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






2. What is the product of 3.26 and 0.4?






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






4. Convert .36 to a percent






5. 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)






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






7. Inside numbers in a ratio.






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






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






10. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






11. total annual sales/365






12. $ retail x (100%-markup)






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






14. 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






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






16. current assets/ current liabilities






17. 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%






18. Two equivalent ratios joined by an equal sign.






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






20. Convert 1.25 to a percent






21. A/b






22. He availability of your money is called _.






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






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






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






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






27. total fixed costs/ selling price-variable cost






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






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






30. Total Net Sales / Total Number of Transactions






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






32. Convert 14% to a fraction






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






34. Convert 50% to a fraction






35. accounts receivable/ average daily sales






36. 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






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






38. The wholesale cost of goods plus the markup






39. 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






40. Convert 41/100 to a percent






41. 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)






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






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






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






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






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






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






48. 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






49. 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






50. BOM $ Stock/ Sales for period