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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. 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






2. What does percent mean?






3. total annual sales/365






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






5. Convert 80% to a fraction






6. 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






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






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






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. accounts receivable/ average daily sales






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






12. 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






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






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






15. Convert 3 to a percent






16. Convert .62 to a percent






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






18. Convert 20 to a percent






19. Convert 10/11 to a percent






20. Sales - cost of goods sold






21. Convert 56% to a decimal






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






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






24. Convert .4 to a percent






25. The point at which you stop losing money.






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






27. current assets/ current liabilities






28. Two equivalent ratios joined by an equal sign.






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






30. BOM $ Stock/ Sales for period






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






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






33. Convert .36 to a percent






34. Turning assets into cash.






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






36. Outside numbers in a ratio.






37. Gross Margin/ Average Inventory Cost






38. 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






39. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory






40. total fixed costs/ selling price-variable cost






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






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






44. 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?






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






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






47. cash + receivables/ current liabilities.






48. 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?






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






50. $ retail x (100%-markup)







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Can you answer 50 questions in 15 minutes?


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