## 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. Another way of counting part of a whole?**

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

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

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

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

**6. 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)**

**7. The average person will have _ jobs in their lifetime.**

**8. 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?**

**9. A/b**

**10. 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**

**11. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16**

**12. Convert 56% to a decimal**

**13. 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**

**14. Convert 1/4 to a percent**

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

**16. Cash or assets that can quickly be converted into cash.**

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

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

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

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

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

**22. Convert 70% to a decimal**

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

**24. 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...**

**25. total annual sales/365**

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

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

**28. Convert .36 to a percent**

**29. accounts receivable/ average daily sales**

**30. 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**

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

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

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

**34. The point at which you stop losing money.**

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

**36. 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**

**37. 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?**

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

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

**40. Convert 3 to a percent**

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

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

**43. Convert .62 to a percent**

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

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

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

**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. What does percent mean?**

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

**50. A/b**