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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. Convert 20 to a percent






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






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






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






5. The average car payment is $_ per month for _ months.






6. Convert 41/100 to a percent






7. A/b






8. The average car will lose _% of its value in the first 4 years.






9. What does percent mean?






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






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






12. Wholesale cost






13. Convert 65% to a decimal






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






15. Inside numbers in a ratio.






16. accounts receivable/ average daily sales






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






18. Convert 70/100 to a percent






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






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






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






22. Net Sales / Average Retail Value of Inventory






23. He availability of your money is called _.






24. 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)






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






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






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






28. Assets - cost of goods sold - expenses






29. 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%






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






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






32. 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






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






34. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour






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






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






37. Gross Margin/ Average Inventory Cost






38. Convert 14% to a fraction






39. BOM $ Stock/ Sales for period






40. % of 90 days same as cash convert to payments.






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






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






43. (Retail - Cost)/ Retail






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






45. Sales - cost of goods sold






46. 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






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






48. 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?






49. total fixed costs/ selling price-variable cost






50. Convert .4 to a percent