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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. $ Cost/ (100%-markup%)






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






3. Wholesale cost






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






5. total fixed costs/ selling price-variable cost






6. 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






7. 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)






8. If freight is to be paid by the seller - the shipping terms are...






9. (Retail - Cost)/ Retail






10. $ retail x (100%-markup)






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






12. Convert 14% to a fraction






13. current assets/ current liabilities






14. Convert 3 to a percent






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






16. 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%






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






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






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






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






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






22. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)






23. 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






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






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






26. Convert 1.25 to a percent






27. What does percent mean?






28. The wholesale cost of goods plus the markup






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






30. Convert 70% to a decimal






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






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






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






34. Convert .36 to a percent






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






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






37. After 4 years - $5 -000 will grow to how much if it earns 10% interest?






38. 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...






39. 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






40. Convert 41/100 to a percent






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






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






43. Net Sales / Average Retail Value of Inventory






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






45. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8






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






47. Convert 80% to a fraction






48. 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






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






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