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






2. 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






3. Outside numbers in a ratio.






4. 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...






5. Convert 14% to a fraction






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






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. Convert 1/4 to a percent






9. 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






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






11. Convert 3 to a percent






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






13. Convert 10/11 to a percent






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






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






16. 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)






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






18. Original retail price - Lower retail price






19. Convert .62 to a percent






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






21. He availability of your money is called _.






22. Another way of counting part of a whole?






23. Beginning inventory + Purchases - Ending inventory






24. Sales - cost of goods sold






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






26. 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%






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






28. 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






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






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






31. Assets - cost of goods sold - expenses






32. BOM $ Stock/ Sales for period






33. Total Net Sales / Total Number of Transactions






34. Wholesale cost






35. A/b






36. The point at which you stop losing money.






37. A/b






38. What is the product of 3.26 and 0.4?






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






40. Net Sales for period/ Avg Stock for period






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






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






43. $ retail x (100%-markup)






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






45. Turning assets into cash.






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






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






48. accounts receivable/ average daily sales






49. 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.






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