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






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






3. Outside numbers in a ratio.






4. 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






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






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






7. 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...






8. Net Sales for period/ Avg Stock for period






9. Net Sales / Average Retail Value of Inventory






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






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






12. The wholesale cost of goods plus the markup






13. Convert 20 to a percent






14. Another way of counting part of a whole?






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






16. BOM $ Stock/ Sales for period






17. 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%






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






19. 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






20. 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






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






22. Rose borrowed money to buy a ring priced at $420. When she repaid the loan at the end of 3 months - the interest charge was $31.50. What was the rate of interest?






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






24. Total Net Sales / Total Number of Transactions






25. A/b






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






27. current assets/ current liabilities






28. Advertising - bad debt expense - conributions and donations - depreciation - educational expense - insurance - interest expense - licenses - office supplies - postage - rent - repairs - salaries and wages - supplies - taxes - travel and transportatio






29. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






31. Sales - cost of goods sold






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






33. 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)






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






35. Wholesale cost






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






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






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






39. 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?






40. Convert 56% to a decimal






41. Convert 3 to a percent






42. total fixed costs/ selling price-variable cost






43. Convert 10/11 to a percent






44. Convert 50% to a fraction






45. Liabilities - capital - income






46. Convert 1.25 to a percent






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






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






49. What is the product of 3.26 and 0.4?






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