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






2. 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






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






4. Convert .4 to a percent






5. Convert 70/100 to a percent






6. Original retail price - Lower retail price






7. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)






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






9. 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






10. current assets/ current liabilities






11. What does percent mean?






12. 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?






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






14. Convert 1.25 to a percent






15. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






16. Total Net Sales / Total Number of Transactions






17. total annual sales/365






18. 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?






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






20. 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)






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






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






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






24. 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






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






26. Assets - cost of goods sold - expenses






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






28. Beginning inventory + Purchases - Ending inventory






29. accounts receivable/ average daily sales






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






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






32. Convert 1/4 to a percent






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






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






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






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






37. 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






38. $ retail x (100%-markup)






39. Convert .36 to a percent






40. 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






41. Sales - cost of goods sold






42. Net Sales for period/ Avg Stock for period






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






44. Outside numbers in a ratio.






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






46. Convert .62 to a percent






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






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






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






50. 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.