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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. ($ Retail x 100 / COST) - 100






2. Convert 20 to a percent






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






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






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






6. A/b + c/b = (a+c)/b






7. total annual sales/365






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






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






10. Convert 70% to a decimal






11. 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






12. Convert .4 to a percent






13. Outside numbers in a ratio.






14. Convert 41/100 to a percent






15. Net Sales / Average Retail Value of Inventory






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






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






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






19. Total Net Sales / Total Number of Transactions






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






21. Alignment of the decimals is not important






22. Convert 80% to a fraction






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






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






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






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






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






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






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






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






31. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






32. Wholesale cost






33. Beginning inventory + Purchases - Ending inventory






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






35. A/b






36. 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?






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






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






39. What is the product of 3.26 and 0.4?






40. Sales - cost of goods sold






41. Convert 70/100 to a percent






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






44. 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)






45. Convert 10/11 to a percent






46. accounts receivable/ average daily sales






47. $ retail x (100%-markup)






48. 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






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






50. 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)