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






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






3. current assets/ current liabilities






4. 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






5. (Retail - Cost)/ Retail






6. Convert 56% to a decimal






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






8. The point at which you stop losing money.






9. 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)






10. The wholesale cost of goods plus the markup






11. Amount decrease (Original - New) / Original amount = decimal= convert to %






12. Net Sales / Average Retail Value of Inventory






13. Liabilities - capital - income






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






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






16. 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






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






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






19. Cash on delivery; this dating is used when the vendor does not know the retailer or the retailer does not have a strong line of credit






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






21. 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)






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






23. Convert 80% to a fraction






24. 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?






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






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






27. Convert 1/4 to a percent






28. Beginning inventory + Purchases - Ending inventory






29. Net Sales for period/ Avg Stock for period






30. Convert 41/100 to a percent






31. Alignment of the decimals is not important






32. Convert 3 to a percent






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






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






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






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






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






38. 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.






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






40. 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?






41. Assets - cost of goods sold - expenses






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






43. Convert 70% to a decimal






44. BOM $ Stock/ Sales for period






45. Two equivalent ratios joined by an equal sign.






46. Inside numbers in a ratio.






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






48. Convert .4 to a percent






49. What is the product of 3.26 and 0.4?






50. 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%