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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 wholesale cost of an item (cost of goods - or COG)






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






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






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






5. Inside numbers in a ratio.






6. Net Sales / Average Retail Value of Inventory






7. 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






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






9. Assets - cost of goods sold - expenses






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






11. Convert 50% to a fraction






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






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






14. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






15. 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%






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






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






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






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






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






21. Convert 70/100 to a percent






22. Convert 20 to a percent






23. Convert 3 to a percent






24. Convert 80% to a fraction






25. Advertising - bad debt expense - conributions and donations - depreciation - educational expense - insurance - interest expense - licenses - office supplies - postage - rent - repairs - salaries and wages - supplies - taxes - travel and transportatio






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






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






28. Net Sales for period/ Avg Stock for period






29. Sales - cost of goods sold






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






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






32. Turning assets into cash.






33. total fixed costs/ selling price-variable cost






34. A/b






35. Convert .62 to a percent






36. 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)






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






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






39. Convert 70% to a decimal






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






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






42. What is the product of 3.26 and 0.4?






43. cash + receivables/ current liabilities.






44. 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)






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






46. A/b






47. Convert 41/100 to a percent






48. Convert .4 to a percent






49. 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






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







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Can you answer 50 questions in 15 minutes?


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