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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^m/a^n = a^(m-n)






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






3. 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






4. Convert 70/100 to a percent






5. 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






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






7. Convert 80% to a fraction






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






9. He availability of your money is called _.






10. Turning assets into cash.






11. 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






12. 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?






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






14. Convert .4 to a percent






15. Convert 3 to a percent






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






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






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






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






20. 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






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






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






23. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30






24. Convert 14% to a fraction






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






26. What is the product of 3.26 and 0.4?






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






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






29. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8






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






31. 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%






32. A/b






33. 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






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






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






36. Outside numbers in a ratio.






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






38. 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)






39. BOM $ Stock/ Sales for period






40. 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.






41. Convert 70% to a decimal






42. 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...






43. Original retail price - Lower retail price






44. cash + receivables/ current liabilities.






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






46. Convert 41/100 to a percent






47. Convert 1/4 to a percent






48. accounts receivable/ average daily sales






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






50. current assets/ current liabilities