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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. Two equivalent ratios joined by an equal sign.






2. X=S*[1/(1+r)^n] Where: S=the sum to be received after n time periods X=the present value of that sum r=the rate of return (as a proportion) n=the number of time periods - r - rate - is sometimes called cost of capital






3. Net Sales for period/ Avg Stock for period






4. cash + receivables/ current liabilities.






5. 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






6. Convert 70% to a decimal






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






8. 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






9. To take advantage of the 6% cash discount - a retailer made a $2 -000 partial payment during the discount period. How much was the retailer credited for the $2 -000 partial payment?






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






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






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






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






14. Beginning inventory + Purchases - Ending inventory






15. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






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






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






19. Convert .4 to a percent






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






21. current assets/ current liabilities






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






23. total fixed costs/ selling price-variable cost






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






25. Convert .62 to a percent






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






27. Convert .36 to a percent






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






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






30. accounts receivable/ average daily sales






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






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






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






34. Convert 1.25 to a percent






35. Convert 1/4 to a percent






36. 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






37. Convert 56% to a decimal






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






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






40. 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?






41. 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






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






43. What does percent mean?






44. Turning assets into cash.






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






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






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






48. A/b






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






50. Net Sales / Average Retail Value of Inventory