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






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






3. 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






4. Net Sales / Average Retail Value of Inventory






5. Net Sales for period/ Avg Stock for period






6. Convert 70/100 to a percent






7. 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






8. The average person will have _ jobs in their lifetime.






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. A/b






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






12. 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?






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






14. The wholesale cost of goods plus the markup






15. 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)






16. Convert 80% to a fraction






17. $ retail x (100%-markup)






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






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






20. A measure of the number of days needed to collect accounts receivable.






21. Liabilities - capital - income






22. 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






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






24. The point at which you stop losing money.






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






26. 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)






27. To take advantage of the 6% cash discount - a retailer made a $2 -000 partial payment during the discount period. How much was the retailer credited for the $2 -000 partial payment?






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






29. Convert 50% to a fraction






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






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






32. Convert .4 to a percent






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






34. Convert 70% to a decimal






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






36. Convert 65% to a decimal






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






38. BOM $ Stock/ Sales for period






39. Cash on delivery; this dating is used when the vendor does not know the retailer or the retailer does not have a strong line of credit






40. accounts receivable/ average daily sales






41. 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






42. Convert 10/11 to a percent






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






44. Alignment of the decimals is not important






45. Inside numbers in a ratio.






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






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






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






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






50. He availability of your money is called _.