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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. 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...






2. Two equivalent ratios joined by an equal sign.






3. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price






4. Convert 1/4 to a percent






5. cost of an item expressed per unit of measure or count.






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






7. Assets - cost of goods sold - expenses






8. Total Net Sales / Total Number of Transactions






9. accounts receivable/ average daily sales






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






11. 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






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






13. Convert 20 to a percent






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






15. Liabilities - capital - income






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






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






18. A/b






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






20. cash + receivables/ current liabilities.






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






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






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






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






25. 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






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






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






28. Convert .4 to a percent






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






30. The point at which you stop losing money.






31. Convert .62 to a percent






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






33. Convert 65% to a decimal






34. Net Sales for period/ Avg Stock for period






35. 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?






36. 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






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






38. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.






39. Convert .36 to a percent






40. Sales - cost of goods sold






41. Alignment of the decimals is not important






42. 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?






43. Another way of counting part of a whole?






44. Convert 10/11 to a percent






45. A/b






46. 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)






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






48. Gross Margin/ Average Inventory Cost






49. 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






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%