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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. total fixed costs/ selling price-variable cost






2. 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?






3. Net Sales / Average Retail Value of Inventory






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






5. accounts receivable/ average daily sales






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






7. Convert .4 to a percent






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






9. 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%






10. Convert 20 to a percent






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






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






13. Convert 65% to a decimal






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






15. Units Sold/ (Units Sold + On Hand Inventory)






16. What is the product of 3.26 and 0.4?






17. Outside numbers in a ratio.






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






19. 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%






20. A/b + c/b = (a+c)/b






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






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






23. Convert 80% to a fraction






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






25. Convert .62 to a percent






26. Convert 1/4 to a percent






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






28. The wholesale cost of goods plus the markup






29. 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)






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






31. Cash on delivery; this dating is used when the vendor does not know the retailer or the retailer does not have a strong line of credit






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






33. A/b






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






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






36. current assets/ current liabilities






37. Convert 14% to a fraction






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






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






40. Convert 70% to a decimal






41. Original retail price - Lower retail price






42. Two equivalent ratios joined by an equal sign.






43. 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






44. 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?






45. 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)






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






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






48. cash + receivables/ current liabilities.






49. $ retail x (100%-markup)






50. 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