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 obvious, but you will see it re-enforces your understanding as you take the test each time.
1. What happens when your expenses - etc. are higher than your sales






2. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






4. Outside numbers in a ratio.






5. current assets/ current liabilities






6. Inside numbers in a ratio.






7. A/b






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






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






10. Convert 56% to a decimal






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






12. Convert 65% to a decimal






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






14. 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)






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






16. Assets - cost of goods sold - expenses






17. Convert 70% to a decimal






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






19. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16






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






21. Liabilities - capital - income






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






23. The wholesale cost of goods plus the markup






24. Sales - cost of goods sold






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






26. 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






27. Convert 10/11 to a percent






28. 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






29. 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?






30. 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






31. cash + receivables/ current liabilities.






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






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






34. Wholesale cost






35. Convert 1.25 to a percent






36. Net Sales / Average Retail Value of Inventory






37. Beginning inventory + Purchases - Ending inventory






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






39. 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?






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






41. Convert .62 to a percent






42. accounts receivable/ average daily sales






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






44. Convert 41/100 to a percent






45. Total Net Sales / Total Number of Transactions






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






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






48. He availability of your money is called _.






49. 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






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