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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. Convert 1/4 to a percent






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






3. Another way of counting part of a whole?






4. 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?






5. Net Sales for period/ Avg Stock for period






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






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






8. Convert .4 to a percent






9. Convert 80% to a fraction






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






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






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






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






14. Convert 70% to a decimal






15. What is the product of 3.26 and 0.4?






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






17. The wholesale cost of goods plus the markup






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






19. Convert 14% to a fraction






20. What does percent mean?






21. Convert 3 to a percent






22. 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)






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






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






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






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






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






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






29. total fixed costs/ selling price-variable cost






30. Convert 20 to a percent






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






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






33. 1. develop a vision statement for the company - 2. scan the internal and external environments - 3. determine issues critical to the company - 4. select the problem to be solved - 5. determine the specific strategy to achieve the solution - 6. identi






34. Two equivalent ratios joined by an equal sign.






35. Alignment of the decimals is not important






36. 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%






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






38. Liabilities - capital - income






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






40. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$






41. 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






42. Convert 70/100 to a percent






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






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






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






46. (Retail - Cost)/ Retail






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






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






49. 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)






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