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






2. Beginning inventory + Purchases - Ending inventory






3. Convert 65% to a decimal






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






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






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






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






8. Assets - cost of goods sold - expenses






9. (Retail - Cost)/ Retail






10. Convert .62 to a percent






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






12. Original retail price - Lower retail price






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






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






15. 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...






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






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






18. A/b






19. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)






20. Sales - cost of goods sold






21. 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.






22. Inside numbers in a ratio.






23. Convert 80% to a fraction






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






25. A^m/a^n = a^(m-n)






26. 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






27. He availability of your money is called _.






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






29. Convert 1/4 to a percent






30. Wholesale cost






31. Net Sales for period/ Avg Stock for period






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






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






34. Liabilities - capital - income






35. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory






36. total annual sales/365






37. 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






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






39. 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






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






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






42. 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)






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






44. What is the product of 3.26 and 0.4?






45. Convert .4 to a percent






46. Convert 50% to a fraction






47. The wholesale cost of goods plus the markup






48. Another way of counting part of a whole?






49. Convert 3 to a percent






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