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






2. cash + receivables/ current liabilities.






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






4. A/b






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






6. 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






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






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






11. Convert .62 to a percent






12. The wholesale cost of goods plus the markup






13. 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%






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






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






16. What does percent mean?






17. 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)






18. (Retail - Cost)/ Retail






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






20. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$






21. Convert 70% to a decimal






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






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






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






25. Convert .36 to a percent






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






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






28. 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...






29. Convert 70/100 to a percent






30. Net Sales for period/ Avg Stock for period






31. Beginning inventory + Purchases - Ending inventory






32. What is the product of 3.26 and 0.4?






33. Convert 1/4 to a percent






34. A/b






35. current assets/ current liabilities






36. accounts receivable/ average daily sales






37. Convert 50% to a fraction






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






39. Convert 41/100 to a percent






40. 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






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






42. Gross Margin/ Average Inventory Cost






43. Outside numbers in a ratio.






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






45. Convert .4 to a percent






46. Net Sales / Average Retail Value of Inventory






47. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33






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






49. After 4 years - $5 -000 will grow to how much if it earns 10% interest?






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