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. 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%






2. 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.






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






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






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






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






7. Convert 1/4 to a percent






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






9. Net Sales / Average Retail Value of Inventory






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






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






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






13. Convert .36 to a percent






14. Two equivalent ratios joined by an equal sign.






15. Convert 41/100 to a percent






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






17. Turning assets into cash.






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






19. 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?






20. Wholesale cost






21. Inside numbers in a ratio.






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






23. Total Net Sales / Total Number of Transactions






24. Convert 10/11 to a percent






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






26. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






27. 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






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. Convert 1.25 to a percent






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






31. The wholesale cost of goods plus the markup






32. 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...






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






34. (Retail - Cost)/ Retail






35. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)






36. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!






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






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






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






40. Alignment of the decimals is not important






41. Convert 14% to a fraction






42. 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






43. A/b






44. What is the product of 3.26 and 0.4?






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






46. Liabilities - capital - income






47. 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






48. Convert 80% to a fraction






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






50. total fixed costs/ selling price-variable cost