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. (Retail - Cost)/ Retail






2. IRR=1 + [(NPV1/NPV1-NPV2)(2-1)]% Where: 1=one interest rate 2=the other NPV1=the NPV at rate 1 NPV2=the NPV at rate 2 (NPV = Net Present Value)






3. 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?






4. 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%






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






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






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






8. 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






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






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






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. Convert 70/100 to a percent






13. Inside numbers in a ratio.






14. The point at which you stop losing money.






15. Convert 80% to a fraction






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






17. Two equivalent ratios joined by an equal sign.






18. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles






19. 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?






20. Gross Margin/ Average Inventory Cost






21. A/b






22. $ RETAIL X (100 - GM %) / 100






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






24. Net Sales / Average Retail Value of Inventory






25. Convert .36 to a percent






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






27. Wholesale cost






28. Alignment of the decimals is not important






29. 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






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






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






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






33. 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%






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






35. Overage$ = book$ - physical count$; overage% = overage$/NS$






36. Convert .62 to a percent






37. 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?






38. Convert 65% to a decimal






39. Net Sales for period/ Avg Stock for period






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






41. Convert 3 to a percent






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






43. What is the product of 3.26 and 0.4?






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






45. 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)






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






47. 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






48. A/b






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






50. Convert 50% to a fraction