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






2. What does percent mean?






3. Sales - cost of goods sold






4. 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)






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






6. Convert .62 to a percent






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






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






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






10. Convert .4 to a percent






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






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






13. Liabilities - capital - income






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






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






16. Original retail price - Lower retail price






17. 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)






18. Gross Margin/ Average Inventory Cost






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






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






21. The cost of moving from the vendor's warehouse (loading dock) to the retail warehouse or store (loading dock) - may also include insurance to cover the merchandise while in transit






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






23. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30






24. $ retail x (100%-markup)






25. Convert 65% to a decimal






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






27. 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






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






29. accounts receivable/ average daily sales






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






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






32. Convert 56% to a decimal






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






34. 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)






35. Convert 14% to a fraction






36. (Retail - Cost)/ Retail






37. Wholesale cost






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






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






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






41. 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






42. current assets/ current liabilities






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






44. 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






45. 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%






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. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)






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






49. Assets - cost of goods sold - expenses






50. Another way of counting part of a whole?