sales for period/ Avg Stock for period






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






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






29. 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)






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






31. Outside numbers in a ratio.






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






33. 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?






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






35. Alignment of the decimals is not important






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






37. Convert 80% to a fraction






38. 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)






39. total fixed costs/ selling price-variable cost






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






41. Convert 20 to a percent






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






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






44. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16






45. 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






46. Original retail price - Lower retail price






47. 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?






48. Convert 65% to a decimal






49. Convert .4 to a percent






50. Another way of counting part of a whole?