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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. BOM $ Stock/ Sales for period






2. 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






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. Another way of counting part of a whole?






5. 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...






6. What is the product of 3.26 and 0.4?






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






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






9. Outside numbers in a ratio.






10. A/b






11. Convert 1/4 to a percent






12. What does percent mean?






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






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






15. The wholesale cost of goods plus the markup






16. The point at which you stop losing money.






17. Beginning inventory + Purchases - Ending inventory






18. A form of closed-end credit used for purchasing durable goods such as cars






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






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






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






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






23. Two equivalent ratios joined by an equal sign.






24. 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)






25. The average person will have _ jobs in their lifetime.






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






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






28. 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)






29. Convert 50% to a fraction






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






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






32. total annual sales/365






33. He availability of your money is called _.






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






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






36. 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






37. Net Sales / Average Retail Value of Inventory






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






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






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






41. cash + receivables/ current liabilities.






42. 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






43. 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






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






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






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






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






48. Units Sold/ (Units Sold + On Hand Inventory)






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






50. Convert 1.25 to a percent