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






2. Net Sales for period/ Avg Stock for period






3. Convert 20 to a percent






4. Convert 65% to a decimal






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






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






7. Convert .62 to a percent






8. cash + receivables/ current liabilities.






9. $ retail x (100%-markup)






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






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






12. (Retail - Cost)/ Retail






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






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






15. % of 90 days same as cash convert to payments.






16. Net Sales / Average Retail Value of Inventory






17. 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...






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






19. Actual retail sales; the retail price at which one tiem is sold is combined with the retail prices of all the items that are sold to become the net sales amount.






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






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






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






23. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






24. Alignment of the decimals is not important






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






26. A^m/a^n = a^(m-n)






27. Convert 41/100 to a percent






28. The wholesale cost of goods plus the markup






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






30. 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?






31. 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






32. total fixed costs/ selling price-variable cost






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






34. Total Net Sales / Total Number of Transactions






35. Convert 70% to a decimal






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






37. Turning assets into cash.






38. 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






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






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






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






42. What does percent mean?






43. Convert 1.25 to a percent






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






45. Overage$ = book$ - physical count$; overage% = overage$/NS$






46. Another way of counting part of a whole?






47. 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






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






49. 1. develop a vision statement for the company - 2. scan the internal and external environments - 3. determine issues critical to the company - 4. select the problem to be solved - 5. determine the specific strategy to achieve the solution - 6. identi






50. Liabilities - capital - income