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






2. 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%






3. Wholesale cost






4. The point at which you stop losing money.






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






6. Convert 70% to a decimal






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






8. 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






9. 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%






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






11. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles






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






13. Assets - cost of goods sold - expenses






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






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






16. The wholesale cost of goods plus the markup






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






18. 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)






19. Convert 10/11 to a percent






20. 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






21. 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)






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






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






24. Net Sales / Average Retail Value of Inventory






25. Inside numbers in a ratio.






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






27. 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?






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






29. Convert .36 to a percent






30. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






32. Convert 1.25 to a percent






33. Capital stock - owner's equity (owner's funds invested in the business)






34. Outside numbers in a ratio.






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






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






37. Turning assets into cash.






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






39. Convert 56% to a decimal






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. He availability of your money is called _.






42. total fixed costs/ selling price-variable cost






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






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






45. accounts receivable/ average daily sales






46. Convert 80% to a fraction






47. 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






48. Gross Margin/ Average Inventory Cost






49. What is the product of 3.26 and 0.4?






50. 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.