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






2. cash + receivables/ current liabilities.






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






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






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






6. A/b






7. Convert 80% to a fraction






8. total fixed costs/ selling price-variable cost






9. 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?






10. 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?






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






12. The average person will have _ jobs in their lifetime.






13. What does percent mean?






14. $ retail x (100%-markup)






15. Two equivalent ratios joined by an equal sign.






16. Use compliments - Step 1 Find compliments 25% = 100-25%= 75% - 10%= 90% - 10%=90% Step 2 Multiple Compliments 75%x90%x90% .75x.90x.90= .6075 Step 3 Convert to Percentage .6075= 60.75% Step 4 Compliment it 100%-60.75%= 39.35%






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






18. 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%






19. Sales - cost of goods sold






20. Beginning inventory + Purchases - Ending inventory






21. 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...






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






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






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






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






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






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






28. Convert .36 to a percent






29. Turning assets into cash.






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






31. The point at which you stop losing money.






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






33. Convert 50% to a fraction






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






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






36. 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






37. A/b






38. BOM $ Stock/ Sales for period






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






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






41. 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.






42. S=X(1+r1)^y(1+r






43. 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






44. 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)






45. Convert 14% to a fraction






46. Outside numbers in a ratio.






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






48. What is the product of 3.26 and 0.4?






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






50. Original retail price - Lower retail price