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. Two equivalent ratios joined by an equal sign.






2. Turning assets into cash.






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






4. Alignment of the decimals is not important






5. cash + receivables/ current liabilities.






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






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






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






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






10. Convert 56% to a decimal






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






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






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






14. 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






15. Convert 80% to a fraction






16. current assets/ current liabilities






17. Original retail price - Lower retail price






18. A/b - c/b = a-c/b






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






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






21. A/b






22. Beginning inventory + Purchases - Ending inventory






23. The point at which you stop losing money.






24. Convert .4 to a percent






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






26. 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?






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






28. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)






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






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






31. 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.






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






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. Net Sales for period/ Avg Stock for period






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






36. 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






37. Advertising - bad debt expense - conributions and donations - depreciation - educational expense - insurance - interest expense - licenses - office supplies - postage - rent - repairs - salaries and wages - supplies - taxes - travel and transportatio






38. The wholesale cost of goods plus the markup






39. 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%






40. Assets - cost of goods sold - expenses






41. Liabilities - capital - income






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






43. total annual sales/365






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






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. A measure of the number of days needed to collect accounts receivable.






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






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






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






50. He availability of your money is called _.