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






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






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






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






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






6. Original retail price - Lower retail price






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






8. Convert .4 to a percent






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






10. (Retail - Cost)/ Retail






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






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






13. A/b






14. Another way of counting part of a whole?






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






16. Alignment of the decimals is not important






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






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






19. 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






20. 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?






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






22. Convert 3 to a percent






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






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






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






26. He availability of your money is called _.






27. BOM $ Stock/ Sales for period






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






29. 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)






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






31. 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






32. Convert 14% to a fraction






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






34. What is the product of 3.26 and 0.4?






35. Convert 41/100 to a percent






36. Inside numbers in a ratio.






37. The point at which you stop losing money.






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






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






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






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






42. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price






43. accounts receivable/ average daily sales






44. 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%






45. cash + receivables/ current liabilities.






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






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






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






49. Convert 80% to a fraction






50. A/b - c/b = a-c/b