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






2. Two equivalent ratios joined by an equal sign.






3. 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.






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






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






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






7. Assets - cost of goods sold - expenses






8. Convert 70% to a decimal






9. accounts receivable/ average daily sales






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






11. Original retail price - Lower retail price






12. 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)






13. 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






14. Gross Margin/ Average Inventory Cost






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






16. Convert 10/11 to a percent






17. Convert 41/100 to a percent






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






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






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






21. Inside numbers in a ratio.






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






23. Turning assets into cash.






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






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






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






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






28. cash + receivables/ current liabilities.






29. 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






30. Convert 50% to a fraction






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






32. 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%






33. Total Net Sales / Total Number of Transactions






34. Convert 56% to a decimal






35. cost of an item expressed per unit of measure or count.






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






37. 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






38. Convert 80% to a fraction






39. Beginning inventory + Purchases - Ending inventory






40. Convert 20 to a percent






41. 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?






42. A/b






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






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






45. $ Cost/ (100%-markup%)






46. What does percent mean?






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






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






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






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