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. A/b






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






3. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






4. 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






5. Net Sales / Average Retail Value of Inventory






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






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






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






9. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit






10. Convert 65% to a decimal






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






12. Convert 1.25 to a percent






13. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)






14. 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






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






16. Sales - cost of goods sold






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






18. 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)






19. total annual sales/365






20. Liabilities - capital - income






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






22. Beginning inventory + Purchases - Ending inventory






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






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






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






26. Convert 10/11 to a percent






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






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






29. A/b






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






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






32. (Retail - Cost)/ Retail






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






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






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






36. The point at which you stop losing money.






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






38. Convert .62 to a percent






39. What is the product of 3.26 and 0.4?






40. Convert .4 to a percent






41. 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)






42. Two equivalent ratios joined by an equal sign.






43. BOM $ Stock/ Sales for period






44. Net Sales for period/ Avg Stock for period






45. Wholesale cost






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






47. Gross Margin/ Average Inventory Cost






48. Convert 80% to a fraction






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






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