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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. Net Sales / Average Retail Value of Inventory






2. 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?






3. 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%






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






5. total fixed costs/ selling price-variable cost






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






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






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






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






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






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






12. Convert 50% to a fraction






13. Original retail price - Lower retail price






14. Beginning inventory + Purchases - Ending inventory






15. Convert 3 to a percent






16. Convert 14% to a fraction






17. 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?






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






19. Convert 10/11 to a percent






20. Gross Margin/ Average Inventory Cost






21. Another way of counting part of a whole?






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. BOM $ Stock/ Sales for period






24. Assets - cost of goods sold - expenses






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






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






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






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






29. cash + receivables/ current liabilities.






30. 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






31. End of month; dating starts with the end of the month and the invoice is to be paid within the specified number of days after the end of the month in which goods are invoiced; ex: 8/10 EOM - n/90






32. Convert 20 to a percent






33. 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






34. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






35. $ retail x (100%-markup)






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






37. 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)






38. accounts receivable/ average daily sales






39. What is the product of 3.26 and 0.4?






40. Inside numbers in a ratio.






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






42. A/b + c/b = (a+c)/b






43. Liabilities - capital - income






44. Convert .36 to a percent






45. Convert 56% to a decimal






46. 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.






47. Direct labor - factory overhead - merchandise inventory - packaging - raw material






48. (Retail - Cost)/ Retail






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






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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