Test your basic knowledge |

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 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...






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






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






4. Turning assets into cash.






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






6. What is the product of 3.26 and 0.4?






7. Convert .4 to a percent






8. What does percent mean?






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






10. 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.






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






12. BOM $ Stock/ Sales for period






13. 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?






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






15. Overage$ = book$ - physical count$; overage% = overage$/NS$






16. total fixed costs/ selling price-variable cost






17. Convert 65% to a decimal






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






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






20. Convert 41/100 to a percent






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






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






23. Convert 1/4 to a percent






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






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






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






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






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






29. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)






30. Convert 50% to a fraction






31. Convert 80% to a fraction






32. Convert 10/11 to a percent






33. 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






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






35. Convert 20 to a percent






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






37. Assets - cost of goods sold - expenses






38. Convert 70% to a decimal






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






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






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






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






43. Outside numbers in a ratio.






44. Sales - cost of goods sold






45. Two equivalent ratios joined by an equal sign.






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






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






48. current assets/ current liabilities






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






50. 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