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






2. 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






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






4. Net Sales for period/ Avg Stock for period






5. Convert 70/100 to a percent






6. The point at which you stop losing money.






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






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






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






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






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






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






13. cash + receivables/ current liabilities.






14. 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






15. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)






16. What does percent mean?






17. The wholesale cost of goods plus the markup






18. Total Net Sales / Total Number of Transactions






19. 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?






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






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






22. Net Sales / Average Retail Value of Inventory






23. Wholesale cost






24. Gross Margin/ Average Inventory Cost






25. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






26. Beginning inventory + Purchases - Ending inventory






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






28. 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






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






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






31. Turning assets into cash.






32. Liabilities - capital - income






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






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






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






36. Sales - cost of goods sold






37. Outside numbers in a ratio.






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






39. Convert 65% to a decimal






40. Convert 1.25 to a percent






41. Another way of counting part of a whole?






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






43. Convert 3 to a percent






44. 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)






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






46. Convert 20 to a percent






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






48. A/b






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






50. current assets/ current liabilities