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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. current assets/ current liabilities






2. What does percent mean?






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






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






5. 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






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






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






8. Alignment of the decimals is not important






9. 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?






10. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






11. 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






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






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






14. 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)






15. Convert .62 to a percent






16. Convert 20 to a percent






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






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






19. Two equivalent ratios joined by an equal sign.






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






21. 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)






22. Inside numbers in a ratio.






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






24. (Retail - Cost)/ Retail






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






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. Net Sales / Average Retail Value of Inventory






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






29. A/b






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






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






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






33. Wholesale cost






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






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






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






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






38. Convert 1.25 to a percent






39. Convert 50% to a fraction






40. Convert 14% to a fraction






41. Net Sales for period/ Avg Stock for period






42. Convert 70% to a decimal






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






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






45. 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






46. Sales - cost of goods sold






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






48. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses






49. Convert 1/4 to a percent






50. ($ Retail x 100 / COST) - 100