## Test your basic knowledge |

# 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. Sales - cost of goods sold**

**2. Convert 3 to a percent**

**3. 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?**

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

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

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

**7. 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**

**8. He availability of your money is called _.**

**9. BOM $ Stock/ Sales for period**

**10. Convert .36 to a percent**

**11. The wholesale cost of goods plus the markup**

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

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

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

**15. total fixed costs/ selling price-variable cost**

**16. accounts receivable/ average daily sales**

**17. $ retail x (100%-markup)**

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

**19. Convert 80% to a fraction**

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

**21. Convert 14% to a fraction**

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

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

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

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

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

**27. Another way of counting part of a whole?**

**28. What does percent mean?**

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

**30. 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?**

**31. A/b + c/b = (a+c)/b**

**32. Assets - cost of goods sold - expenses**

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

**34. 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.**

**35. Net Sales for period/ Avg Stock for period**

**36. 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?**

**37. Units Sold/ (Units Sold + On Hand Inventory)**

**38. Convert 41/100 to a percent**

**39. A/b - c/b = a-c/b**

**40. Original retail price - Lower retail price**

**41. Direct labor - factory overhead - merchandise inventory - packaging - raw material**

**42. 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...**

**43. Alignment of the decimals is not important**

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

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

**47. Convert 65% to a decimal**

**48. 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%**

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

**50. Convert .62 to a percent**