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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. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
$252
Markdown %
FOB destination
.7
2. Net Sales / Average Retail Value of Inventory
$ Cost
Inventory Turnover Rate
Discounting Formula
14/100
3. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
Internal Rate of Return
$252
Quick Ratio
income statement
4. Convert 1/4 to a percent
25%
to determine equivalent single discount rate for 25/10/10 series discount
Unit pricing
shrinkage
5. Another way of counting part of a whole?
percent
16-18
125%
DOI
6. Convert 56% to a decimal
25
2.5% per month
.56
Compound interest formula with changing rates
7. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
60
gross margin
Retail
ROG
8. Original retail price - Lower retail price
1.304
physical inventory
80/100
$ Markdown
9. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
$ COST
90.9%
OTB (retail)
Average Collection Turnover
10. Convert 3 to a percent
Discounting Formula
profit and loss statement
3%
types of assets
11. Convert .62 to a percent
.65
62%
cost of goods sold formula (COGS)
Break Even Point
12. Commissions - fees for service - merchandise sales - rental income - royalties
types of incomes
41%
increase=credit
$ Cost
13. Convert 50% to a fraction
4%
profit and loss statement
Multiplying Fractions
50/100
14. Loss of items due to damaged goods - stealing - etc.
overbought
shrinkage
Inventory Turnover Rate
costs of goods sold
15. $ Cost x (100 + Mark-up %) / 100
shortage
transportation
$ Retail
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
16. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
Current Ratio
% increase or decrease
book value
.7
17. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
types of expenses
4%
DOI
gross sales
18. What is the product of 3.26 and 0.4?
1.304
netprice with a 25/10/10 series discount
78
Average Daily Sales
19. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
FOB destination
DOI
Effective annual rate of interest formula
Liquidity
20. If freight is to be paid by the seller - the shipping terms are...
FOB destination
DOI
shortage
Means
21. Convert 20 to a percent
To increase a number by a given percentage - e.g. increase 16 by 25%
20%
Extremes
percent
22. Wholesale cost
Average Collection Turnover
cost of goods
Liquidity
overages
23. Sales - cost of goods sold
Multiplying Fractions
types of assets
Gross margin dollars
ROG
24. 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?
increase=credit
2.5% per month
Extremes
78
25. 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
to determine equivalent single discount rate for 25/10/10 series discount
.56
The sum of a Geometric Progression
14/100
26. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
To decrease a number by a given percentage - e.g. decrease 16 by 25%
50/100
steps in strategic planning
netprice with a 25/10/10 series discount
27. current assets/ current liabilities
shrinkage
transportation
Multiplying Fractions
Current Ratio
28. The wholesale cost of goods plus the markup
transportation
Retail
50/100
income statement
29. He availability of your money is called _.
Liquidity
GMROI
FOB destination
DOI
30. total annual sales/365
36%
Average Daily Sales
per hundred
Turnover
31. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
16-18
With cash discounts and calculating net price - when to add freight
Dividing Fractions
Cost
32. Formula: GM = NS - COG; GM$ = NS$ X GM%
Sales per Transaction
cost of goods
gross margin
Simple interest formula
33. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Gross margin %
types of expenses
15
$252
34. Inside numbers in a ratio.
60
Means
Break Even Point Formula
The sum of a Geometric Progression
35. cash + receivables/ current liabilities.
Gross margin %
36%
Quick Ratio
41%
36. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Markup
378 63
Liquidity of Assets
Compound interest formula with changing rates
37. Convert 80% to a fraction
125%
loss
Effective annual rate of interest formula
80/100
38. BOM $ Stock/ Sales for period
overages
3%
Stock to Sales Ratio
Simple interest formula
39. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
Gross margin %
Break Even Point
overbought
2.5% per month
40. A measure of the number of days needed to collect accounts receivable.
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Average Collection Turnover
90.9%
net sales
41. A/b
installment loan
Multiplying Fractions
41%
Liquidity
42. (Retail - Cost)/ Retail
cost of goods
netprice with a 25/10/10 series discount
20%
Margin %
43. A/b - c/b = a-c/b
Gross margin %
Subtracting Fractions
4%
$252
44. accounts receivable/ average daily sales
Average Collection Turnover
25
DOI
costs of goods sold
45. The average car will lose _% of its value in the first 4 years.
60
$ Cost
installment loan
36%
46. 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%
80/100
Break Even Point Formula
gross sales
Subtracting Fractions
47. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
To increase a number by a given percentage - e.g. increase 16 by 25%
Turnover
stock turn
Retail
48. What happens when your expenses - etc. are higher than your sales
41%
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
to determine equivalent single discount rate for 25/10/10 series discount
loss
49. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
physical inventory
Of what number 16 is a 25% increase
25
15
50. Convert 70% to a decimal
loss
types of expenses
.7
ROG