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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. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16






2. The wholesale cost of goods plus the markup






3. Convert 70% to a decimal






4. A^m/a^n = a^(m-n)






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






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






7. Units Sold/ (Units Sold + On Hand Inventory)






8. 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)






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






10. 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






11. Alignment of the decimals is not important






12. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)






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






14. Wholesale cost






15. Convert 41/100 to a percent






16. 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?






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






18. What is the product of 3.26 and 0.4?






19. Convert .36 to a percent






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






21. Two equivalent ratios joined by an equal sign.






22. 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






23. Convert 20 to a percent






24. Gross Margin/ Average Inventory Cost






25. Convert 80% to a fraction






26. 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?






27. Beginning inventory + Purchases - Ending inventory






28. 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






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






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






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






32. current assets/ current liabilities






33. (Retail - Cost)/ Retail






34. Convert .4 to a percent






35. Original retail price - Lower retail price






36. total annual sales/365






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






38. 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?






39. 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%






40. accounts receivable/ average daily sales






41. Assets - cost of goods sold - expenses






42. 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.






43. 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)






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






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






46. Convert 50% to a fraction






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






48. cash + receivables/ current liabilities.






49. Inside numbers in a ratio.






50. 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