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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. current assets/ current liabilities






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






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






4. total fixed costs/ selling price-variable cost






5. 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






6. Convert 10/11 to a percent






7. 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






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






9. A/b






10. Net Sales for period/ Avg Stock for period






11. 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?






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






13. Convert 20 to a percent






14. Gross Margin/ Average Inventory Cost






15. 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






16. A/b - c/b = a-c/b






17. $ retail x (100%-markup)






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






19. He availability of your money is called _.






20. 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%






21. Outside numbers in a ratio.






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






23. Assets - cost of goods sold - expenses






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






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






26. accounts receivable/ average daily sales






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






28. Convert 65% to a decimal






29. Convert .4 to a percent






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






31. The point at which you stop losing money.






32. 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






33. Convert 50% to a fraction






34. Total Net Sales / Total Number of Transactions






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






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






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






38. 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






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






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






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






42. Convert 1.25 to a percent






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






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






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






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






47. Advertising - bad debt expense - conributions and donations - depreciation - educational expense - insurance - interest expense - licenses - office supplies - postage - rent - repairs - salaries and wages - supplies - taxes - travel and transportatio






48. Beginning inventory + Purchases - Ending inventory






49. 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?






50. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods