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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. 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)
When Dividing With Exponents
increase=credit
Adding Fractions
Simple interest formula
2. Cash or assets that can quickly be converted into cash.
Current Assets
62%
steps in strategic planning
When Dividing With Exponents
3. The average car payment is $_ per month for _ months.
Discounting Formula
Markdown %
36%
378 63
4. Convert 56% to a decimal
60
transportation
Liquidity
.56
5. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
4%
when multiplying numbers that contain decimals:
percent
6. 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%
Cost
EOM (in terms of invoice)
Means
to determine equivalent single discount rate for 25/10/10 series discount
7. Direct labor - factory overhead - merchandise inventory - packaging - raw material
costs of goods sold
types of incomes
Means
3%
8. $ Cost/ (100%-markup%)
$ Retail
36%
per hundred
$ Markdown
9. Loss of items due to damaged goods - stealing - etc.
15
62%
net sales
shrinkage
10. total fixed costs/ selling price-variable cost
Break Even Point Formula
installment loan
80/100
improper
11. Convert 65% to a decimal
.65
Average Collection Turnover
4%
Internal Rate of Return
12. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
when multiplying numbers that contain decimals:
Cost
income statement
14/100
13. Convert 10/11 to a percent
when multiplying numbers that contain decimals:
588 mph
90.9%
steps in strategic planning
14. 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
operating expenses
.7
$252
15. 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
$ Markdown
types of assets
4%
Discounting Formula
16. He availability of your money is called _.
$ COST
Inventory Turnover Rate
Liquidity
16-18
17. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
physical inventory
income statement
378 63
DOI
18. ($ Retail x 100 / COST) - 100
Mark Up %
overages
$6 -655.50
Turnover
19. What is the product of 3.26 and 0.4?
underbought
1.304
gross margin
Current Assets
20. 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
types of incomes
types of assets
Effective annual rate of interest formula
COD
21. The average car will lose _% of its value in the first 4 years.
FOB destination
41%
62%
60
22. Alignment of the decimals is not important
types of assets
when multiplying numbers that contain decimals:
Retail
Break Even Point
23. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
4%
To increase a number by a given percentage - e.g. increase 16 by 25%
types of assets
profit and loss statement
24. 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?
Subtracting Fractions
increase=debit
$2 -127.66
$ Markdown
25. Wholesale cost
Margin %
cost of goods
% increase or decrease
GMROI
26. Convert 50% to a fraction
50/100
$ COST
Discounting Formula
4%
27. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
types of liabilities
gross margin
70%
$2 -127.66
28. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
Average Collection Turnover
netprice with a 25/10/10 series discount
78
1.304
29. Inside numbers in a ratio.
Means
Margin %
Gross Margin Return On Inventory Investment (GMROII)
shortage
30. Convert 1/4 to a percent
Mark Up %
Gross Margin Return On Inventory Investment (GMROII)
25%
15
31. 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
book value
EOM (in terms of invoice)
Gross margin %
14/100
32. When sales plans are underestimated and the stock purchases result in a low inventory
percent decrease
Sales per Transaction
underbought
.7
33. 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?
$252
increase=debit
types of expenses
Gross Margin Return On Inventory Investment (GMROII)
34. Outside numbers in a ratio.
Cost
Extremes
gross margin
Gross margin %
35. 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.
62%
net sales
installment loan
Gross margin %
36. A/b
cost of goods sold formula (COGS)
Average Collection Turnover
COD
Multiplying Fractions
37. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Internal Rate of Return
Gross Margin Return On Inventory Investment (GMROII)
Sales per Transaction
Of what number 16 is a 25% increase
38. BOM $ Stock/ Sales for period
Stock to Sales Ratio
4%
Inventory Turnover Rate
.65
39. Original retail price - Lower retail price
125%
net sales
Sales per Transaction
$ Markdown
40. cash + receivables/ current liabilities.
90.9%
Quick Ratio
60
Gross margin %
41. The point at which you stop losing money.
$6 -655.50
$2 -127.66
Break Even Point
stock turn
42. Beginning inventory + Purchases - Ending inventory
Markup
50/100
cost of goods sold formula (COGS)
profit
43. If freight is to be paid by the seller - the shipping terms are...
The sum of a Geometric Progression
4%
FOB destination
$ COST
44. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
Average Collection Turnover
588 mph
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Markdown %
45. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
transportation
gross sales
$2 -127.66
shortage
46. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
Subtracting Fractions
The sum of a Geometric Progression
.7
47. $ Cost x (100 + Mark-up %) / 100
overages
With cash discounts and calculating net price - when to add freight
$ Retail
78
48. GMROII = GM% x (Sales / Average Value of Inventory)
Gross Margin Return On Inventory Investment (GMROII)
physical inventory
36%
36%
49. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
shortage
Liquidity
Markdown %
50. Convert 70/100 to a percent
Mark Up %
increase=debit
types of expenses
70%