## 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. Loss of items due to damaged goods - stealing - etc.**

**2. Convert 70% to a decimal**

**3. Convert 41/100 to a percent**

**4. Convert 80% to a fraction**

**5. 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%**

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

**7. Convert 70/100 to a percent**

**8. Net Sales / Average Retail Value of Inventory**

**9. 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.**

**10. Net Sales for period/ Avg Stock for period**

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

**12. Outside numbers in a ratio.**

**13. The average person will have _ jobs in their lifetime.**

**14. Liabilities - capital - income**

**15. Direct labor - factory overhead - merchandise inventory - packaging - raw material**

**16. The point at which you stop losing money.**

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

**18. Beginning inventory + Purchases - Ending inventory**

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

**20. The average car will lose _% of its value in the first 4 years.**

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

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

**23. Total Net Sales / Total Number of Transactions**

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

**25. Convert 1/4 to a percent**

**26. 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)**

**27. Gross Margin/ Average Inventory Cost**

**28. (TY-LY)/ LY or (Plan-Actual)/**

**29. What is the product of 3.26 and 0.4?**

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

**31. current assets/ current liabilities**

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

**33. cost of an item expressed per unit of measure or count.**

**34. Wholesale cost**

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

**36. Convert 1.25 to a percent**

**37. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods**

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

**39. % of 90 days same as cash convert to payments.**

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

**41. 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**

**42. 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?**

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

**44. Convert .36 to a percent**

**45. total fixed costs/ selling price-variable cost**

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

**47. 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**

**48. Convert 50% to a fraction**

**49. 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**

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