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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. (Retail - Cost)/ Retail






2. Wholesale cost






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






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






5. 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






6. accounts receivable/ average daily sales






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






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






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






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






11. Gross Margin/ Average Inventory Cost






12. Convert 1/4 to a percent






13. What does percent mean?






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






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






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






17. 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?






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






19. $ retail x (100%-markup)






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






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






22. A form of closed-end credit used for purchasing durable goods such as cars






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






24. Beginning inventory + Purchases - Ending inventory






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






26. Net Sales / Average Retail Value of Inventory






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






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






29. 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






30. Convert 70% to a decimal






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






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






33. Sales - cost of goods sold






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






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






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






37. Convert 41/100 to a percent






38. A/b






39. Outside numbers in a ratio.






40. Convert .36 to a percent






41. Inside numbers in a ratio.






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






43. Net Sales for period/ Avg Stock for period






44. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses






45. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour






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






47. total fixed costs/ selling price-variable cost






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






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






50. 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?