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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. 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.






2. Original retail price - Lower retail price






3. BOM $ Stock/ Sales for period






4. Convert .36 to a percent






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






6. He availability of your money is called _.






7. 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






8. 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%






9. 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...






10. Net Sales for period/ Avg Stock for period






11. 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






12. 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






13. What does percent mean?






14. Convert 3 to a percent






15. Two equivalent ratios joined by an equal sign.






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






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






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






19. Net Sales / Average Retail Value of Inventory






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






21. 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






22. current assets/ current liabilities






23. 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






24. $ Cost/ (100%-markup%)






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






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






27. Outside numbers in a ratio.






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






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






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






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






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






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






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






35. Convert 1/4 to a percent






36. The point at which you stop losing money.






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






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






39. Sales - cost of goods sold






40. Liabilities - capital - income






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






42. 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






43. Inside numbers in a ratio.






44. Convert 41/100 to a percent






45. Convert 20 to a percent






46. Beginning inventory + Purchases - Ending inventory






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






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






49. Total Net Sales / Total Number of Transactions






50. 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