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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. Two equivalent ratios joined by an equal sign.






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






3. Gross Margin/ Average Inventory Cost






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






5. Convert 56% to a decimal






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






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






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






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






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






11. Convert 50% to a fraction






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






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






14. Alignment of the decimals is not important






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






16. accounts receivable/ average daily sales






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






18. Beginning inventory + Purchases - Ending inventory






19. 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?






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






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






22. 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)






23. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)






24. BOM $ Stock/ Sales for period






25. $ retail x (100%-markup)






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






27. Inside numbers in a ratio.






28. 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.






29. The wholesale cost of goods plus the markup






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






31. 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...






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






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






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






35. Net Sales for period/ Avg Stock for period






36. Total Net Sales / Total Number of Transactions






37. 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






38. Outside numbers in a ratio.






39. Convert 3 to a percent






40. Wholesale cost






41. Convert 20 to a percent






42. Turning assets into cash.






43. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






44. 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)






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






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






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






48. (Retail - Cost)/ Retail






49. Convert .62 to a percent






50. current assets/ current liabilities







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