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






2. What happens when your sales are higher than your expenses - etc.






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






4. Convert 1.25 to a percent






5. Convert 80% to a fraction






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






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






8. accounts receivable/ average daily sales






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






10. A/b






11. The point at which you stop losing money.






12. $ retail x (100%-markup)






13. 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






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






15. Net Sales for period/ Avg Stock for period






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






17. The wholesale cost of goods plus the markup






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






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






20. Gross Margin/ Average Inventory Cost






21. Net Sales / Average Retail Value of Inventory






22. 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






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






24. Wholesale cost






25. 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?






26. Convert 65% to a decimal






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. GMROII = GM% x (Sales / Average Value of Inventory)






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






30. 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.






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






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






33. Convert 70/100 to a percent






34. Convert 1/4 to a percent






35. 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)






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






37. 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






38. What does percent mean?






39. current assets/ current liabilities






40. What is the product of 3.26 and 0.4?






41. Advertising - bad debt expense - conributions and donations - depreciation - educational expense - insurance - interest expense - licenses - office supplies - postage - rent - repairs - salaries and wages - supplies - taxes - travel and transportatio






42. Beginning inventory + Purchases - Ending inventory






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






44. Assets - cost of goods sold - expenses






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






46. 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?






47. 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...






48. Convert .4 to a percent






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. A/b