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






2. 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)






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






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






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






7. $ retail x (100%-markup)






8. Inside numbers in a ratio.






9. Net Sales for period/ Avg Stock for period






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






11. What does percent mean?






12. 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%






13. 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?






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






15. What is the product of 3.26 and 0.4?






16. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring






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






18. Convert .62 to a percent






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






20. 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.






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






22. Convert 3 to a percent






23. 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






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






25. accounts receivable/ average daily sales






26. 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






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






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






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






30. Turning assets into cash.






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






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






33. Convert .36 to a percent






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






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






36. Convert 10/11 to a percent






37. Convert 70% to a decimal






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






39. Total Net Sales / Total Number of Transactions






40. Convert 20 to a percent






41. GMROII = GM% x (Sales / Average Value of Inventory)






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






43. Convert 41/100 to a percent






44. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






45. 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






46. Gross Margin/ Average Inventory Cost






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






48. An electronics store is having a 40 percent off sale. Robert has been saving to purchase a stereo system that was originally priced at $420. If Robert purchases the system during the sale - what will be the cost?






49. The average car will lose _% of its value in the first 4 years.






50. Alignment of the decimals is not important