Test your basic knowledge |

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. Convert 20 to a percent






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






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






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






5. 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%






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






7. Convert 14% to a fraction






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






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






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






11. Beginning inventory + Purchases - Ending inventory






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






13. The point at which you stop losing money.






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






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






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






17. 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






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






19. Turning assets into cash.






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






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






22. 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






23. 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)






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






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






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






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






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






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






30. 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)






31. 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






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






33. Convert 80% to a fraction






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






35. 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?






36. accounts receivable/ average daily sales






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






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






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






40. Convert .62 to a percent






41. 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






42. Outside numbers in a ratio.






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






44. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






45. A/b






46. Convert 10/11 to a percent






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






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






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






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