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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. 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?






2. Inside numbers in a ratio.






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






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






5. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30






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






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






8. 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






9. Convert .62 to a percent






10. Sales - cost of goods sold






11. Use compliments - Step 1 Find compliments 25% = 100-25%= 75% - 10%= 90% - 10%=90% Step 2 Multiple Compliments 75%x90%x90% .75x.90x.90= .6075 Step 3 Convert to Percentage .6075= 60.75% Step 4 Compliment it 100%-60.75%= 39.35%






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






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






14. Convert .36 to a percent






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






16. Assets - cost of goods sold - expenses






17. Convert 14% to a fraction






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






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






20. Convert 20 to a percent






21. current assets/ current liabilities






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






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






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






25. (Retail - Cost)/ Retail






26. What is the product of 3.26 and 0.4?






27. 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...






28. BOM $ Stock/ Sales for period






29. Turning assets into cash.






30. Two equivalent ratios joined by an equal sign.






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






32. Net Sales / Average Retail Value of Inventory






33. Convert 50% to a fraction






34. Convert .4 to a percent






35. Gross Margin/ Average Inventory Cost






36. 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%






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






38. total annual sales/365






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






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






41. What does percent mean?






42. 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






43. 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






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






45. The wholesale cost of goods plus the markup






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






47. cash + receivables/ current liabilities.






48. Wholesale cost






49. Convert 70/100 to a percent






50. Convert 41/100 to a percent