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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. Alignment of the decimals is not important






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






3. 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%






4. total annual sales/365






5. 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






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






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






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






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






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






11. Inside numbers in a ratio.






12. (Retail - Cost)/ Retail






13. The wholesale cost of goods plus the markup






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






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






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






17. cash + receivables/ current liabilities.






18. Convert 70% to a decimal






19. Convert .4 to a percent






20. To take advantage of the 6% cash discount - a retailer made a $2 -000 partial payment during the discount period. How much was the retailer credited for the $2 -000 partial payment?






21. X=S*[1/(1+r)^n] Where: S=the sum to be received after n time periods X=the present value of that sum r=the rate of return (as a proportion) n=the number of time periods - r - rate - is sometimes called cost of capital






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






23. Convert 56% to a decimal






24. 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?






25. Convert .62 to a percent






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






27. 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






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






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






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






31. Convert 80% to a fraction






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






33. Convert .36 to a percent






34. Convert 50% to a fraction






35. Convert 65% to a decimal






36. Outside numbers in a ratio.






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






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






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






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






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






42. Convert 1.25 to a percent






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






44. What does percent mean?






45. Total Net Sales / Total Number of Transactions






46. Convert 1/4 to a percent






47. Cash or assets that can quickly be converted into cash.






48. Convert 14% to a fraction






49. Convert 41/100 to a percent






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







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Can you answer 50 questions in 15 minutes?


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