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. 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)






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






3. Original retail price - Lower retail price






4. $ retail x (100%-markup)






5. Assets - cost of goods sold - expenses






6. Convert 70/100 to a percent






7. 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?






8. BOM $ Stock/ Sales for period






9. Convert 3 to a percent






10. current assets/ current liabilities






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






12. Convert 56% to a decimal






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






14. Sales - cost of goods sold






15. 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






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






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






18. Two equivalent ratios joined by an equal sign.






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






20. 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...






21. Convert 70% to a decimal






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






23. A/b






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






25. Convert 1/4 to a percent






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






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






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






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






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






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






32. 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)






33. The cost of moving from the vendor's warehouse (loading dock) to the retail warehouse or store (loading dock) - may also include insurance to cover the merchandise while in transit






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






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






36. cash + receivables/ current liabilities.






37. 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






38. Convert .4 to a percent






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






40. Convert 41/100 to a percent






41. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.






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






43. Liabilities - capital - income






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






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






46. 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?






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






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






49. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33






50. (Retail - Cost)/ Retail