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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. Convert 80% to a fraction






2. What is the product of 3.26 and 0.4?






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






4. Convert 70/100 to a percent






5. A/b






6. He availability of your money is called _.






7. Convert 65% to a decimal






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






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






10. BOM $ Stock/ Sales for period






11. Convert 50% to a fraction






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






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






14. 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






15. Convert 10/11 to a percent






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






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






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






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






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






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






22. The point at which you stop losing money.






23. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions






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






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






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






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






28. Convert 41/100 to a percent






29. Convert 3 to a percent






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






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






32. Convert .36 to a percent






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






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






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






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






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






38. 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)






39. accounts receivable/ average daily sales






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






41. 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%






42. Net Sales for period/ Avg Stock for period






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






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






45. Convert .62 to a percent






46. 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?






47. 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.






48. Sales - cost of goods sold






49. Original retail price - Lower retail price






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