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






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






3. 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%






4. Beginning inventory + Purchases - Ending inventory






5. Two equivalent ratios joined by an equal sign.






6. 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.






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






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






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






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






11. Outside numbers in a ratio.






12. Convert 1/4 to a percent






13. Gross Margin/ Average Inventory Cost






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






15. What does percent mean?






16. 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)






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






18. Convert 10/11 to a percent






19. The wholesale cost of goods plus the markup






20. A/b






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






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






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






24. Convert 41/100 to a percent






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






26. Convert 14% to a fraction






27. Convert .36 to a percent






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






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






30. He availability of your money is called _.






31. 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






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






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






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






35. 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?






36. The average car will lose _% of its value in the first 4 years.






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






38. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






40. 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






41. Total Net Sales / Total Number of Transactions






42. 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






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






44. Convert 70% to a decimal






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






46. 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)






47. (Retail - Cost)/ Retail






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






49. Convert 3 to a percent






50. What is the product of 3.26 and 0.4?