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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. Two equivalent ratios joined by an equal sign.






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






3. 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






4. Convert .4 to a percent






5. Convert 41/100 to a percent






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






7. $ retail x (100%-markup)






8. 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






9. Convert 80% to a fraction






10. Convert 3 to a percent






11. Outside numbers in a ratio.






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






13. Assets - cost of goods sold - expenses






14. accounts receivable/ average daily sales






15. Alignment of the decimals is not important






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






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






18. 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






19. Net Sales / Average Retail Value of Inventory






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






21. 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






22. (Retail - Cost)/ Retail






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






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






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






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






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






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






29. Wholesale cost






30. Convert 1/4 to a percent






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






33. Convert .62 to a percent






34. current assets/ current liabilities






35. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






36. 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?






37. Convert 70/100 to a percent






38. He availability of your money is called _.






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






40. 1. develop a vision statement for the company - 2. scan the internal and external environments - 3. determine issues critical to the company - 4. select the problem to be solved - 5. determine the specific strategy to achieve the solution - 6. identi






41. 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






42. 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%






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






44. Convert .36 to a percent






45. Convert 14% to a fraction






46. Convert 10/11 to a percent






47. Liabilities - capital - income






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






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






50. 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?