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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. Sales - cost of goods sold






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






3. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






4. Convert 80% to a fraction






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






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






7. The wholesale cost of goods plus the markup






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






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






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






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






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






13. (Retail - Cost)/ Retail






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






15. 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)






16. Convert 14% to a fraction






17. 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






18. 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






19. Convert 56% to a decimal






20. Beginning inventory + Purchases - Ending inventory






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






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






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






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






25. Convert 70% to a decimal






26. Assets - cost of goods sold - expenses






27. The point at which you stop losing money.






28. Convert 1/4 to a percent






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






30. Two equivalent ratios joined by an equal sign.






31. Convert .36 to a percent






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






33. current assets/ current liabilities






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. Net Sales / Average Retail Value of Inventory






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






37. A team won 16 games and lost 9 games. What percent of games did the team lose?






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






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






40. Convert 50% to a fraction






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






42. Convert 70/100 to a percent






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






44. total annual sales/365






45. 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)






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






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






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






49. What is the product of 3.26 and 0.4?






50. Original retail price - Lower retail price