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






2. Convert 70/100 to a percent






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






4. BOM $ Stock/ Sales for period






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






6. total annual sales/365






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






8. Inside numbers in a ratio.






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






10. Convert 65% to a decimal






11. 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)






12. current assets/ current liabilities






13. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






14. 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






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






16. What is the product of 3.26 and 0.4?






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






18. Net Sales for period/ Avg Stock for period






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






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






21. 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?






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






23. He availability of your money is called _.






24. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8






25. 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






26. Alignment of the decimals is not important






27. 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)






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






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






30. A/b






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






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






33. 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






34. Total Net Sales / Total Number of Transactions






35. The point at which you stop losing money.






36. 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






37. Convert 14% to a fraction






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






39. 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)






40. Two equivalent ratios joined by an equal sign.






41. Outside numbers in a ratio.






42. Net Sales / Average Retail Value of Inventory






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






44. Convert .62 to a percent






45. Convert .36 to a percent






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






47. 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%






48. Convert 20 to a percent






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






50. $ retail x (100%-markup)