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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. 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






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






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






4. Convert 65% to a decimal






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






6. 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?






7. 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?






8. Convert 14% to a fraction






9. Assets - cost of goods sold - expenses






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






11. current assets/ current liabilities






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






13. $ Cost/ (100%-markup%)






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






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






16. (Retail - Cost)/ Retail






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






18. A/b






19. Wholesale cost






20. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16






21. Convert .36 to a percent






22. Advertising - bad debt expense - conributions and donations - depreciation - educational expense - insurance - interest expense - licenses - office supplies - postage - rent - repairs - salaries and wages - supplies - taxes - travel and transportatio






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






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






25. Convert .4 to a percent






26. 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






27. The wholesale cost of goods plus the markup






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






29. Two equivalent ratios joined by an equal sign.






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






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






32. 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)






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






34. 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






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






36. Total Net Sales / Total Number of Transactions






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






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






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






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






41. He availability of your money is called _.






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






43. What is the product of 3.26 and 0.4?






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






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






46. 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.






47. Outside numbers in a ratio.






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






49. 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






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







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Can you answer 50 questions in 15 minutes?


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