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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. Assets - cost of goods sold - expenses






2. 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






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






4. 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






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






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






7. Net Sales / Average Retail Value of Inventory






8. 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)






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






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






11. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour






12. Convert 50% to a fraction






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






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






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






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






17. Convert 80% to a fraction






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






19. 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%






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. The wholesale cost of goods plus the markup






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






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






24. 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?






25. cash + receivables/ current liabilities.






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






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






28. Wholesale cost






29. Beginning inventory + Purchases - Ending inventory






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






31. Convert 1/4 to a percent






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






33. The point at which you stop losing money.






34. Convert 70/100 to a percent






35. BOM $ Stock/ Sales for period






36. Convert .4 to a percent






37. total annual sales/365






38. A/b






39. Rose borrowed money to buy a ring priced at $420. When she repaid the loan at the end of 3 months - the interest charge was $31.50. What was the rate of interest?






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






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






42. Convert .36 to a percent






43. 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...






44. Convert 70% to a decimal






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






46. Sales - cost of goods sold






47. Original retail price - Lower retail price






48. Convert 41/100 to a percent






49. Another way of counting part of a whole?






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