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. The wholesale cost of goods plus the markup






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






3. total annual sales/365






4. total fixed costs/ selling price-variable cost






5. 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.






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






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






8. A/b






9. Aka - the terminal value of an investment to which equal annual amounts will be added S=[A(R^n -1)]/R-1 Where: S=the terminal value A=the first term R=the common ratio n=the number of terms






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






11. 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?






12. The point at which you stop losing money.






13. Direct labor - factory overhead - merchandise inventory - packaging - raw material






14. 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






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






16. GMROII = GM% x (Sales / Average Value of Inventory)






17. Inside numbers in a ratio.






18. Convert 50% to a fraction






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






20. Convert .36 to a percent






21. Sales - cost of goods sold






22. What is the product of 3.26 and 0.4?






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






24. To take advantage of the 6% cash discount - a retailer made a $2 -000 partial payment during the discount period. How much was the retailer credited for the $2 -000 partial payment?






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






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






27. 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?






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






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






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






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






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






33. BOM $ Stock/ Sales for period






34. Turning assets into cash.






35. Convert 56% to a decimal






36. 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%






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






38. A/b






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






40. Convert .62 to a percent






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






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






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






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






45. Beginning inventory + Purchases - Ending inventory






46. current assets/ current liabilities






47. Outside numbers in a ratio.






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






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






50. What does percent mean?