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






2. Convert 10/11 to a percent






3. The wholesale cost of goods plus the markup






4. 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?






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






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






7. 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?






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






9. total annual sales/365






10. $ retail x (100%-markup)






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






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






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






14. Wholesale cost






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






16. 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






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






18. A team won 16 games and lost 9 games. What percent of games did the team lose?






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






20. Convert .62 to a percent






21. Convert 65% to a decimal






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






23. Convert 20 to a percent






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






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






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






27. 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?






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






29. Original retail price - Lower retail price






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






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






32. Outside numbers in a ratio.






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






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






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






36. BOM $ Stock/ Sales for period






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






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






39. Net Sales / Average Retail Value of Inventory






40. 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






41. Convert 1/4 to a percent






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






43. A/b






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






45. 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)






46. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16






47. Convert 56% to a decimal






48. The point at which you stop losing money.






49. Convert 50% to a fraction






50. total fixed costs/ selling price-variable cost