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






2. The wholesale cost of goods plus the markup






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






4. 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)






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






6. Outside numbers in a ratio.






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






8. 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?






9. Convert 14% to a fraction






10. Inside numbers in a ratio.






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






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






13. Two equivalent ratios joined by an equal sign.






14. Convert 70% to a decimal






15. After 4 years - $5 -000 will grow to how much if it earns 10% interest?






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






17. He availability of your money is called _.






18. accounts receivable/ average daily sales






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






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






21. Convert 56% to a decimal






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






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






24. 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






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






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






27. Convert 50% to a fraction






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






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






30. The point at which you stop losing money.






31. A/b






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






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






34. (Retail - Cost)/ Retail






35. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...






36. What does percent mean?






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






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






39. What is the product of 3.26 and 0.4?






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






41. 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






42. A/b






43. Convert 65% to a decimal






44. Net Sales / Average Retail Value of Inventory






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






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






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






48. Convert .62 to a percent






49. % of 90 days same as cash convert to payments.






50. Gross Margin/ Average Inventory Cost