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. Total Net Sales / Total Number of Transactions






2. The wholesale cost of goods plus the markup






3. 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






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






5. Convert 56% to a decimal






6. Another way of counting part of a whole?






7. Convert 10/11 to a percent






8. Gross Margin/ Average Inventory Cost






9. BOM $ Stock/ Sales for period






10. Net Sales for period/ Avg Stock for period






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






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






13. Convert 65% to a decimal






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






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






16. Aka - the terminal value of an investment to which equal annual amounts will be added S=[A(R^n -1)]/R-1 Where: S=the terminal value A=the first term R=the common ratio n=the number of terms






17. current assets/ current liabilities






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






19. 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






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






21. Liabilities - capital - income






22. 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






23. Convert 20 to a percent






24. (Retail - Cost)/ Retail






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






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






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






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






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






30. 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






31. $ RETAIL X (100 - GM %) / 100






32. 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)






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






34. 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?






35. Convert 1.25 to a percent






36. 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






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






38. What does percent mean?






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






40. Alignment of the decimals is not important






41. 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






42. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions






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






44. Two equivalent ratios joined by an equal sign.






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






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






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






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






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






50. A/b