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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. 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






2. 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






3. 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)






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






5. Outside numbers in a ratio.






6. Total Net Sales / Total Number of Transactions






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






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






9. Convert 70% to a decimal






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






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






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






13. 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






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






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






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






18. Convert 1/4 to a percent






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






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






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






22. Liabilities - capital - income






23. Turning assets into cash.






24. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33






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






26. What is the product of 3.26 and 0.4?






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






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






29. The point at which you stop losing money.






30. $ retail x (100%-markup)






31. 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%






32. Beginning inventory + Purchases - Ending inventory






33. Convert 41/100 to a percent






34. Net Sales / Average Retail Value of Inventory






35. Gross Margin/ Average Inventory Cost






36. 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)






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






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






39. total annual sales/365






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






41. Convert .62 to a percent






42. Convert 3 to a percent






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






44. 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






45. cash + receivables/ current liabilities.






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






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






48. Convert 70/100 to a percent






49. 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?






50. Net Sales for period/ Avg Stock for period