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






2. Net Sales / Average Retail Value of Inventory






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






4. Net Sales for period/ Avg Stock for period






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






6. A/b






7. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






8. Assets - cost of goods sold - expenses






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






10. Outside numbers in a ratio.






11. Convert 14% to a fraction






12. Convert 3 to a percent






13. He availability of your money is called _.






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






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






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






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






18. 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






19. total fixed costs/ selling price-variable cost






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






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






22. Inside numbers in a ratio.






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






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






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






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






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






28. 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?






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






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






31. current assets/ current liabilities






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






33. Direct labor - factory overhead - merchandise inventory - packaging - raw material






34. Alignment of the decimals is not important






35. Convert 20 to a percent






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






37. Convert 10/11 to a percent






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






39. Liabilities - capital - income






40. Two equivalent ratios joined by an equal sign.






41. Convert 1.25 to a percent






42. Original retail price - Lower retail price






43. 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%






44. 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)






45. Convert 41/100 to a percent






46. 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






47. Another way of counting part of a whole?






48. 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?






49. Sales - cost of goods sold






50. Convert 70% to a decimal