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






2. 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






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






5. Gross Margin/ Average Inventory Cost






6. Another way of counting part of a whole?






7. accounts receivable/ average daily sales






8. 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)






9. Original retail price - Lower retail price






10. Net Sales / Average Retail Value of Inventory






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






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






13. Turning assets into cash.






14. 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






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






16. 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






17. A/b






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






19. Convert 70/100 to a percent






20. (Retail - Cost)/ Retail






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






22. A/b






23. Convert 41/100 to a percent






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






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






26. 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






27. Convert 70% to a decimal






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






29. Convert .36 to a percent






30. 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...






31. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






32. A/b + c/b = (a+c)/b






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






34. Convert 1/4 to a percent






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






36. Inside numbers in a ratio.






37. Outside numbers in a ratio.






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






39. 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?






40. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit






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






42. current assets/ current liabilities






43. He availability of your money is called _.






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






45. What does percent mean?






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






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






48. What is the product of 3.26 and 0.4?






49. total annual sales/365






50. 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?