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






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






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






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






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






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






7. 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






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






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






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






11. total fixed costs/ selling price-variable cost






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






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






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






15. Convert 1.25 to a percent






16. A/b






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






18. Convert 20 to a percent






19. 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.






20. 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)






21. Beginning inventory + Purchases - Ending inventory






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






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






24. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...






25. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30






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






27. Convert 41/100 to a percent






28. Outside numbers in a ratio.






29. Turning assets into cash.






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






31. What is the product of 3.26 and 0.4?






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






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






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






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






36. You should never take out more than a _ year mortgage.






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






38. Wholesale cost






39. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles






40. 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






41. Convert 14% to a fraction






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






43. Gross Margin/ Average Inventory Cost






44. 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?






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






46. Convert 70% to a decimal






47. Convert .62 to a percent






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






49. Convert .36 to a percent






50. current assets/ current liabilities