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






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






3. 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






4. 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






5. A/b






6. A/b






7. cash + receivables/ current liabilities.






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






9. total fixed costs/ selling price-variable cost






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






11. 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...






12. total annual sales/365






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






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






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






16. 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.






17. 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






18. He availability of your money is called _.






19. 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)






20. 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






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






22. Convert 14% to a fraction






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






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






25. The point at which you stop losing money.






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






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






28. Convert 41/100 to a percent






29. To take advantage of the 6% cash discount - a retailer made a $2 -000 partial payment during the discount period. How much was the retailer credited for the $2 -000 partial payment?






30. Alignment of the decimals is not important






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






32. BOM $ Stock/ Sales for period






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






34. Cash or assets that can quickly be converted into cash.






35. Liabilities - capital - income






36. Convert 70/100 to a percent






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






38. 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)






39. Net Sales for period/ Avg Stock for period






40. 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?






41. Convert 10/11 to a percent






42. Convert 20 to a percent






43. 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






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






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






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






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






48. Two equivalent ratios joined by an equal sign.






49. 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






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