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






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






3. Convert 50% to a fraction






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






5. What does percent mean?






6. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)






7. Another way of counting part of a whole?






8. Convert 10/11 to a percent






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. 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?






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






12. A/b






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






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






15. total annual sales/365






16. Cash or assets that can quickly be converted into cash.






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






18. 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)






19. Liabilities - capital - income






20. 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






21. The point at which you stop losing money.






22. He availability of your money is called _.






23. 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%






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






25. Original retail price - Lower retail price






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






27. Convert .62 to a percent






28. 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






29. BOM $ Stock/ Sales for period






30. Convert .4 to a percent






31. Wholesale cost






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






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






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






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






36. Convert 70% to a decimal






37. 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






38. A measure of the number of days needed to collect accounts receivable.






39. Convert 56% to a decimal






40. Convert .36 to a percent






41. Sales - cost of goods sold






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






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






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






45. current assets/ current liabilities






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






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






48. 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






49. Convert 20 to a percent






50. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods