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






2. 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.






3. (Retail - Cost)/ Retail






4. Convert .4 to a percent






5. current assets/ current liabilities






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






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






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






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






10. Convert 65% to a decimal






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






12. 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?






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






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






15. Convert 10/11 to a percent






16. 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)






17. 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






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






19. Convert 3 to a percent






20. Beginning inventory + Purchases - Ending inventory






21. S=X+nrX Where: X=the original sum invested r=the interest rate (as a proportion - e.g. 0.05=5%) n=the number of periods S=the sum invested after n periods (capital + interest) - e.g. invest $1000 @ 10% simple interest for 5 years = 1000+(50.101000)






22. Convert 20 to a percent






23. Another way of counting part of a whole?






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






25. accounts receivable/ average daily sales






26. Net Sales / Average Retail Value of Inventory






27. 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






28. Convert 80% to a fraction






29. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30






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






31. Convert .62 to a percent






32. What is the product of 3.26 and 0.4?






33. total fixed costs/ selling price-variable cost






34. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions






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






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






37. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit






38. The wholesale cost of goods plus the markup






39. 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%






40. 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






41. A^m/a^n = a^(m-n)






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






43. He availability of your money is called _.






44. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






46. 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%






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






48. cash + receivables/ current liabilities.






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






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