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






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






3. What does percent mean?






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






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






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






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






8. Use compliments - Step 1 Find compliments 25% = 100-25%= 75% - 10%= 90% - 10%=90% Step 2 Multiple Compliments 75%x90%x90% .75x.90x.90= .6075 Step 3 Convert to Percentage .6075= 60.75% Step 4 Compliment it 100%-60.75%= 39.35%






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






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






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






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






13. total fixed costs/ selling price-variable cost






14. Original retail price - Lower retail price






15. (Retail - Cost)/ Retail






16. Alignment of the decimals is not important






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






18. Another way of counting part of a whole?






19. 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






20. Convert 1.25 to a percent






21. When sales plans are underestimated and the stock purchases result in a low inventory






22. $ RETAIL X (100 - GM %) / 100






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






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






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






26. Liabilities - capital - income






27. Wholesale cost






28. accounts receivable/ average daily sales






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






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






31. Beginning inventory + Purchases - Ending inventory






32. $ retail x (100%-markup)






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






34. Convert 1/4 to a percent






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






36. 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)






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






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






39. Convert .4 to a percent






40. 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






41. A/b






42. 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






43. cash + receivables/ current liabilities.






44. A/b






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






46. BOM $ Stock/ Sales for period






47. Convert 56% to a decimal






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






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






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