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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. 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?






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






4. What does percent mean?






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






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






7. Convert 3 to a percent






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






9. Sales - cost of goods sold






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






11. 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






12. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring






13. When sales plans are underestimated and the stock purchases result in a low inventory






14. Gross Margin/ Average Inventory Cost






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






16. Convert 1/4 to a percent






17. Convert 10/11 to a percent






18. Wholesale cost






19. Convert 70/100 to a percent






20. BOM $ Stock/ Sales for period






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






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






23. Another way of counting part of a whole?






24. Convert 65% to a decimal






25. 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?






26. Original retail price - Lower retail price






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






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






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






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






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






32. What is the product of 3.26 and 0.4?






33. A/b






34. 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






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






36. Net Sales for period/ Avg Stock for period






37. 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






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






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






40. 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






41. Inside numbers in a ratio.






42. $ retail x (100%-markup)






43. 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)






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






45. Two equivalent ratios joined by an equal sign.






46. 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






47. The point at which you stop losing money.






48. Convert 56% to a decimal






49. He availability of your money is called _.






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