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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 average person will have _ jobs in their lifetime.






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






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






4. Two equivalent ratios joined by an equal sign.






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






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






7. 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.






8. 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






9. Convert 41/100 to a percent






10. Sales - cost of goods sold






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






12. 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






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






14. Alignment of the decimals is not important






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






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






17. 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






18. Another way of counting part of a whole?






19. Net Sales for period/ Avg Stock for period






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






21. The wholesale cost of goods plus the markup






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






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






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






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






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






27. S=X+nrX Where: X=the original sum invested r=the interest rate (as a proportion - e.g. 0.05=5%) n=the number of periods S=the sum invested after n periods (capital + interest) - e.g. invest $1000 @ 10% simple interest for 5 years = 1000+(50.101000)






28. Convert 50% to a fraction






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






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






31. Convert 14% to a fraction






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






33. total annual sales/365






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






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






36. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






37. accounts receivable/ average daily sales






38. The point at which you stop losing money.






39. Liabilities - capital - income






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






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






42. Convert 1.25 to a percent






43. 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...






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






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






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






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






48. 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?






49. Convert 70% to a decimal






50. Convert .62 to a percent







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Can you answer 50 questions in 15 minutes?


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