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






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






3. Convert 80% to a fraction






4. 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






5. He availability of your money is called _.






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






7. Convert 50% to a fraction






8. 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)






9. What does percent mean?






10. Liabilities - capital - income






11. 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.






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






13. Another way of counting part of a whole?






14. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...






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






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






17. Convert 70/100 to a percent






18. $ Cost x (100 + Mark-up %) / 100






19. Assets - cost of goods sold - expenses






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






21. Convert 1/4 to a percent






22. Alignment of the decimals is not important






23. Amount decrease (Original - New) / Original amount = decimal= convert to %






24. Net Sales for period/ Avg Stock for period






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






26. BOM $ Stock/ Sales for period






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






28. 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?






29. The wholesale cost of goods plus the markup






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






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






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






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






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






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






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






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






38. 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%






39. Two equivalent ratios joined by an equal sign.






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






41. 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






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






43. What is the product of 3.26 and 0.4?






44. After 4 years - $5 -000 will grow to how much if it earns 10% interest?






45. 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?






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






47. Convert 10/11 to a percent






48. Turning assets into cash.






49. cost of an item expressed per unit of measure or count.






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