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. Original retail price - Lower retail price






2. Convert 70/100 to a percent






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






4. Convert 65% to a decimal






5. Convert 1.25 to a percent






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






7. 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?






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






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






10. 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






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






12. Assets - cost of goods sold - expenses






13. Cash on delivery; this dating is used when the vendor does not know the retailer or the retailer does not have a strong line of credit






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






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






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






17. total fixed costs/ selling price-variable cost






18. Convert 80% to a fraction






19. (Retail - Cost)/ Retail






20. Wholesale cost






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






22. Outside numbers in a ratio.






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






24. Gross Margin/ Average Inventory Cost






25. What does percent mean?






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






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






28. Net Sales for period/ Avg Stock for period






29. The wholesale cost of goods plus the markup






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






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






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






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






34. Convert .36 to a percent






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






36. Convert 70% to a decimal






37. total annual sales/365






38. Alignment of the decimals is not important






39. Inside numbers in a ratio.






40. 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






41. Convert .4 to a percent






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






43. BOM $ Stock/ Sales for period






44. Total Net Sales / Total Number of Transactions






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






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






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






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






49. $ retail x (100%-markup)






50. A/b