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






2. Sales - cost of goods sold






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






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






5. Outside numbers in a ratio.






6. Liabilities - capital - income






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






8. Convert .62 to a percent






9. Convert 14% to a fraction






10. The wholesale cost of goods plus the markup






11. What is the product of 3.26 and 0.4?






12. Net Sales for period/ Avg Stock for period






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






14. 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%






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






16. (Retail - Cost)/ Retail






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






18. Gross Margin/ Average Inventory Cost






19. Another way of counting part of a whole?






20. (TY-LY)/ LY or (Plan-Actual)/






21. 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






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






23. Convert 20 to a percent






24. A/b






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






26. What does percent mean?






27. accounts receivable/ average daily sales






28. Assets - cost of goods sold - expenses






29. Two equivalent ratios joined by an equal sign.






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






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






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






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






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






35. Convert 1/4 to a percent






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






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






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






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






40. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






41. Inside numbers in a ratio.






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






43. Wholesale cost






44. 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)






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






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






47. Beginning inventory + Purchases - Ending inventory






48. total annual sales/365






49. Convert 41/100 to a percent






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