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






2. 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.






3. Sales - cost of goods sold






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






5. Liabilities - capital - income






6. Convert 70/100 to a percent






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






8. Convert 56% to a decimal






9. accounts receivable/ average daily sales






10. Convert 41/100 to a percent






11. current assets/ current liabilities






12. Convert 1/4 to a percent






13. Convert .62 to a percent






14. 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






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






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






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






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






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






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






21. Net Sales for period/ Avg Stock for period






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






23. Convert 1.25 to a percent






24. Convert 10/11 to a percent






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






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






27. What does percent mean?






28. total fixed costs/ selling price-variable cost






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






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






31. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






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






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






35. 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)






36. 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)






37. Convert 14% to a fraction






38. Convert .36 to a percent






39. A formal document that is used for a variety of functions within a retail business; it provides a big picture look at the succinct expression of the sales - markup - and profit for a business






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






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






42. Convert 3 to a percent






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






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






45. Original retail price - Lower retail price






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






47. 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






48. Two equivalent ratios joined by an equal sign.






49. A/b






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