Test your basic knowledge |

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. $ Cost/ (100%-markup%)






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






4. The average car payment is $_ per month for _ months.






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






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






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






8. Convert 1.25 to a percent






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






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






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






12. cash + receivables/ current liabilities.






13. 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






14. Total Net Sales / Total Number of Transactions






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






16. Convert 56% to a decimal






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






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






19. 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?






20. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM






21. total fixed costs/ selling price-variable cost






22. 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.






23. What does percent mean?






24. A/b






25. Inside numbers in a ratio.






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






27. 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






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






29. total annual sales/365






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






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






32. The point at which you stop losing money.






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






34. accounts receivable/ average daily sales






35. 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%






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






37. 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






38. A form of closed-end credit used for purchasing durable goods such as cars






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






40. current assets/ current liabilities






41. What is the product of 3.26 and 0.4?






42. Commissions - fees for service - merchandise sales - rental income - royalties






43. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)






44. 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






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






46. Original retail price - Lower retail price






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






48. Convert 3 to a percent






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






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