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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. Convert .4 to a percent






2. total annual sales/365






3. The wholesale cost of goods plus the markup






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






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. Sales - cost of goods sold






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






8. 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?






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






10. BOM $ Stock/ Sales for period






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






12. $ retail x (100%-markup)






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






14. 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)






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






16. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






17. 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






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






19. A/b






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






21. Assets - cost of goods sold - expenses






22. accounts receivable/ average daily sales






23. Convert 50% to a fraction






24. 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?






25. Convert 80% to a fraction






26. Net Sales for period/ Avg Stock for period






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






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






29. Beginning inventory + Purchases - Ending inventory






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






31. 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






32. Convert 3 to a percent






33. Convert .62 to a percent






34. 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






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






36. Convert 10/11 to a percent






37. 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.






38. 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






39. 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






40. What is the product of 3.26 and 0.4?






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






42. total fixed costs/ selling price-variable cost






43. 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%






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






45. Inside numbers in a ratio.






46. Convert 1.25 to a percent






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






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






49. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour






50. Two equivalent ratios joined by an equal sign.