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






2. Alignment of the decimals is not important






3. cash + receivables/ current liabilities.






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






5. BOM $ Stock/ Sales for period






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






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






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






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






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






11. Convert 70/100 to a percent






12. Total Net Sales / Total Number of Transactions






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






14. Net Sales for period/ Avg Stock for period






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






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






17. Convert 65% to a decimal






18. 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?






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






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






21. Convert 70% to a decimal






22. Original retail price - Lower retail price






23. 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%






24. total fixed costs/ selling price-variable cost






25. % of 90 days same as cash convert to payments.






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






27. 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






28. Sales - cost of goods sold






29. 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?






30. 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






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






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






33. 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)






34. What does percent mean?






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






36. 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






37. A/b






38. Convert 56% to a decimal






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






40. 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)






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






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






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






44. Two equivalent ratios joined by an equal sign.






45. 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






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






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






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






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






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







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