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

**2. 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.**

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

**4. Convert 1.25 to a percent**

**5. Beginning inventory + Purchases - Ending inventory**

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

**7. % of 90 days same as cash convert to payments.**

**8. A^m/a^n = a^(m-n)**

**9. Convert 10/11 to a percent**

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

**11. 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...**

**12. $ RETAIL X (100 - GM %) / 100**

**13. Convert 70% to a decimal**

**14. 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**

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

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

**17. 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)**

**18. (Retail - Cost)/ Retail**

**19. Convert 1/4 to a percent**

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

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

**22. He availability of your money is called _.**

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

**24. cash + receivables/ current liabilities.**

**25. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16**

**26. 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?**

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

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

**29. Original retail price - Lower retail price**

**30. 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%**

**31. Convert 80% to a fraction**

**32. Loss of items due to damaged goods - stealing - etc.**

**33. A/b**

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

**35. The wholesale cost of goods plus the markup**

**36. A/b - c/b = a-c/b**

**37. current assets/ current liabilities**

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

**39. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour**

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

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

**42. Alignment of the decimals is not important**

**43. Units Sold/ (Units Sold + On Hand Inventory)**

**44. total annual sales/365**

**45. 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?**

**46. Commissions - fees for service - merchandise sales - rental income - royalties**

**47. What does percent mean?**

**48. 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)**

**49. accounts receivable/ average daily sales**

**50. The point at which you stop losing money.**