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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 does percent mean?






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






3. Convert 70/100 to a percent






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






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






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






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






8. The recommended house payment should be no more than _% of your monthly take-home pay.






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






10. Turning assets into cash.






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






12. Liabilities - capital - income






13. Alignment of the decimals is not important






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






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






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






17. A/b






18. 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






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. 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






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






22. Convert 20 to a percent






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






24. 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.






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






26. total fixed costs/ selling price-variable cost






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






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






29. 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






30. Outside numbers in a ratio.






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






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






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






34. Assets - cost of goods sold - expenses






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






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






37. total annual sales/365






38. Beginning inventory + Purchases - Ending inventory






39. A/b






40. The cost of moving from the vendor's warehouse (loading dock) to the retail warehouse or store (loading dock) - may also include insurance to cover the merchandise while in transit






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






42. Another way of counting part of a whole?






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






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






45. Convert 70% to a decimal






46. Convert 14% to a fraction






47. Original retail price - Lower retail price






48. Convert 80% to a fraction






49. (Retail - Cost)/ Retail






50. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods