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






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






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






4. $ retail x (100%-markup)






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






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






7. 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






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






9. Original retail price - Lower retail price






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






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. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$






13. 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%






14. 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)






15. What is the product of 3.26 and 0.4?






16. Convert 1.25 to a percent






17. Net Sales / Average Retail Value of Inventory






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






19. 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






20. 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






21. Two equivalent ratios joined by an equal sign.






22. Loss of items due to damaged goods - stealing - etc.






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






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






25. Inside numbers in a ratio.






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






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






28. The wholesale cost of goods plus the markup






29. current assets/ current liabilities






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






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






32. Net Sales for period/ Avg Stock for period






33. Another way of counting part of a whole?






34. 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






35. What does percent mean?






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






37. Sales - cost of goods sold






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






39. 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...






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






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






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






43. A/b






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






45. 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






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






47. The point at which you stop losing money.






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






49. Convert 41/100 to a percent






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