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






2. Net Sales / Average Retail Value of Inventory






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






4. Net Sales for period/ Avg Stock for period






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. Total Net Sales / Total Number of Transactions






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






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






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






10. Convert 50% to a fraction






11. Two equivalent ratios joined by an equal sign.






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






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






14. Overage$ = book$ - physical count$; overage% = overage$/NS$






15. cash + receivables/ current liabilities.






16. Convert 56% to a decimal






17. Inside numbers in a ratio.






18. 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)






19. 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






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






21. Convert 1.25 to a percent






22. The point at which you stop losing money.






23. $ retail x (100%-markup)






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






25. Wholesale cost






26. Sales - cost of goods sold






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






28. Convert 1/4 to a percent






29. Convert 70/100 to a percent






30. 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






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






32. 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)






33. The wholesale cost of goods plus the markup






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






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






36. Convert 70% to a decimal






37. 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.






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






39. current assets/ current liabilities






40. Outside numbers in a ratio.






41. total annual sales/365






42. Liabilities - capital - income






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






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






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






46. Convert 20 to a percent






47. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






48. Convert 80% to a fraction






49. Convert 10/11 to a percent






50. total fixed costs/ selling price-variable cost