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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. Convert 10/11 to a percent






2. $ retail x (100%-markup)






3. 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...






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






5. Convert 1/4 to a percent






6. Assets - cost of goods sold - expenses






7. cash + receivables/ current liabilities.






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






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






10. A/b






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






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






13. Total Net Sales / Total Number of Transactions






14. Original retail price - Lower retail price






15. Amount decrease (Original - New) / Original amount = decimal= convert to %






16. (Retail - Cost)/ Retail






17. Beginning inventory + Purchases - Ending inventory






18. Net Sales for period/ Avg Stock for period






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






20. 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?






21. Convert 80% to a fraction






22. S=X+nrX Where: X=the original sum invested r=the interest rate (as a proportion - e.g. 0.05=5%) n=the number of periods S=the sum invested after n periods (capital + interest) - e.g. invest $1000 @ 10% simple interest for 5 years = 1000+(50.101000)






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






24. Alignment of the decimals is not important






25. 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%






26. 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






27. Liabilities - capital - income






28. Turning assets into cash.






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. accounts receivable/ average daily sales






32. Cash or assets that can quickly be converted into cash.






33. Convert 70% to a decimal






34. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8






35. Gross Margin/ Average Inventory Cost






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






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






38. What does percent mean?






39. Convert 1.25 to a percent






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






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






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






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






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






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






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






47. Another way of counting part of a whole?






48. total fixed costs/ selling price-variable cost






49. 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?






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