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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. Convert 50% to a fraction






2. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






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






5. Convert 41/100 to a percent






6. Convert 1/4 to a percent






7. 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






8. accounts receivable/ average daily sales






9. 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.






10. The point at which you stop losing money.






11. 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






12. 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%






13. 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






14. total fixed costs/ selling price-variable cost






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






16. Convert .36 to a percent






17. 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)






18. The wholesale cost of an item (cost of goods - or COG)






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






20. A/b






21. 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)






22. 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






23. BOM $ Stock/ Sales for period






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






25. 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?






26. Inside numbers in a ratio.






27. 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...






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






29. 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






30. Wholesale cost






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






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






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






34. Convert 70% to a decimal






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






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






37. (Retail - Cost)/ Retail






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






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






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






41. Sales - cost of goods sold






42. 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






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






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






45. Another way of counting part of a whole?






46. Turning assets into cash.






47. 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






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






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






50. 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%