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






2. 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)






3. 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%






4. 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...






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






6. 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






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






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






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






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






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






12. Total Net Sales / Total Number of Transactions






13. 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)






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






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






16. Net Sales / Average Retail Value of Inventory






17. Convert 70/100 to a percent






18. total annual sales/365






19. 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






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






21. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






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






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






25. Convert 80% to a fraction






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






27. 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






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






29. What is the product of 3.26 and 0.4?






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






31. Gross Margin/ Average Inventory Cost






32. 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?






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






34. Assets - cost of goods sold - expenses






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






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






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






38. Wholesale cost






39. The wholesale cost of goods plus the markup






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






41. Convert 14% to a fraction






42. $ retail x (100%-markup)






43. Convert .36 to a percent






44. Sales - cost of goods sold






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






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






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






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






49. total fixed costs/ selling price-variable cost






50. 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%







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