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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. A^m/a^n = a^(m-n)
When Dividing With Exponents
Subtracting Fractions
steps in strategic planning
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
2. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
profit
loss
cost of goods sold formula (COGS)
3. Commissions - fees for service - merchandise sales - rental income - royalties
78
2.5% per month
types of incomes
.56
4. 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?
netprice with a 25/10/10 series discount
2.5% per month
60
$ Cost
5. Convert .62 to a percent
DOI
90.9%
62%
$ Retail
6. Gross Margin/ Average Inventory Cost
Sell Thru %
90.9%
.56
GMROI
7. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
1.304
income statement
when multiplying numbers that contain decimals:
125%
8. Capital stock - owner's equity (owner's funds invested in the business)
FOB destination
types of capital
DOI
36%
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
shortage
3%
EOM (in terms of invoice)
per hundred
10. 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)
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Multiplying Fractions
Internal Rate of Return
types of capital
11. Formula: GM = NS - COG; GM$ = NS$ X GM%
improper
gross margin
types of expenses
.7
12. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
cost of goods
percent
netprice with a 25/10/10 series discount
With cash discounts and calculating net price - when to add freight
13. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
Unit pricing
$6 -655.50
gross margin
ROG
14. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
physical inventory
Break Even Point
ROG
net sales
15. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
types of incomes
types of liabilities
Liquidity of Assets
overages
16. Turning assets into cash.
Liquidity of Assets
Break Even Point Formula
stock turn
ROG
17. $ RETAIL X (100 - GM %) / 100
$ COST
steps in strategic planning
profit and loss statement
EOM (in terms of invoice)
18. When sales plans are underestimated and the stock purchases result in a low inventory
Average Daily Sales
underbought
4%
physical inventory
19. Convert 50% to a fraction
Mark Up %
50/100
steps in strategic planning
1.304
20. The wholesale cost of an item (cost of goods - or COG)
20%
book value
Cost
25
21. A/b + c/b = (a+c)/b
Inventory Turnover Rate
$ Retail
to determine equivalent single discount rate for 25/10/10 series discount
Adding Fractions
22. Convert 70/100 to a percent
Dividing Fractions
70%
60
Retail
23. What happens when your expenses - etc. are higher than your sales
Margin %
loss
gross sales
cost of goods sold formula (COGS)
24. 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%
62%
COD
Discounting Formula
25. BOM $ Stock/ Sales for period
Stock to Sales Ratio
78
Liquidity
Retail
26. Convert 70% to a decimal
70%
.7
Unit pricing
shrinkage
27. Convert 1/4 to a percent
25%
14/100
16-18
gross sales
28. What does percent mean?
20%
per hundred
increase=credit
operating expenses
29. Overage$ = book$ - physical count$; overage% = overage$/NS$
When Dividing With Exponents
overages
Current Assets
Average Collection Turnover
30. 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
types of expenses
50/100
$252
DOI
31. Convert 20 to a percent
20%
increase=credit
Internal Rate of Return
Gross margin %
32. Convert 80% to a fraction
78
ROG
80/100
3%
33. A formal document that is used for a variety of functions within a retail business; it provides a big picture look at the succinct expression of the sales - markup - and profit for a business
profit and loss statement
25%
Liquidity of Assets
GMROI
34. ($ Retail x 100 / COST) - 100
Adding Fractions
types of expenses
Break Even Point
Mark Up %
35. Another way of counting part of a whole?
percent
Average Collection Turnover
% increase or decrease
per hundred
36. 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
Gross margin %
overbought
transportation
$ Retail
37. Original retail price - Lower retail price
increase=debit
$ Markdown
Effective annual rate of interest formula
gross margin
38. 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
$2 -127.66
The sum of a Geometric Progression
profit
EOM (in terms of invoice)
39. Direct labor - factory overhead - merchandise inventory - packaging - raw material
2.5% per month
types of assets
costs of goods sold
Compound interest formula with changing rates
40. 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)
Simple interest formula
$252
$ COST
Margin %
41. The point at which you stop losing money.
Break Even Point
cost of goods
OTB (retail)
improper
42. Two equivalent ratios joined by an equal sign.
Multiplying Fractions
OTB (retail)
Proportion
Retail
43. A/b
Extremes
Dividing Fractions
ROG
1.304
44. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
OTB (retail)
Sales per Transaction
physical inventory
book value
45. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
$252
Stock to Sales Ratio
Turnover
overbought
46. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
costs of goods sold
% increase or decrease
588 mph
EOM (in terms of invoice)
47. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
$ Cost
When Dividing With Exponents
14/100
Of what number 16 is a 25% increase
48. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
percent
improper
Retail
ROG
49. S=X(1+r1)^y(1+r
OTB (retail)
overages
Current Ratio
Compound interest formula with changing rates
50. Cash or assets that can quickly be converted into cash.
Current Assets
percent decrease
15
types of liabilities
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