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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 56% to a decimal






2. Wholesale cost






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






4. He availability of your money is called _.






5. Assets - cost of goods sold - expenses






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






7. 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






8. 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%






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






10. 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?






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






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






13. total fixed costs/ selling price-variable cost






14. total annual sales/365






15. Turning assets into cash.






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






17. Another way of counting part of a whole?






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






19. (Retail - Cost)/ Retail






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






21. Inside numbers in a ratio.






22. Convert 1.25 to a percent






23. 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)






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






25. 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






26. 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






27. (TY-LY)/ LY or (Plan-Actual)/






28. Convert .36 to a percent






29. 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%






30. Convert 70% to a decimal






31. 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






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






33. Convert 50% to a fraction






34. Convert 65% to a decimal






35. 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






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






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






38. accounts receivable/ average daily sales






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






40. 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?






41. IRR=1 + [(NPV1/NPV1-NPV2)(2-1)]% Where: 1=one interest rate 2=the other NPV1=the NPV at rate 1 NPV2=the NPV at rate 2 (NPV = Net Present Value)






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






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






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






45. Convert 3 to a percent






46. Convert 1/4 to a percent






47. What is the product of 3.26 and 0.4?






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






49. Liabilities - capital - income






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