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






2. Convert 56% to a decimal






3. Convert 20 to a percent






4. Sales - cost of goods sold






5. 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






6. 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






7. (Retail - Cost)/ Retail






8. S=X(1+r1)^y(1+r






9. 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






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






11. The average car payment is $_ per month for _ months.






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






13. 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?






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






15. 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






16. 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...






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






18. 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%






19. 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.






20. Inside numbers in a ratio.






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






22. Total Net Sales / Total Number of Transactions






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






24. 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)






25. What does percent mean?






26. Convert 80% to a fraction






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






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






29. BOM $ Stock/ Sales for period






30. Assets - cost of goods sold - expenses






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






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






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. total annual sales/365






35. Wholesale cost






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






37. Liabilities - capital - income






38. A/b






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






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






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






42. Convert 41/100 to a percent






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






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






45. Net Sales / Average Retail Value of Inventory






46. Convert .4 to a percent






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






48. Turning assets into cash.






49. Alignment of the decimals is not important






50. Convert .36 to a percent