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






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






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






4. 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?






5. Convert .62 to a percent






6. Gross Margin/ Average Inventory Cost






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






8. Capital stock - owner's equity (owner's funds invested in the business)






9. 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






10. IRR=1 + [(NPV1/NPV1-NPV2)(2-1)]% Where: 1=one interest rate 2=the other NPV1=the NPV at rate 1 NPV2=the NPV at rate 2 (NPV = Net Present Value)






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






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






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






14. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring






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






16. Turning assets into cash.






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






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






19. Convert 50% to a fraction






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






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






22. Convert 70/100 to a percent






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






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






25. BOM $ Stock/ Sales for period






26. Convert 70% to a decimal






27. Convert 1/4 to a percent






28. What does percent mean?






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






30. 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






31. Convert 20 to a percent






32. Convert 80% to a fraction






33. 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






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






35. Another way of counting part of a whole?






36. 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






37. Original retail price - Lower retail price






38. 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






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






40. 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)






41. The point at which you stop losing money.






42. Two equivalent ratios joined by an equal sign.






43. A/b






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






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






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






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






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






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






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







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