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. ($ Retail x 100 / COST) - 100






2. Liabilities - capital - income






3. 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)






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






5. Convert 20 to a percent






6. cash + receivables/ current liabilities.






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






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






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






10. Convert .4 to a percent






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






12. Another way of counting part of a whole?






13. 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






14. total fixed costs/ selling price-variable cost






15. Convert 70% to a decimal






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






17. The point at which you stop losing money.






18. Total Net Sales / Total Number of Transactions






19. A/b






20. Convert .62 to a percent






21. Net Sales for period/ Avg Stock for period






22. Commissions - fees for service - merchandise sales - rental income - royalties






23. 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?






24. Turning assets into cash.






25. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30






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






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






28. Convert 80% to a fraction






29. Alignment of the decimals is not important






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






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






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






33. The average person will have _ jobs in their lifetime.






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






35. 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)






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






37. The recommended house payment should be no more than _% of your monthly take-home pay.






38. 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






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






40. 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






41. Beginning inventory + Purchases - Ending inventory






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






43. BOM $ Stock/ Sales for period






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






45. Convert 10/11 to a percent






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






47. 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%






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






49. 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?






50. 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