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






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






3. Beginning inventory + Purchases - Ending inventory






4. Convert 80% to a fraction






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






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






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






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






9. Convert .36 to a percent






10. total annual sales/365






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






12. $ retail x (100%-markup)






13. The cost of moving from the vendor's warehouse (loading dock) to the retail warehouse or store (loading dock) - may also include insurance to cover the merchandise while in transit






14. Convert 14% to a fraction






15. 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...






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






17. Convert 41/100 to a percent






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






19. 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






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






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






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






23. accounts receivable/ average daily sales






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






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






26. Convert 70% to a decimal






27. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






29. Two equivalent ratios joined by an equal sign.






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






31. He availability of your money is called _.






32. Gross Margin/ Average Inventory Cost






33. 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%






34. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions






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






36. current assets/ current liabilities






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






38. Wholesale cost






39. 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






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






41. The point at which you stop losing money.






42. 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)






43. A/b






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






45. Convert 3 to a percent






46. Another way of counting part of a whole?






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






48. Assets - cost of goods sold - expenses






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






50. The wholesale cost of goods plus the markup