## 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. Two equivalent ratios joined by an equal sign.**

**2. A/b**

**3. (Retail - Cost)/ Retail**

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

**5. Assets - cost of goods sold - expenses**

**6. Alignment of the decimals is not important**

**7. A^m/a^n = a^(m-n)**

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

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

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

**11. Wholesale cost**

**12. Convert 10/11 to a percent**

**13. BOM $ Stock/ Sales for period**

**14. Direct labor - factory overhead - merchandise inventory - packaging - raw material**

**15. $ retail x (100%-markup)**

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

**17. 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**

**18. A/b - c/b = a-c/b**

**19. What is the product of 3.26 and 0.4?**

**20. cash + receivables/ current liabilities.**

**21. 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**

**22. current assets/ current liabilities**

**23. He availability of your money is called _.**

**24. Convert .62 to a percent**

**25. 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.**

**26. Convert 50% to a fraction**

**27. Net Sales / Average Retail Value of Inventory**

**28. Convert .4 to a percent**

**29. 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?**

**30. Convert 70/100 to a percent**

**31. A/b + c/b = (a+c)/b**

**32. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30**

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

**34. 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%**

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

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

**37. Convert 3 to a percent**

**38. Units Sold/ (Units Sold + On Hand Inventory)**

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

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

**41. 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?**

**42. $ RETAIL X (100 - GM %) / 100**

**43. Sales - cost of goods sold**

**44. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%**

**45. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...**

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

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

**48. Convert 65% to a decimal**

**49. The wholesale cost of goods plus the markup**

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