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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. Convert 1.25 to a percent
Quick Ratio
125%
Simple interest formula
profit
2. Convert 41/100 to a percent
.65
4%
The sum of a Geometric Progression
41%
3. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
50/100
Average Daily Sales
EOM (in terms of invoice)
netprice with a 25/10/10 series discount
4. Units Sold/ (Units Sold + On Hand Inventory)
Sell Thru %
Average Daily Sales
Dividing Fractions
Current Ratio
5. What happens when your sales are higher than your expenses - etc.
overbought
Mark Up %
Of what number 16 is a 25% increase
profit
6. Convert 70/100 to a percent
percent
70%
78
overbought
7. What happens when your expenses - etc. are higher than your sales
overages
percent
Discounting Formula
loss
8. $ Cost x (100 + Mark-up %) / 100
increase=debit
62%
Gross margin dollars
$ Retail
9. Beginning inventory + Purchases - Ending inventory
income statement
90.9%
netprice with a 25/10/10 series discount
cost of goods sold formula (COGS)
10. total fixed costs/ selling price-variable cost
36%
Quick Ratio
Break Even Point Formula
378 63
11. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
types of liabilities
When Dividing With Exponents
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Average Daily Sales
12. What is the product of 3.26 and 0.4?
Stock to Sales Ratio
16-18
1.304
Adding Fractions
13. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
DOI
stock turn
588 mph
Adding Fractions
14. A/b + c/b = (a+c)/b
41%
Stock to Sales Ratio
Turnover
Adding Fractions
15. 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
profit and loss statement
$ COST
Margin %
percent decrease
16. Two equivalent ratios joined by an equal sign.
Internal Rate of Return
book value
Proportion
types of assets
17. Outside numbers in a ratio.
Average Daily Sales
Gross margin %
Extremes
COD
18. Direct labor - factory overhead - merchandise inventory - packaging - raw material
costs of goods sold
Sell Thru %
steps in strategic planning
Sales per Transaction
19. 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)
Average Collection Turnover
Break Even Point
stock turn
15
20. You should never take out more than a _ year mortgage.
percent
$ COST
increase=credit
15
21. (TY-LY)/ LY or (Plan-Actual)/
types of expenses
% increase or decrease
$ Retail
operating expenses
22. $ RETAIL X (100 - GM %) / 100
$ Retail
$ COST
Effective annual rate of interest formula
$2 -127.66
23. The average car will lose _% of its value in the first 4 years.
Unit pricing
$ Cost
Mark Up %
60
24. 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?
$ Cost
stock turn
.56
$252
25. Assets - cost of goods sold - expenses
costs of goods sold
25%
increase=debit
Of what number 16 is a 25% increase
26. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
overbought
installment loan
Extremes
improper
27. Convert 1/4 to a percent
14/100
cost of goods
25%
Liquidity of Assets
28. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
15
OTB (retail)
Margin %
41%
29. Formula: GM = NS - COG; GM$ = NS$ X GM%
gross margin
Stock to Sales Ratio
shortage
Proportion
30. The point at which you stop losing money.
Break Even Point
.56
The sum of a Geometric Progression
types of incomes
31. (Retail - Cost)/ Retail
41%
when multiplying numbers that contain decimals:
Cost
Margin %
32. Loss of items due to damaged goods - stealing - etc.
Liquidity
Unit pricing
36%
shrinkage
33. Convert 80% to a fraction
80/100
378 63
Sales per Transaction
Of what number 16 is a 25% increase
34. Commissions - fees for service - merchandise sales - rental income - royalties
types of incomes
loss
Simple interest formula
62%
35. When sales plans are underestimated and the stock purchases result in a low inventory
underbought
OTB (retail)
$6 -655.50
types of expenses
36. Cash or assets that can quickly be converted into cash.
Current Assets
36%
$ Markdown
To increase a number by a given percentage - e.g. increase 16 by 25%
37. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Proportion
Subtracting Fractions
50/100
38. 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
profit
Turnover
types of expenses
steps in strategic planning
39. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
Means
Average Daily Sales
income statement
FOB destination
40. 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%
Current Assets
With cash discounts and calculating net price - when to add freight
1.304
41. Sales - cost of goods sold
percent
Current Assets
$252
Gross margin dollars
42. Convert 20 to a percent
20%
Break Even Point
70%
Retail
43. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
installment loan
When Dividing With Exponents
types of assets
operating expenses
44. Gross Margin/ Average Inventory Cost
GMROI
80/100
profit
$252
45. Turning assets into cash.
shrinkage
Liquidity of Assets
types of capital
Break Even Point Formula
46. The recommended house payment should be no more than _% of your monthly take-home pay.
transportation
$ Retail
25
$ COST
47. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
Quick Ratio
cost of goods sold formula (COGS)
.65
DOI
48. The average person will have _ jobs in their lifetime.
16-18
588 mph
3%
transportation
49. Total Net Sales / Total Number of Transactions
Sales per Transaction
Cost
OTB (retail)
profit and loss statement
50. The wholesale cost of an item (cost of goods - or COG)
Of what number 16 is a 25% increase
Current Assets
Cost
3%