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Test your basic knowledge |
DSST Business Math
Start Test
Study First
Subjects
:
dsst
,
math
,
business-skills
,
business-math
,
bvat
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. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
% increase or decrease
Effective annual rate of interest formula
36%
gross sales
2. current assets/ current liabilities
OTB (retail)
41%
Current Ratio
types of assets
3. You should never take out more than a _ year mortgage.
70%
shortage
15
Discounting Formula
4. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
percent
To decrease a number by a given percentage - e.g. decrease 16 by 25%
physical inventory
gross sales
5. 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.
$ Markdown
Margin %
Break Even Point
net sales
6. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
ROG
$ Cost
increase=credit
Average Daily Sales
7. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
shrinkage
Markup
percent decrease
netprice with a 25/10/10 series discount
8. total fixed costs/ selling price-variable cost
GMROI
Break Even Point Formula
types of incomes
2.5% per month
9. 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
underbought
To decrease a number by a given percentage - e.g. decrease 16 by 25%
The sum of a Geometric Progression
profit and loss statement
10. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
Gross margin %
Gross margin dollars
$ COST
11. Direct labor - factory overhead - merchandise inventory - packaging - raw material
Of what number 16 is a 25% increase
Multiplying Fractions
Liquidity of Assets
costs of goods sold
12. Convert 41/100 to a percent
41%
.65
cost of goods
90.9%
13. % of 90 days same as cash convert to payments.
Proportion
income statement
Average Daily Sales
78
14. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
netprice with a 25/10/10 series discount
Current Assets
per hundred
ROG
15. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
% increase or decrease
DOI
Unit pricing
Discounting Formula
16. $ RETAIL X (100 - GM %) / 100
1.304
$ COST
operating expenses
COD
17. ($ Retail x 100 / COST) - 100
4%
Mark Up %
types of assets
overages
18. What happens when your sales are higher than your expenses - etc.
Mark Up %
types of capital
profit
ROG
19. total annual sales/365
Average Collection Turnover
Average Daily Sales
When Dividing With Exponents
Mark Up %
20. The point at which you stop losing money.
DOI
Break Even Point
20%
Mark Up %
21. 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
80/100
The sum of a Geometric Progression
COD
.65
22. Convert 3 to a percent
Markdown %
3%
125%
Means
23. Another way of counting part of a whole?
percent
4%
physical inventory
types of liabilities
24. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
EOM (in terms of invoice)
OTB (retail)
Liquidity of Assets
cost of goods sold formula (COGS)
25. accounts receivable/ average daily sales
Stock to Sales Ratio
25%
78
Average Collection Turnover
26. Units Sold/ (Units Sold + On Hand Inventory)
.65
Retail
Sell Thru %
.56
27. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
GMROI
Gross margin %
20%
when multiplying numbers that contain decimals:
28. Net Sales for period/ Avg Stock for period
50/100
profit and loss statement
loss
Turnover
29. Total Net Sales / Total Number of Transactions
operating expenses
Sales per Transaction
steps in strategic planning
78
30. When sales plans are underestimated and the stock purchases result in a low inventory
41%
underbought
percent decrease
overages
31. What happens when your expenses - etc. are higher than your sales
loss
Multiplying Fractions
Subtracting Fractions
Quick Ratio
32. Liabilities - capital - income
steps in strategic planning
GMROI
4%
increase=credit
33. Convert 10/11 to a percent
90.9%
Average Daily Sales
$252
Unit pricing
34. A/b - c/b = a-c/b
physical inventory
Mark Up %
Subtracting Fractions
.56
35. The average person will have _ jobs in their lifetime.
16-18
Average Collection Turnover
90.9%
Simple interest formula
36. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
$2 -127.66
$ COST
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Liquidity
37. Convert 1.25 to a percent
types of capital
Compound interest formula with changing rates
profit and loss statement
125%
38. Overage$ = book$ - physical count$; overage% = overage$/NS$
With cash discounts and calculating net price - when to add freight
operating expenses
Of what number 16 is a 25% increase
overages
39. The wholesale cost of an item (cost of goods - or COG)
Cost
DOI
Margin %
installment loan
40. S=X(1+r1)^y(1+r
36%
Break Even Point Formula
20%
Compound interest formula with changing rates
41. Convert 50% to a fraction
50/100
4%
14/100
Gross margin dollars
42. Original retail price - Lower retail price
$ Markdown
cost of goods sold formula (COGS)
when multiplying numbers that contain decimals:
Internal Rate of Return
43. The recommended house payment should be no more than _% of your monthly take-home pay.
Margin %
operating expenses
25
With cash discounts and calculating net price - when to add freight
44. Formula: GM = NS - COG; GM$ = NS$ X GM%
gross margin
gross sales
When Dividing With Exponents
Stock to Sales Ratio
45. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
types of capital
gross sales
per hundred
To increase a number by a given percentage - e.g. increase 16 by 25%
46. A/b
transportation
Dividing Fractions
netprice with a 25/10/10 series discount
To increase a number by a given percentage - e.g. increase 16 by 25%
47. Wholesale cost
types of incomes
Current Assets
$ Cost
cost of goods
48. Convert 20 to a percent
installment loan
Internal Rate of Return
78
20%
49. Amount decrease (Original - New) / Original amount = decimal= convert to %
Gross margin dollars
Markdown %
per hundred
percent decrease
50. Capital stock - owner's equity (owner's funds invested in the business)
Turnover
types of capital
installment loan
FOB destination