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






2. current assets/ current liabilities






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






4. (Retail - Cost)/ Retail






5. 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






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






7. Use compliments - Step 1 Find compliments 25% = 100-25%= 75% - 10%= 90% - 10%=90% Step 2 Multiple Compliments 75%x90%x90% .75x.90x.90= .6075 Step 3 Convert to Percentage .6075= 60.75% Step 4 Compliment it 100%-60.75%= 39.35%






8. Wholesale cost






9. Net Sales / Average Retail Value of Inventory






10. Convert .62 to a percent






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






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






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






14. 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






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






16. A/b






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






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






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






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






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






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






24. What does percent mean?






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






26. 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)






27. Convert 70/100 to a percent






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






29. Convert 56% to a decimal






30. Beginning inventory + Purchases - Ending inventory






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






32. Convert .36 to a percent






33. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8






34. Convert 80% to a fraction






35. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






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






38. cash + receivables/ current liabilities.






39. What is the product of 3.26 and 0.4?






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






41. 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)






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






43. Inside numbers in a ratio.






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






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






46. Convert 70% to a decimal






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






48. 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






49. 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






50. Two equivalent ratios joined by an equal sign.