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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 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






2. Direct labor - factory overhead - merchandise inventory - packaging - raw material






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






4. Wholesale cost






5. Convert 65% to a decimal






6. Alignment of the decimals is not important






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






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






10. 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






11. total fixed costs/ selling price-variable cost






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






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






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






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






16. Convert 56% to a decimal






17. Convert 80% to a fraction






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






19. 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?






20. Beginning inventory + Purchases - Ending inventory






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






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






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






24. Convert .62 to a percent






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






26. 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?






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






28. total annual sales/365






29. Gross Margin/ Average Inventory Cost






30. The average car will lose _% of its value in the first 4 years.






31. Convert 1/4 to a percent






32. What does percent mean?






33. 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






34. A/b






35. 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)






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






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






38. 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.






39. 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?






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






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






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






43. Net Sales / Average Retail Value of Inventory






44. Turning assets into cash.






45. Original retail price - Lower retail price






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






47. Formula: GM = NS - COG; GM$ = NS$ X GM%






48. Convert 70% to a decimal






49. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






50. $ Cost x (100 + Mark-up %) / 100