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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. 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






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






3. 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?






4. Assets - cost of goods sold - expenses






5. Outside numbers in a ratio.






6. 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






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






8. Original retail price - Lower retail price






9. 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%






10. Convert 70% to a decimal






11. $ retail x (100%-markup)






12. The wholesale cost of goods plus the markup






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






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






15. Total Net Sales / Total Number of Transactions






16. Convert 20 to a percent






17. Convert 41/100 to a percent






18. Turning assets into cash.






19. Convert 3 to a percent






20. 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






21. Convert 1/4 to a percent






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






23. Beginning inventory + Purchases - Ending inventory






24. A/b






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






26. 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






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






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






29. Sales - cost of goods sold






30. 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






31. A team won 16 games and lost 9 games. What percent of games did the team lose?






32. 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






33. He availability of your money is called _.






34. cash + receivables/ current liabilities.






35. Convert 65% to a decimal






36. Convert 70/100 to a percent






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






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






39. BOM $ Stock/ Sales for period






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






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






42. 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.






43. (Retail - Cost)/ Retail






44. 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






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






46. Convert 1.25 to a percent






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






48. 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)






49. Net Sales / Average Retail Value of Inventory






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