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 to obvious but it re-enforces your understanding as you take the test each time.
1. accounts receivable/ average daily sales






2. 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%






3. Rose borrowed money to buy a ring priced at $420. When she repaid the loan at the end of 3 months - the interest charge was $31.50. What was the rate of interest?






4. What is the product of 3.26 and 0.4?






5. 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)






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






7. Convert .36 to a percent






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






9. Liabilities - capital - income






10. Total Net Sales / Total Number of Transactions






11. cash + receivables/ current liabilities.






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






13. Convert 41/100 to a percent






14. 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%






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






16. Original retail price - Lower retail price






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






18. $ RETAIL X (100 - GM %) / 100






19. Convert 56% to a decimal






20. The wholesale cost of goods plus the markup






21. Net Sales / Average Retail Value of Inventory






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






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






24. 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






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






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






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






28. What does percent mean?






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






30. Convert 70% to a decimal






31. 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.






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






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






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






35. Turning assets into cash.






36. Convert 80% to a fraction






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






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






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






40. The point at which you stop losing money.






41. Convert 14% to a fraction






42. Convert 70/100 to a percent






43. 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






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






45. Convert .4 to a percent






46. total fixed costs/ selling price-variable cost






47. Convert 50% to a fraction






48. A team won 16 games and lost 9 games. What percent of games did the team lose?






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






50. Outside numbers in a ratio.