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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 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






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






3. total fixed costs/ selling price-variable cost






4. What is the product of 3.26 and 0.4?






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






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






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






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






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






10. 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






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






12. Beginning inventory + Purchases - Ending inventory






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






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






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






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






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






18. Convert .36 to a percent






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






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






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






22. 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.






23. (TY-LY)/ LY or (Plan-Actual)/






24. What does percent mean?






25. 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)






26. Convert 70% to a decimal






27. Liabilities - capital - income






28. $ retail x (100%-markup)






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






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






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






32. Convert 41/100 to a percent






33. Inside numbers in a ratio.






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






35. Convert 14% to a fraction






36. He availability of your money is called _.






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






38. Two equivalent ratios joined by an equal sign.






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






40. Alignment of the decimals is not important






41. Convert 1.25 to a percent






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






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






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






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






46. BOM $ Stock/ Sales for period






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






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






49. Gross Margin/ Average Inventory Cost






50. total annual sales/365