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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. A/b






2. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring






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






4. 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...






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






6. A/b






7. Assets - cost of goods sold - expenses






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






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






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






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






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






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






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






15. 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%






16. $ Cost/ (100%-markup%)






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






18. 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%






19. Sales - cost of goods sold






20. accounts receivable/ average daily sales






21. 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






22. 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)






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






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






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






26. Convert 70/100 to a percent






27. Beginning inventory + Purchases - Ending inventory






28. Convert 50% to a fraction






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






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






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






32. ($ Retail x 100 / COST) - 100






33. Convert .62 to a percent






34. He availability of your money is called _.






35. cash + receivables/ current liabilities.






36. % of 90 days same as cash convert to payments.






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






38. 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)






39. Liabilities - capital - income






40. Convert 80% to a fraction






41. Two equivalent ratios joined by an equal sign.






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






43. The wholesale cost of goods plus the markup






44. total fixed costs/ selling price-variable cost






45. Convert 20 to a percent






46. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






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






49. Convert 3 to a percent






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