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






2. Convert 70% to a decimal






3. total fixed costs/ selling price-variable cost






4. 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?






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






6. Original retail price - Lower retail price






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






8. Inside numbers in a ratio.






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






10. The point at which you stop losing money.






11. Gross Margin/ Average Inventory Cost






12. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






13. Convert 56% to a decimal






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






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






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






17. Convert .36 to a percent






18. Convert 10/11 to a percent






19. 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






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






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






22. $ retail x (100%-markup)






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






24. 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?






25. Another way of counting part of a whole?






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






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






28. Net Sales / Average Retail Value of Inventory






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






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






31. Alignment of the decimals is not important






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






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






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






35. Convert 80% to a fraction






36. Capital stock - owner's equity (owner's funds invested in the business)






37. 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






38. Wholesale cost






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






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






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






42. $ Cost/ (100%-markup%)






43. Convert 50% to a fraction






44. 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






45. Net Sales for period/ Avg Stock for period






46. Convert 14% to a fraction






47. The wholesale cost of goods plus the markup






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






49. 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?






50. BOM $ Stock/ Sales for period