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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. Amount decrease (Original - New) / Original amount = decimal= convert to %
percent decrease
The sum of a Geometric Progression
per hundred
.65
2. 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
increase=debit
types of expenses
per hundred
percent
3. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
underbought
costs of goods sold
to determine equivalent single discount rate for 25/10/10 series discount
$6 -655.50
4. Convert .4 to a percent
Internal Rate of Return
operating expenses
profit and loss statement
4%
5. Convert 70/100 to a percent
Average Collection Turnover
percent
gross margin
70%
6. Original retail price - Lower retail price
Of what number 16 is a 25% increase
Break Even Point Formula
50/100
$ Markdown
7. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
1.304
Markup
COD
Markdown %
8. $ Cost x (100 + Mark-up %) / 100
$ Retail
OTB (retail)
70%
physical inventory
9. 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
EOM (in terms of invoice)
cost of goods
types of incomes
125%
10. current assets/ current liabilities
gross margin
Current Ratio
Unit pricing
Dividing Fractions
11. What does percent mean?
With cash discounts and calculating net price - when to add freight
Average Collection Turnover
per hundred
Simple interest formula
12. To take advantage of the 6% cash discount - a retailer made a $2 -000 partial payment during the discount period. How much was the retailer credited for the $2 -000 partial payment?
.56
$2 -127.66
Compound interest formula with changing rates
378 63
13. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
COD
16-18
profit and loss statement
overbought
14. Convert 1.25 to a percent
Simple interest formula
Unit pricing
125%
Liquidity
15. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
$252
Effective annual rate of interest formula
% increase or decrease
to determine equivalent single discount rate for 25/10/10 series discount
16. Total Net Sales / Total Number of Transactions
Sales per Transaction
increase=debit
3%
underbought
17. total annual sales/365
increase=debit
$ COST
Average Daily Sales
14/100
18. 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?
To decrease a number by a given percentage - e.g. decrease 16 by 25%
$252
Markup
Retail
19. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
% increase or decrease
2.5% per month
Markup
Markdown %
20. 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)
overbought
Internal Rate of Return
types of assets
$252
21. Direct labor - factory overhead - merchandise inventory - packaging - raw material
costs of goods sold
14/100
stock turn
Compound interest formula with changing rates
22. Units Sold/ (Units Sold + On Hand Inventory)
70%
$ COST
The sum of a Geometric Progression
Sell Thru %
23. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
.56
To decrease a number by a given percentage - e.g. decrease 16 by 25%
GMROI
When Dividing With Exponents
24. 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
shortage
Discounting Formula
Gross margin %
types of expenses
25. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
Margin %
70%
Multiplying Fractions
26. Assets - cost of goods sold - expenses
Stock to Sales Ratio
increase=debit
To increase a number by a given percentage - e.g. increase 16 by 25%
$ Cost
27. A/b - c/b = a-c/b
Subtracting Fractions
types of capital
installment loan
DOI
28. Beginning inventory + Purchases - Ending inventory
cost of goods sold formula (COGS)
EOM (in terms of invoice)
Dividing Fractions
increase=credit
29. accounts receivable/ average daily sales
Break Even Point
Sell Thru %
Discounting Formula
Average Collection Turnover
30. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
25
DOI
cost of goods
80/100
31. Formula: GM = NS - COG; GM$ = NS$ X GM%
$ Cost
Gross margin %
Quick Ratio
gross margin
32. Convert 1/4 to a percent
41%
25%
The sum of a Geometric Progression
types of capital
33. If freight is to be paid by the seller - the shipping terms are...
steps in strategic planning
80/100
Markup
FOB destination
34. A^m/a^n = a^(m-n)
When Dividing With Exponents
.65
profit and loss statement
588 mph
35. $ RETAIL X (100 - GM %) / 100
36%
cost of goods
With cash discounts and calculating net price - when to add freight
$ COST
36. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
20%
Gross margin %
Of what number 16 is a 25% increase
stock turn
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
shrinkage
$6 -655.50
steps in strategic planning
78
38. $ retail x (100%-markup)
net sales
$ Cost
Internal Rate of Return
types of capital
39. Convert .36 to a percent
To increase a number by a given percentage - e.g. increase 16 by 25%
36%
Effective annual rate of interest formula
78
40. 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
With cash discounts and calculating net price - when to add freight
stock turn
transportation
net sales
41. Sales - cost of goods sold
types of assets
14/100
Gross margin dollars
36%
42. Net Sales for period/ Avg Stock for period
Quick Ratio
78
25%
Turnover
43. 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
62%
36%
When Dividing With Exponents
44. Outside numbers in a ratio.
overbought
Gross margin dollars
Extremes
Average Collection Turnover
45. $ Cost/ (100%-markup%)
2.5% per month
types of liabilities
Markup
$ Retail
46. Convert .62 to a percent
62%
income statement
cost of goods
steps in strategic planning
47. The average car payment is $_ per month for _ months.
Proportion
378 63
Sales per Transaction
netprice with a 25/10/10 series discount
48. The wholesale cost of an item (cost of goods - or COG)
Stock to Sales Ratio
Average Collection Turnover
Simple interest formula
Cost
49. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
14/100
percent decrease
70%
book value
50. 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.
OTB (retail)
net sales
ROG
steps in strategic planning