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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. $ retail x (100%-markup)






2. Convert .62 to a percent






3. Net Sales for period/ Avg Stock for period






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






5. Convert 41/100 to a percent






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






7. The wholesale cost of goods plus the markup






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






9. Another way of counting part of a whole?






10. 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






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






12. Convert 56% to a decimal






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






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






15. Convert 1/4 to a percent






16. A^m/a^n = a^(m-n)






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






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






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






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






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






22. Original retail price - Lower retail price






23. 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?






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






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






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






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






28. Convert 10/11 to a percent






29. Assets - cost of goods sold - expenses






30. total fixed costs/ selling price-variable cost






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






32. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






33. 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)






34. 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






35. Convert 3 to a percent






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






37. The point at which you stop losing money.






38. 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%






39. Alignment of the decimals is not important






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






41. 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






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






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






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






45. Direct labor - factory overhead - merchandise inventory - packaging - raw material






46. current assets/ current liabilities






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






48. A/b






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






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







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Can you answer 50 questions in 15 minutes?


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