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






2. Inside numbers in a ratio.






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






4. Convert 20 to a percent






5. Loss of items due to damaged goods - stealing - etc.






6. Convert .62 to a percent






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






8. Convert 1.25 to a percent






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






10. 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






11. 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?






12. 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?






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






14. Gross Margin/ Average Inventory Cost






15. Total Net Sales / Total Number of Transactions






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






17. 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)






18. Convert 70/100 to a percent






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






20. Turning assets into cash.






21. Net Sales / Average Retail Value of Inventory






22. Convert .36 to a percent






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






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






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






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






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






28. Convert 14% to a fraction






29. BOM $ Stock/ Sales for period






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






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






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






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






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






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






36. Assets - cost of goods sold - expenses






37. (Retail - Cost)/ Retail






38. 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






39. He availability of your money is called _.






40. total fixed costs/ selling price-variable cost






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






42. total annual sales/365






43. $ retail x (100%-markup)






44. Convert 1/4 to a percent






45. A/b - c/b = a-c/b






46. The wholesale cost of goods plus the markup






47. Sales - cost of goods sold






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






49. Convert 3 to a percent






50. 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.