Test your basic knowledge |

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






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






3. A/b






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. 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)






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






8. cost of an item expressed per unit of measure or count.






9. Convert 65% to a decimal






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






11. 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%






12. current assets/ current liabilities






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






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






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






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






17. 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






18. Convert 41/100 to a percent






19. Convert 70/100 to a percent






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






22. Convert 20 to a percent






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






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






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






26. $ retail x (100%-markup)






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






28. Beginning inventory + Purchases - Ending inventory






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






30. Convert 10/11 to a percent






31. The point at which you stop losing money.






32. Net Sales / Average Retail Value of Inventory






33. 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)






34. Convert 14% to a fraction






35. 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






36. cash + receivables/ current liabilities.






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. Convert 3 to a percent






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






41. Convert 56% to a decimal






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






43. 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






44. Convert 1/4 to a percent






45. He availability of your money is called _.






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






47. What is the product of 3.26 and 0.4?






48. 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






49. 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






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