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






2. Original retail price - Lower retail price






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






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






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






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






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






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






9. Total Net Sales / Total Number of Transactions






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






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






12. Convert 20 to a percent






13. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...






14. total fixed costs/ selling price-variable cost






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






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






17. Wholesale cost






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






19. Convert 50% to a fraction






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






21. Gross Margin/ Average Inventory Cost






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






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






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






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






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






27. Inside numbers in a ratio.






28. Convert 70% to a decimal






29. 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






30. 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?






31. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16






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






33. Net Sales for period/ Avg Stock for period






34. Net Sales / Average Retail Value of Inventory






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






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






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






38. 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?






39. What is the product of 3.26 and 0.4?






40. Convert .36 to a percent






41. 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?






42. Another way of counting part of a whole?






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






44. Assets - cost of goods sold - expenses






45. Beginning inventory + Purchases - Ending inventory






46. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30






47. BOM $ Stock/ Sales for period






48. The wholesale cost of goods plus the markup






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






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







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