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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. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33






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






4. Convert .62 to a percent






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






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






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






9. Two equivalent ratios joined by an equal sign.






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






11. Formula: GM = NS - COG; GM$ = NS$ X GM%






12. Wholesale cost






13. total annual sales/365






14. Convert .36 to a percent






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






16. The wholesale cost of goods plus the markup






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






18. 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






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






20. cost of an item expressed per unit of measure or count.






21. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)






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






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






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






25. Convert 70% to a decimal






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






27. Original retail price - Lower retail price






28. Convert .4 to a percent






29. Convert 1/4 to a percent






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






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






32. He availability of your money is called _.






33. 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?






34. 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






35. Gross Margin/ Average Inventory Cost






36. Convert 3 to a percent






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






38. 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)






39. accounts receivable/ average daily sales






40. 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...






41. Alignment of the decimals is not important






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






43. Commissions - fees for service - merchandise sales - rental income - royalties






44. Beginning inventory + Purchases - Ending inventory






45. What does percent mean?






46. 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?






47. 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)






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






49. Turning assets into cash.






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%