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






2. Convert 14% to a fraction






3. Beginning inventory + Purchases - Ending inventory






4. Convert .36 to a percent






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






6. Convert 1/4 to a percent






7. Original retail price - Lower retail price






8. 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






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






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






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






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






13. 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






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






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






16. Convert 56% to a decimal






17. 1. develop a vision statement for the company - 2. scan the internal and external environments - 3. determine issues critical to the company - 4. select the problem to be solved - 5. determine the specific strategy to achieve the solution - 6. identi






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






19. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






20. current assets/ current liabilities






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






22. Convert 10/11 to a percent






23. Convert 20 to a percent






24. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions






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






26. Convert .4 to a percent






27. 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






28. accounts receivable/ average daily sales






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






30. What does percent mean?






31. Convert 65% to a decimal






32. Convert 41/100 to a percent






33. (Retail - Cost)/ Retail






34. 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?






35. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles






36. Total Net Sales / Total Number of Transactions






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






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






39. 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?






40. The recommended house payment should be no more than _% of your monthly take-home pay.






41. If freight is to be paid by the seller - the shipping terms are...






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






43. Net Sales / Average Retail Value of Inventory






44. A/b






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






46. Turning assets into cash.






47. Sales - cost of goods sold






48. BOM $ Stock/ Sales for period






49. Gross Margin/ Average Inventory Cost






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