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






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






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






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






6. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%






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






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






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






10. The point at which you stop losing money.






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






12. Net Sales for period/ Avg Stock for period






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






14. He availability of your money is called _.






15. Advertising - bad debt expense - conributions and donations - depreciation - educational expense - insurance - interest expense - licenses - office supplies - postage - rent - repairs - salaries and wages - supplies - taxes - travel and transportatio






16. 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)






17. Cash or assets that can quickly be converted into cash.






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






19. 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






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






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






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






23. Total Net Sales / Total Number of Transactions






24. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






25. Convert .36 to a percent






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






27. Convert 65% to a decimal






28. Convert 14% to a fraction






29. Convert 70% to a decimal






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






31. Convert .62 to a percent






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






33. 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






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






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






36. Alignment of the decimals is not important






37. Wholesale cost






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






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






40. Gross Margin/ Average Inventory Cost






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






42. Turning assets into cash.






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






44. 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






45. 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?






46. Convert 3 to a percent






47. Convert 56% to a decimal






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






49. Net Sales / Average Retail Value of Inventory






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