## Test your basic knowledge |

# 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. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit**

**2. Convert .62 to a percent**

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

**4. Units Sold/ (Units Sold + On Hand Inventory)**

**5. Convert 41/100 to a percent**

**6. 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)**

**7. Cash or assets that can quickly be converted into cash.**

**8. The point at which you stop losing money.**

**9. (TY-LY)/ LY or (Plan-Actual)/**

**10. A team won 16 games and lost 9 games. What percent of games did the team lose?**

**11. 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**

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

**13. Convert 70/100 to a percent**

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

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

**16. total fixed costs/ selling price-variable cost**

**17. Convert 14% to a fraction**

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

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

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

**21. 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?**

**22. 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%**

**23. ($ Retail x 100 / COST) - 100**

**24. cost of an item expressed per unit of measure or count.**

**25. Convert 50% to a fraction**

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

**27. Convert .36 to a percent**

**28. Inside numbers in a ratio.**

**29. What does percent mean?**

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

**31. A/b - c/b = a-c/b**

**32. Liabilities - capital - income**

**33. $ retail x (100%-markup)**

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

**35. The wholesale cost of goods plus the markup**

**36. Beginning inventory + Purchases - Ending inventory**

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

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

**39. Convert 3 to a percent**

**40. Total Net Sales / Total Number of Transactions**

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

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

**43. He availability of your money is called _.**

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

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

**46. Convert 80% to a fraction**

**47. Turning assets into cash.**

**48. 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**

**49. Convert 1/4 to a percent**

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