Test your basic knowledge |

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. Convert .4 to a percent






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






3. Liabilities - capital - income






4. 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%






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






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






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






8. Convert 80% to a fraction






9. Convert 41/100 to a percent






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






11. accounts receivable/ average daily sales






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






13. Turning assets into cash.






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






15. A/b






16. Alignment of the decimals is not important






17. 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.






18. $ retail x (100%-markup)






19. A/b






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






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






22. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






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






25. Two equivalent ratios joined by an equal sign.






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






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






28. Net Sales for period/ Avg Stock for period






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






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






31. Convert 50% to a fraction






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






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






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






35. Inside numbers in a ratio.






36. 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






37. Wholesale cost






38. current assets/ current liabilities






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






40. BOM $ Stock/ Sales for period






41. 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






42. total fixed costs/ selling price-variable cost






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






44. 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)






45. The wholesale cost of goods plus the markup






46. Net Sales / Average Retail Value of Inventory






47. To take advantage of the 6% cash discount - a retailer made a $2 -000 partial payment during the discount period. How much was the retailer credited for the $2 -000 partial payment?






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






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






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