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






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






3. Convert 14% to a fraction






4. Sales - cost of goods sold






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






6. 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)






7. 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%






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






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






10. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price






11. Convert .36 to a percent






12. Convert 65% to a decimal






13. Convert 50% to a fraction






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






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






16. total fixed costs/ selling price-variable cost






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






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






19. 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...






20. 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)






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






22. Total Net Sales / Total Number of Transactions






23. Gross Margin/ Average Inventory Cost






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






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






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






27. Convert .4 to a percent






28. 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






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






30. 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)






31. Liabilities - capital - income






32. Convert 70% to a decimal






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






34. A/b






35. cash + receivables/ current liabilities.






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






37. Convert 20 to a percent






38. 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%






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






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






41. current assets/ current liabilities






42. Net Sales for period/ Avg Stock for period






43. total annual sales/365






44. 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






45. Wholesale cost






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






47. $ retail x (100%-markup)






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






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