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/b






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






3. Convert 50% to a fraction






4. 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






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






6. Turning assets into cash.






7. BOM $ Stock/ Sales for period






8. (Retail - Cost)/ Retail






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






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






11. Convert 56% to a decimal






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






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






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






15. $ retail x (100%-markup)






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






17. accounts receivable/ average daily sales






18. A/b






19. Convert 80% to a fraction






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






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






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






23. He availability of your money is called _.






24. total fixed costs/ selling price-variable cost






25. Gross Margin/ Average Inventory Cost






26. % of 90 days same as cash convert to payments.






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






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






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






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






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






32. Wholesale cost






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






34. Net Sales for period/ Avg Stock for period






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






36. cash + receivables/ current liabilities.






37. Convert .36 to a percent






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






39. Sales - cost of goods sold






40. Convert 65% to a decimal






41. Assets - cost of goods sold - expenses






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






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






44. 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?






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






46. What does percent mean?






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






48. $ Cost/ (100%-markup%)






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






50. Net Sales / Average Retail Value of Inventory