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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. Net Sales / Average Retail Value of Inventory






2. What is the product of 3.26 and 0.4?






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






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






5. Another way of counting part of a whole?






6. 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






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






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






9. Convert 3 to a percent






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






11. Convert 70% to a decimal






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






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






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






15. Gross Margin/ Average Inventory Cost






16. BOM $ Stock/ Sales for period






17. 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)






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






19. Assets - cost of goods sold - expenses






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






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






22. What does percent mean?






23. Turning assets into cash.






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






25. Convert 1/4 to a percent






26. cash + receivables/ current liabilities.






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






28. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles






29. (Retail - Cost)/ Retail






30. The wholesale cost of goods plus the markup






31. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)






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






33. X=S*[1/(1+r)^n] Where: S=the sum to be received after n time periods X=the present value of that sum r=the rate of return (as a proportion) n=the number of time periods - r - rate - is sometimes called cost of capital






34. Outside numbers in a ratio.






35. total fixed costs/ selling price-variable cost






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






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






38. Total Net Sales / Total Number of Transactions






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






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






41. 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%






42. Convert 20 to a percent






43. Convert .4 to a percent






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






45. A/b






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






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






48. 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






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






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