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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. 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%






2. Original retail price - Lower retail price






3. 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)






4. Convert 80% to a fraction






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






6. 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)






7. He availability of your money is called _.






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






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






10. Beginning inventory + Purchases - Ending inventory






11. Net Sales for period/ Avg Stock for period






12. Inside numbers in a ratio.






13. Liabilities - capital - income






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






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






16. 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






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






18. total annual sales/365






19. Gross Margin/ Average Inventory Cost






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






21. (Retail - Cost)/ Retail






22. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!






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






24. cash + receivables/ current liabilities.






25. Advertising - bad debt expense - conributions and donations - depreciation - educational expense - insurance - interest expense - licenses - office supplies - postage - rent - repairs - salaries and wages - supplies - taxes - travel and transportatio






26. Convert 20 to a percent






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






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






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






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






31. Convert 41/100 to a percent






32. Assets - cost of goods sold - expenses






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






34. accounts receivable/ average daily sales






35. 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






36. Convert .4 to a percent






37. The point at which you stop losing money.






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






39. Convert 3 to a percent






40. Convert 14% to a fraction






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






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






43. The wholesale cost of goods plus the markup






44. Convert .36 to a percent






45. Two equivalent ratios joined by an equal sign.






46. What is the product of 3.26 and 0.4?






47. Convert 10/11 to a percent






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






49. A/b






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