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






2. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price






3. accounts receivable/ average daily sales






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






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






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






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






8. Convert .36 to a percent






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






10. The point at which you stop losing money.






11. A/b






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






14. Liabilities - capital - income






15. cash + receivables/ current liabilities.






16. Convert 1.25 to a percent






17. 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






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






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






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






21. Use compliments - Step 1 Find compliments 25% = 100-25%= 75% - 10%= 90% - 10%=90% Step 2 Multiple Compliments 75%x90%x90% .75x.90x.90= .6075 Step 3 Convert to Percentage .6075= 60.75% Step 4 Compliment it 100%-60.75%= 39.35%






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






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






24. He availability of your money is called _.






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






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






27. Assets - cost of goods sold - expenses






28. Alignment of the decimals is not important






29. What does percent mean?






30. 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)






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






32. 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






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






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






35. 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?






36. Wholesale cost






37. 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?






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






39. Turning assets into cash.






40. current assets/ current liabilities






41. X=S*[1/(1+r)^n] Where: S=the sum to be received after n time periods X=the present value of that sum r=the rate of return (as a proportion) n=the number of time periods - r - rate - is sometimes called cost of capital






42. Convert 1/4 to a percent






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






44. Original retail price - Lower retail price






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






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






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






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






49. A/b






50. Beginning inventory + Purchases - Ending inventory