SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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 - Cost)/ Retail
Margin %
profit
Gross margin %
36%
2. 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
per hundred
Average Collection Turnover
Gross Margin Return On Inventory Investment (GMROII)
3. A form of closed-end credit used for purchasing durable goods such as cars
Discounting Formula
Break Even Point
increase=credit
installment loan
4. Alignment of the decimals is not important
With cash discounts and calculating net price - when to add freight
when multiplying numbers that contain decimals:
1.304
Retail
5. A team won 16 games and lost 9 games. What percent of games did the team lose?
shrinkage
The sum of a Geometric Progression
25
36%
6. Overage$ = book$ - physical count$; overage% = overage$/NS$
Current Ratio
GMROI
overages
Cost
7. Convert 10/11 to a percent
transportation
90.9%
DOI
.65
8. Convert 20 to a percent
Margin %
20%
book value
Effective annual rate of interest formula
9. 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)
36%
stock turn
4%
Extremes
10. 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
Discounting Formula
increase=credit
Average Collection Turnover
types of liabilities
11. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
4%
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
stock turn
net sales
12. BOM $ Stock/ Sales for period
Average Collection Turnover
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Of what number 16 is a 25% increase
Stock to Sales Ratio
13. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
80/100
book value
types of assets
Mark Up %
14. Convert 3 to a percent
income statement
ROG
Means
3%
15. $ RETAIL X (100 - GM %) / 100
Sales per Transaction
$ COST
20%
$ Retail
16. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
per hundred
physical inventory
percent decrease
17. (TY-LY)/ LY or (Plan-Actual)/
shrinkage
% increase or decrease
Markdown %
36%
18. What is the product of 3.26 and 0.4?
Average Collection Turnover
Markup
15
1.304
19. The wholesale cost of goods plus the markup
Quick Ratio
Liquidity
Retail
types of assets
20. 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)
Gross margin dollars
cost of goods sold formula (COGS)
Simple interest formula
$252
21. Convert 1/4 to a percent
Margin %
378 63
Cost
25%
22. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
80/100
41%
overbought
percent decrease
23. The average car will lose _% of its value in the first 4 years.
Unit pricing
Internal Rate of Return
60
36%
24. The average car payment is $_ per month for _ months.
.7
Average Collection Turnover
profit and loss statement
378 63
25. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
GMROI
Effective annual rate of interest formula
types of assets
Break Even Point Formula
26. The point at which you stop losing money.
36%
Break Even Point Formula
book value
Break Even Point
27. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
$ COST
improper
.65
25
28. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
3%
ROG
588 mph
Gross Margin Return On Inventory Investment (GMROII)
29. 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)
types of capital
With cash discounts and calculating net price - when to add freight
Internal Rate of Return
DOI
30. current assets/ current liabilities
types of assets
Current Ratio
Means
overages
31. total annual sales/365
costs of goods sold
profit
Of what number 16 is a 25% increase
Average Daily Sales
32. Convert 50% to a fraction
50/100
Compound interest formula with changing rates
types of assets
Liquidity of Assets
33. The recommended house payment should be no more than _% of your monthly take-home pay.
Average Daily Sales
installment loan
percent
25
34. Gross Margin/ Average Inventory Cost
GMROI
gross margin
when multiplying numbers that contain decimals:
Compound interest formula with changing rates
35. Outside numbers in a ratio.
Extremes
378 63
60
operating expenses
36. Liabilities - capital - income
Of what number 16 is a 25% increase
Sales per Transaction
increase=credit
installment loan
37. Turning assets into cash.
Multiplying Fractions
25
Liquidity
Liquidity of Assets
38. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
With cash discounts and calculating net price - when to add freight
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Gross Margin Return On Inventory Investment (GMROII)
cost of goods sold formula (COGS)
39. A/b + c/b = (a+c)/b
Adding Fractions
income statement
$2 -127.66
when multiplying numbers that contain decimals:
40. A measure of the number of days needed to collect accounts receivable.
installment loan
Unit pricing
25%
Average Collection Turnover
41. Inside numbers in a ratio.
Unit pricing
Means
$6 -655.50
types of expenses
42. cash + receivables/ current liabilities.
Average Collection Turnover
Quick Ratio
% increase or decrease
Discounting Formula
43. The wholesale cost of an item (cost of goods - or COG)
Cost
FOB destination
Average Daily Sales
90.9%
44. Convert .4 to a percent
41%
4%
15
increase=debit
45. Convert 56% to a decimal
Gross Margin Return On Inventory Investment (GMROII)
.56
Current Ratio
To decrease a number by a given percentage - e.g. decrease 16 by 25%
46. 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
to determine equivalent single discount rate for 25/10/10 series discount
Adding Fractions
36%
transportation
47. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
EOM (in terms of invoice)
25
netprice with a 25/10/10 series discount
With cash discounts and calculating net price - when to add freight
48. The average person will have _ jobs in their lifetime.
The sum of a Geometric Progression
increase=credit
Of what number 16 is a 25% increase
16-18
49. Convert 70% to a decimal
types of expenses
.7
.56
transportation
50. Formula: GM = NS - COG; GM$ = NS$ X GM%
per hundred
4%
gross margin
physical inventory