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DSST Business Math

Instructions:
  • Answer 50 questions in 15 minutes.
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  • 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. 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






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






3. Beginning inventory + Purchases - Ending inventory






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






5. Convert 10/11 to a percent






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






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






8. Convert 80% to a fraction






9. A/b






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






11. 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?






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






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






14. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16






15. Convert 65% to a decimal






16. Convert 3 to a percent






17. Outside numbers in a ratio.






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






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






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






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






22. Convert 41/100 to a percent






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






24. Net Sales for period/ Avg Stock for period






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






26. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






27. The average car will lose _% of its value in the first 4 years.






28. 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.






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






30. (Retail - Cost)/ Retail






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






32. Assets - cost of goods sold - expenses






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






34. What does percent mean?






35. Convert 14% to a fraction






36. Wholesale cost






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






38. A/b






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






40. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses






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






42. What is the product of 3.26 and 0.4?






43. cash + receivables/ current liabilities.






44. 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






45. Convert 50% to a fraction






46. Convert .4 to a percent






47. total annual sales/365






48. total fixed costs/ selling price-variable cost






49. 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)






50. 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)







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