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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 50% to a fraction






2. current assets/ current liabilities






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






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






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






6. Convert 41/100 to a percent






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






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






9. Gross Margin/ Average Inventory Cost






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






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






12. A/b






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






14. Inside numbers in a ratio.






15. 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.






16. 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






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






18. Convert 3 to a percent






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






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






21. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






23. Assets - cost of goods sold - expenses






24. 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






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






26. Convert .4 to a percent






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






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






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






30. Outside numbers in a ratio.






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






32. Sales - cost of goods sold






33. 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






34. Original retail price - Lower retail price






35. He availability of your money is called _.






36. 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)






37. Convert 80% to a fraction






38. Convert 1.25 to a percent






39. A/b






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






41. Convert 14% to a fraction






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






43. Alignment of the decimals is not important






44. Convert 56% to a decimal






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






46. total fixed costs/ selling price-variable cost






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






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






49. Beginning inventory + Purchases - Ending inventory






50. 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