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






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






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






4. Inside numbers in a ratio.






5. 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?






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






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






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






9. 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)






10. Convert 3 to a percent






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






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






13. Another way of counting part of a whole?






14. Liabilities - capital - income






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






16. Convert 56% to a decimal






17. 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.






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






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






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






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






22. Turning assets into cash.






23. Convert .62 to a percent






24. 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)






25. 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?






26. 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






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






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






29. Convert .4 to a percent






30. Convert 1.25 to a percent






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






32. 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?






33. Convert 65% to a decimal






34. Convert 50% to a fraction






35. What does percent mean?






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






37. Convert 70/100 to a percent






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






39. Convert 1/4 to a percent






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






41. The point at which you stop losing money.






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






43. 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)






44. accounts receivable/ average daily sales






45. A^m/a^n = a^(m-n)






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






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






48. $ retail x (100%-markup)






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






50. Convert 41/100 to a percent