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






2. Convert .36 to a percent






3. 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






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






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






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






7. Cash on delivery; this dating is used when the vendor does not know the retailer or the retailer does not have a strong line of credit






8. Gross Margin/ Average Inventory Cost






9. A/b + c/b = (a+c)/b






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






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






12. BOM $ Stock/ Sales for period






13. total annual sales/365






14. 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?






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






16. Convert 80% to a fraction






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






18. current assets/ current liabilities






19. Convert 65% to a decimal






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






21. Convert 70/100 to a percent






22. A formal document that is used for a variety of functions within a retail business; it provides a big picture look at the succinct expression of the sales - markup - and profit for a business






23. Convert .4 to a percent






24. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33






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






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






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






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






29. When sales plans are underestimated and the stock purchases result in a low inventory






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






31. Inside numbers in a ratio.






32. 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)






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






34. Convert 56% to a decimal






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






36. He availability of your money is called _.






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






38. Two equivalent ratios joined by an equal sign.






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






40. A form of closed-end credit used for purchasing durable goods such as cars






41. Convert 1.25 to a percent






42. 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)






43. Assets - cost of goods sold - expenses






44. accounts receivable/ average daily sales






45. 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






46. Outside numbers in a ratio.






47. 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






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






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






50. Convert 20 to a percent