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






2. 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.






3. Assets - cost of goods sold - expenses






4. 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






5. 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)






6. Outside numbers in a ratio.






7. A/b






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






9. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring






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






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






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






13. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit






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






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






16. $ Cost/ (100%-markup%)






17. 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






18. Convert .36 to a percent






19. What does percent mean?






20. (Retail - Cost)/ Retail






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






22. 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






23. Convert 41/100 to a percent






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






25. Convert .4 to a percent






26. Convert 80% to a fraction






27. Convert 1/4 to a percent






28. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)






29. 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?






30. current assets/ current liabilities






31. Alignment of the decimals is not important






32. The wholesale cost of goods plus the markup






33. 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%






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






35. cash + receivables/ current liabilities.






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






37. accounts receivable/ average daily sales






38. Gross Margin/ Average Inventory Cost






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






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






41. Convert 50% to a fraction






42. 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?






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






44. Two equivalent ratios joined by an equal sign.






45. Convert 70/100 to a percent






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






47. Net Sales / Average Retail Value of Inventory






48. 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






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






50. The point at which you stop losing money.