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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. 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






2. 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?






3. cash + receivables/ current liabilities.






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






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






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






7. Convert 50% to a fraction






8. 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






9. 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






10. total annual sales/365






11. Convert 3 to a percent






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






13. Convert .36 to a percent






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






15. 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.






16. Assets - cost of goods sold - expenses






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. Convert 14% to a fraction






19. What is the product of 3.26 and 0.4?






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






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






22. Convert 1.25 to a percent






23. Gross Margin/ Average Inventory Cost






24. total fixed costs/ selling price-variable cost






25. What does percent mean?






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






27. 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)






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






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






30. He availability of your money is called _.






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






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






33. Outside numbers in a ratio.






34. Original retail price - Lower retail price






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






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






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






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






39. 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






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






41. BOM $ Stock/ Sales for period






42. Sales - cost of goods sold






43. 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?






44. current assets/ current liabilities






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






46. $ retail x (100%-markup)






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






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






49. Convert 70/100 to a percent






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