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






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






3. A/b






4. Convert 70% to a decimal






5. 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






6. 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?






7. cash + receivables/ current liabilities.






8. Gross Margin/ Average Inventory Cost






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






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






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






12. 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)






13. 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






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






15. 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.






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






17. 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






18. What is the product of 3.26 and 0.4?






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






20. Two equivalent ratios joined by an equal sign.






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






22. Alignment of the decimals is not important






23. Original retail price - Lower retail price






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






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






26. 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






27. Convert .4 to a percent






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






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






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






31. Convert 1.25 to a percent






32. Total Net Sales / Total Number of Transactions






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






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






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






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






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






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






39. current assets/ current liabilities






40. $ retail x (100%-markup)






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. 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...






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






44. Convert 41/100 to a percent






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






46. Convert 56% to a decimal






47. Convert 20 to a percent






48. Assets - cost of goods sold - expenses






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






50. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33