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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. 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?






2. Assets - cost of goods sold - expenses






3. 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.






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






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






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






7. Convert 14% to a fraction






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






9. Convert 50% to a fraction






10. total fixed costs/ selling price-variable cost






11. 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






12. Net Sales for period/ Avg Stock for period






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






14. total annual sales/365






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






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






17. 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






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






19. Wholesale cost






20. Convert 10/11 to a percent






21. What does percent mean?






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






23. Total Net Sales / Total Number of Transactions






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






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






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






27. Cash on delivery; this dating is used when the vendor does not know the retailer or the retailer does not have a strong line of credit






28. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8






29. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






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






32. The average person will have _ jobs in their lifetime.






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






34. IRR=1 + [(NPV1/NPV1-NPV2)(2-1)]% Where: 1=one interest rate 2=the other NPV1=the NPV at rate 1 NPV2=the NPV at rate 2 (NPV = Net Present Value)






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






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






37. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33






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






39. Convert 56% to a decimal






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






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






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






43. accounts receivable/ average daily sales






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






45. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30






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






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






48. Convert 41/100 to a percent






49. What is the product of 3.26 and 0.4?






50. cash + receivables/ current liabilities.