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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. 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






2. 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)






3. The wholesale cost of goods plus the markup






4. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses






5. A/b






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






7. 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)






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






9. GMROII = GM% x (Sales / Average Value of Inventory)






10. The average car will lose _% of its value in the first 4 years.






11. Total Net Sales / Total Number of Transactions






12. If freight is to be paid by the seller - the shipping terms are...






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






14. 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






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






16. 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...






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






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






19. 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






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






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






22. 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






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






24. Convert .4 to a percent






25. Beginning inventory + Purchases - Ending inventory






26. Sales - cost of goods sold






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






28. Convert 10/11 to a percent






29. current assets/ current liabilities






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






31. Outside numbers in a ratio.






32. Turning assets into cash.






33. Convert 1/4 to a percent






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






35. Convert 70% to a decimal






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






37. $ retail x (100%-markup)






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






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






40. Convert 1.25 to a percent






41. Convert 14% to a fraction






42. cash + receivables/ current liabilities.






43. total fixed costs/ selling price-variable cost






44. Net Sales for period/ Avg Stock for period






45. Convert 20 to a percent






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






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






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






49. total annual sales/365






50. Gross Margin/ Average Inventory Cost