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. Original retail price - Lower retail price






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






3. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory






4. Convert 1/4 to a percent






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






6. Convert 70/100 to a percent






7. Convert 10/11 to a percent






8. Convert 41/100 to a percent






9. Convert .4 to a percent






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






11. Convert 20 to a percent






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






13. The wholesale cost of goods plus the markup






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






15. Convert 14% to a fraction






16. $ retail x (100%-markup)






17. Convert 3 to a percent






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






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






20. Convert 70% to a decimal






21. Another way of counting part of a whole?






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






23. Beginning inventory + Purchases - Ending inventory






24. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






25. The cost of moving from the vendor's warehouse (loading dock) to the retail warehouse or store (loading dock) - may also include insurance to cover the merchandise while in transit






26. BOM $ Stock/ Sales for period






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






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






29. He availability of your money is called _.






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






31. Gross Margin/ Average Inventory Cost






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






33. Sales - cost of goods sold






34. Turning assets into cash.






35. Net Sales for period/ Avg Stock for period






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






37. Outside numbers in a ratio.






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






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






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






41. 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






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






43. current assets/ current liabilities






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






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






46. 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






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






48. What is the product of 3.26 and 0.4?






49. 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...






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