Test your basic knowledge |

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






2. Liabilities - capital - income






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






4. Convert 1.25 to a percent






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






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






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






8. Net Sales for period/ Avg Stock for period






9. total annual sales/365






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






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






12. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)






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






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






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






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






17. Total Net Sales / Total Number of Transactions






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






19. Convert 50% to a fraction






20. 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






21. 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






22. 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?






23. Turning assets into cash.






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






25. What is the product of 3.26 and 0.4?






26. total fixed costs/ selling price-variable cost






27. Another way of counting part of a whole?






28. 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?






29. He availability of your money is called _.






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






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






32. 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?






33. Convert 20 to a percent






34. 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






35. The average car payment is $_ per month for _ months.






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






37. Convert 70/100 to a percent






38. Net Sales / Average Retail Value of Inventory






39. accounts receivable/ average daily sales






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






41. A/b






42. 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)






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






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






45. Assets - cost of goods sold - expenses






46. What does percent mean?






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






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






49. Outside numbers in a ratio.






50. 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.