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






2. current assets/ current liabilities






3. You should never take out more than a _ year mortgage.






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






5. 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.






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






7. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit






8. total fixed costs/ selling price-variable cost






9. 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






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






11. Direct labor - factory overhead - merchandise inventory - packaging - raw material






12. Convert 41/100 to a percent






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






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






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






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






17. ($ Retail x 100 / COST) - 100






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






19. total annual sales/365






20. The point at which you stop losing money.






21. 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






22. Convert 3 to a percent






23. Another way of counting part of a whole?






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






25. accounts receivable/ average daily sales






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






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






28. Net Sales for period/ Avg Stock for period






29. Total Net Sales / Total Number of Transactions






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






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






32. Liabilities - capital - income






33. Convert 10/11 to a percent






34. A/b - c/b = a-c/b






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






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






37. Convert 1.25 to a percent






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






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






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






41. Convert 50% to a fraction






42. Original retail price - Lower retail price






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






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






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






46. A/b






47. Wholesale cost






48. Convert 20 to a percent






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






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