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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. total fixed costs/ selling price-variable cost






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






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






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






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






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






7. 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






8. 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






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






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






11. cash + receivables/ current liabilities.






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






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






14. 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






15. Total Net Sales / Total Number of Transactions






16. 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






17. Convert 70% to a decimal






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






19. Convert 20 to a percent






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






21. 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%






22. A^m/a^n = a^(m-n)






23. Convert 65% to a decimal






24. current assets/ current liabilities






25. Liabilities - capital - income






26. 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?






27. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit






28. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






30. A/b






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






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






33. 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.






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






35. 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)






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






37. Convert 1/4 to a percent






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






39. BOM $ Stock/ Sales for period






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






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






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






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






44. $ retail x (100%-markup)






45. Sales - cost of goods sold






46. Convert 3 to a percent






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






48. Assets - cost of goods sold - expenses






49. Convert .4 to a percent






50. A/b