Test your basic knowledge |

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. current assets/ current liabilities






2. Inside numbers in a ratio.






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






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






5. A/b






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






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






8. Convert 70% to a decimal






9. Convert 65% to a decimal






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






11. 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






12. 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)






13. A/b






14. Turning assets into cash.






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






16. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.






17. Total Net Sales / Total Number of Transactions






18. Gross Margin/ Average Inventory Cost






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






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






21. 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.






22. Convert 41/100 to a percent






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






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






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






26. 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






27. Use compliments - Step 1 Find compliments 25% = 100-25%= 75% - 10%= 90% - 10%=90% Step 2 Multiple Compliments 75%x90%x90% .75x.90x.90= .6075 Step 3 Convert to Percentage .6075= 60.75% Step 4 Compliment it 100%-60.75%= 39.35%






28. S=X(1+r1)^y(1+r






29. Convert 14% to a fraction






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






31. Original retail price - Lower retail price






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






33. Another way of counting part of a whole?






34. Convert 10/11 to a percent






35. Convert .62 to a percent






36. Convert 1.25 to a percent






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






38. Net Sales / Average Retail Value of Inventory






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






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






41. 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?






42. (Retail - Cost)/ Retail






43. Convert .36 to a percent






44. 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






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






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






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






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






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






50. BOM $ Stock/ Sales for period