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. 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






2. Convert 10/11 to a percent






3. 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






4. Capital stock - owner's equity (owner's funds invested in the business)






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






6. Convert 41/100 to a percent






7. BOM $ Stock/ Sales for period






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






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






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






11. Convert 56% to a decimal






12. Convert 50% to a fraction






13. A/b






14. Assets - cost of goods sold - expenses






15. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16






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






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






18. 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%






19. 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






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






21. Sales - cost of goods sold






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






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






24. 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?






25. 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...






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






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






28. 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%






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






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






31. Convert 20 to a percent






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






33. total annual sales/365






34. He availability of your money is called _.






35. total fixed costs/ selling price-variable cost






36. Net Sales / Average Retail Value of Inventory






37. Convert 1/4 to a percent






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






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






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






41. Convert 65% to a decimal






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






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






44. Convert .62 to a percent






45. What does percent mean?






46. The point at which you stop losing money.






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






48. 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






49. What is the product of 3.26 and 0.4?






50. $ RETAIL X (100 - GM %) / 100