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






2. 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?






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






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






5. 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






6. A/b






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






8. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






9. Beginning inventory + Purchases - Ending inventory






10. Two equivalent ratios joined by an equal sign.






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






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






13. Convert 14% to a fraction






14. total annual sales/365






15. 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






16. Convert .62 to a percent






17. Original retail price - Lower retail price






18. What does percent mean?






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






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






21. Convert 70/100 to a percent






22. Convert 10/11 to a percent






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






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






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






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






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






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






29. Convert .36 to a percent






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






31. The wholesale cost of an item (cost of goods - or COG)






32. Convert 56% to a decimal






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






34. Convert 1/4 to a percent






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






36. Convert 20 to a percent






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






38. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit






39. Convert 80% to a fraction






40. Turning assets into cash.






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






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






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






44. He availability of your money is called _.






45. A/b + c/b = (a+c)/b






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






47. Wholesale cost






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






49. 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)






50. Sales - cost of goods sold