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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. Convert 65% to a decimal






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






3. Convert 20 to a percent






4. current assets/ current liabilities






5. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30






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






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






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






9. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






10. 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.






11. Total Net Sales / Total Number of Transactions






12. 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)






13. accounts receivable/ average daily sales






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






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






16. 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






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






18. 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?






19. Gross Margin/ Average Inventory Cost






20. Convert 80% to a fraction






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






22. BOM $ Stock/ Sales for period






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






24. Convert .4 to a percent






25. 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






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






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






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






29. 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






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






31. Convert 41/100 to a percent






32. Convert 3 to a percent






33. Another way of counting part of a whole?






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






35. Convert 70/100 to a percent






36. (Retail - Cost)/ Retail






37. total annual sales/365






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






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






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






41. A/b






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






43. Assets - cost of goods sold - expenses






44. 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






45. 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






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






47. total fixed costs/ selling price-variable cost






48. A/b






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






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