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. 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?






2. Convert 1/4 to a percent






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






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






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






6. Alignment of the decimals is not important






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






8. Convert .36 to a percent






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






10. Another way of counting part of a whole?






11. An electronics store is having a 40 percent off sale. Robert has been saving to purchase a stereo system that was originally priced at $420. If Robert purchases the system during the sale - what will be the cost?






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






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






14. Convert 41/100 to a percent






15. 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)






16. 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%






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






18. Convert 10/11 to a percent






19. Units Sold/ (Units Sold + On Hand Inventory)






20. What does percent mean?






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






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






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






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






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






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






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






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






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






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






31. Convert 70/100 to a percent






32. 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.






33. Convert 3 to a percent






34. 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)






35. A/b






36. total annual sales/365






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






38. 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






39. Convert 56% to a decimal






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






41. Gross Margin/ Average Inventory Cost






42. Use compliments - Step 1 Find compliments 25% = 100-25%= 75% - 10%= 90% - 10%=90% Step 2 Multiple Compliments 75%x90%x90% .75x.90x.90= .6075 Step 3 Convert to Percentage .6075= 60.75% Step 4 Compliment it 100%-60.75%= 39.35%






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






44. Convert .4 to a percent






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






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






47. 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






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






49. Beginning inventory + Purchases - Ending inventory






50. current assets/ current liabilities