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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. 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






2. 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






3. A/b






4. He availability of your money is called _.






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






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






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






9. Convert 14% to a fraction






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






11. Sales - cost of goods sold






12. Gross Margin/ Average Inventory Cost






13. Assets - cost of goods sold - expenses






14. Convert 50% to a fraction






15. Convert 20 to a percent






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






17. Beginning inventory + Purchases - Ending inventory






18. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles






19. Original retail price - Lower retail price






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






21. 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.






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






23. current assets/ current liabilities






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






25. Net Sales for period/ Avg Stock for period






26. Convert 41/100 to a percent






27. Total Net Sales / Total Number of Transactions






28. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30






29. Outside numbers in a ratio.






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






31. Convert .62 to a percent






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






33. cash + receivables/ current liabilities.






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






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






36. 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






37. 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






38. Convert 1.25 to a percent






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






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






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






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






43. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)






44. 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?






45. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods






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






47. accounts receivable/ average daily sales






48. What is the product of 3.26 and 0.4?






49. total annual sales/365






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