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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. Wholesale cost






2. Two equivalent ratios joined by an equal sign.






3. Total Net Sales / Total Number of Transactions






4. Another way of counting part of a whole?






5. cash + receivables/ current liabilities.






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






7. A/b






8. Sales - cost of goods sold






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






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






11. Original retail price - Lower retail price






12. 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






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






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






15. Assets - cost of goods sold - expenses






16. 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






17. Convert 10/11 to a percent






18. Convert 56% to a decimal






19. total fixed costs/ selling price-variable cost






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






21. 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?






22. 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)






23. 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






24. 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)






25. The wholesale cost of goods plus the markup






26. The average person will have _ jobs in their lifetime.






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






28. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16






29. Net Sales / Average Retail Value of Inventory






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






31. Convert 41/100 to a percent






32. 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%






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. Convert .36 to a percent






35. Gross Margin/ Average Inventory Cost






36. Convert .4 to a percent






37. Convert 1/4 to a percent






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






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






40. What is the product of 3.26 and 0.4?






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






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






43. Convert 1.25 to a percent






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






45. (Retail - Cost)/ Retail






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






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






48. 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)






49. Beginning inventory + Purchases - Ending inventory






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