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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. 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






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






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






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






5. Outside numbers in a ratio.






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






7. Wholesale cost






8. 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)






9. Convert 56% to a decimal






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






11. Original retail price - Lower retail price






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






13. Convert 80% to a fraction






14. The average car payment is $_ per month for _ months.






15. Convert 10/11 to a percent






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






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






18. Convert .4 to a percent






19. Convert 65% to a decimal






20. Liabilities - capital - income






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






22. Convert 50% to a fraction






23. 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






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






25. Sales - cost of goods sold






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






27. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)






28. 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.






29. 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






30. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






31. What is the product of 3.26 and 0.4?






32. Amount decrease (Original - New) / Original amount = decimal= convert to %






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






34. Convert 70/100 to a percent






35. Convert 1.25 to a percent






36. total annual sales/365






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






38. Overage$ = book$ - physical count$; overage% = overage$/NS$






39. Two equivalent ratios joined by an equal sign.






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






41. current assets/ current liabilities






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






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






44. 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






45. (Retail - Cost)/ Retail






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






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






48. The point at which you stop losing money.






49. Assets - cost of goods sold - expenses






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