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






2. $ retail x (100%-markup)






3. Inside numbers in a ratio.






4. Convert 20 to a percent






5. What does percent mean?






6. Convert 65% to a decimal






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






8. cash + receivables/ current liabilities.






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






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






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






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






13. Convert 14% to a fraction






14. A/b






15. Alignment of the decimals is not important






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






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






18. Convert 70% to a decimal






19. Total Net Sales / Total Number of Transactions






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






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






22. Liabilities - capital - income






23. current assets/ current liabilities






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






25. Two equivalent ratios joined by an equal sign.






26. 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.






27. Net Sales for period/ Avg Stock for period






28. Turning assets into cash.






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






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






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






32. IRR=1 + [(NPV1/NPV1-NPV2)(2-1)]% Where: 1=one interest rate 2=the other NPV1=the NPV at rate 1 NPV2=the NPV at rate 2 (NPV = Net Present Value)






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






34. The point at which you stop losing money.






35. Convert .36 to a percent






36. 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






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






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






39. Cash or assets that can quickly be converted into cash.






40. accounts receivable/ average daily sales






41. The wholesale cost of goods plus the markup






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






43. Convert .4 to a percent






44. Overage$ = book$ - physical count$; overage% = overage$/NS$






45. Sales - cost of goods sold






46. Outside numbers in a ratio.






47. Convert 1.25 to a percent






48. Convert 50% to a fraction






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






50. Convert 41/100 to a percent