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






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






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






4. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions






5. 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






6. Original retail price - Lower retail price






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






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






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






10. Outside numbers in a ratio.






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






12. Convert 65% to a decimal






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






14. 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)






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






16. 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?






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






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






19. Assets - cost of goods sold - expenses






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






21. (Retail - Cost)/ Retail






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






23. Net Sales / Average Retail Value of Inventory






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






25. A/b






26. 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?






27. Total Net Sales / Total Number of Transactions






28. Alignment of the decimals is not important






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






30. Convert 1.25 to a percent






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






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






33. Convert 70/100 to a percent






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






35. 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






36. current assets/ current liabilities






37. Another way of counting part of a whole?






38. 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)






39. Convert 80% to a fraction






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






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






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






43. 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)






44. Net Sales for period/ Avg Stock for period






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






46. Convert 10/11 to a percent






47. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33






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






49. Convert 70% to a decimal






50. Two equivalent ratios joined by an equal sign.