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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. $ retail x (100%-markup)
Proportion
$ Cost
steps in strategic planning
.7
2. 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...
When Dividing With Exponents
operating expenses
36%
installment loan
3. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
Sales per Transaction
types of assets
Simple interest formula
To decrease a number by a given percentage - e.g. decrease 16 by 25%
4. Inside numbers in a ratio.
Internal Rate of Return
The sum of a Geometric Progression
Means
36%
5. (TY-LY)/ LY or (Plan-Actual)/
% increase or decrease
physical inventory
DOI
GMROI
6. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
1.304
OTB (retail)
When Dividing With Exponents
installment loan
7. 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
gross margin
profit and loss statement
Discounting Formula
4%
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)
90.9%
With cash discounts and calculating net price - when to add freight
Simple interest formula
25
9. Cash or assets that can quickly be converted into cash.
Current Assets
41%
62%
$ Retail
10. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
$ Retail
Effective annual rate of interest formula
EOM (in terms of invoice)
25%
11. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
transportation
Dividing Fractions
15
With cash discounts and calculating net price - when to add freight
12. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
.7
Turnover
62%
ROG
13. 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%
4%
percent
costs of goods sold
to determine equivalent single discount rate for 25/10/10 series discount
14. Convert 70% to a decimal
.7
stock turn
.56
types of incomes
15. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
Average Collection Turnover
overbought
$2 -127.66
16-18
16. $ Cost/ (100%-markup%)
cost of goods sold formula (COGS)
shrinkage
costs of goods sold
$ Retail
17. Convert 70/100 to a percent
installment loan
physical inventory
% increase or decrease
70%
18. The wholesale cost of an item (cost of goods - or COG)
Cost
14/100
$ Retail
gross sales
19. Direct labor - factory overhead - merchandise inventory - packaging - raw material
costs of goods sold
78
loss
Proportion
20. BOM $ Stock/ Sales for period
Stock to Sales Ratio
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
percent
Adding Fractions
21. Two equivalent ratios joined by an equal sign.
Average Collection Turnover
Quick Ratio
Proportion
increase=credit
22. Assets - cost of goods sold - expenses
70%
Cost
Current Assets
increase=debit
23. A measure of the number of days needed to collect accounts receivable.
book value
Average Collection Turnover
when multiplying numbers that contain decimals:
The sum of a Geometric Progression
24. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Liquidity of Assets
Retail
Markup
profit and loss statement
25. 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?
$ Retail
Simple interest formula
$252
Gross Margin Return On Inventory Investment (GMROII)
26. Convert 65% to a decimal
36%
Current Ratio
25
.65
27. What happens when your expenses - etc. are higher than your sales
loss
25%
20%
.7
28. Convert .36 to a percent
41%
loss
36%
Extremes
29. Net Sales / Average Retail Value of Inventory
installment loan
Inventory Turnover Rate
$ Retail
$6 -655.50
30. What is the product of 3.26 and 0.4?
Current Assets
1.304
netprice with a 25/10/10 series discount
percent decrease
31. Convert 14% to a fraction
14/100
profit
Margin %
netprice with a 25/10/10 series discount
32. 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
shortage
when multiplying numbers that contain decimals:
steps in strategic planning
per hundred
33. A/b
Extremes
book value
Multiplying Fractions
profit and loss statement
34. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
62%
physical inventory
Current Ratio
41%
35. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
60
improper
125%
$ Retail
36. 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
3%
COD
percent decrease
physical inventory
37. 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)
$ Retail
$ Markdown
90.9%
stock turn
38. Convert 1/4 to a percent
25%
DOI
percent
15
39. cash + receivables/ current liabilities.
Quick Ratio
FOB destination
$ Retail
Retail
40. Liabilities - capital - income
increase=credit
OTB (retail)
loss
percent
41. Net Sales for period/ Avg Stock for period
costs of goods sold
$6 -655.50
Turnover
36%
42. Convert 56% to a decimal
36%
378 63
Quick Ratio
.56
43. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
Average Collection Turnover
To increase a number by a given percentage - e.g. increase 16 by 25%
78
GMROI
44. Convert 3 to a percent
Cost
3%
gross sales
2.5% per month
45. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
36%
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Multiplying Fractions
62%
46. Turning assets into cash.
Gross margin %
Liquidity of Assets
Quick Ratio
loss
47. 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
The sum of a Geometric Progression
GMROI
book value
Current Assets
48. He availability of your money is called _.
Of what number 16 is a 25% increase
Discounting Formula
Liquidity
DOI
49. Convert 20 to a percent
income statement
book value
20%
3%
50. The average car payment is $_ per month for _ months.
$ Retail
profit
378 63
$ Retail