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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. Inside numbers in a ratio.
Means
.65
Effective annual rate of interest formula
percent decrease
2. Convert 56% to a decimal
$ Retail
Average Daily Sales
.56
Current Ratio
3. Formula: GM = NS - COG; GM$ = NS$ X GM%
Average Daily Sales
types of assets
16-18
gross margin
4. 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
90.9%
netprice with a 25/10/10 series discount
physical inventory
COD
5. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
book value
Gross margin %
types of assets
15
6. The wholesale cost of an item (cost of goods - or COG)
16-18
Liquidity of Assets
Cost
Turnover
7. $ Cost/ (100%-markup%)
125%
To decrease a number by a given percentage - e.g. decrease 16 by 25%
$6 -655.50
$ Retail
8. Convert 65% to a decimal
.65
operating expenses
Break Even Point
41%
9. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Effective annual rate of interest formula
Gross margin %
increase=credit
36%
10. accounts receivable/ average daily sales
Extremes
cost of goods
Average Collection Turnover
net sales
11. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
FOB destination
improper
Multiplying Fractions
DOI
12. $ retail x (100%-markup)
Sales per Transaction
588 mph
Markup
$ Cost
13. $ RETAIL X (100 - GM %) / 100
steps in strategic planning
36%
$ COST
60
14. What happens when your expenses - etc. are higher than your sales
Stock to Sales Ratio
loss
types of capital
Unit pricing
15. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
overages
to determine equivalent single discount rate for 25/10/10 series discount
To decrease a number by a given percentage - e.g. decrease 16 by 25%
$ Markdown
16. Convert 14% to a fraction
Break Even Point
14/100
transportation
Sales per Transaction
17. 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
FOB destination
Dividing Fractions
$ Cost
EOM (in terms of invoice)
18. (TY-LY)/ LY or (Plan-Actual)/
Simple interest formula
.65
% increase or decrease
Unit pricing
19. Outside numbers in a ratio.
Extremes
profit and loss statement
netprice with a 25/10/10 series discount
62%
20. Overage$ = book$ - physical count$; overage% = overage$/NS$
Markup
overages
types of expenses
Inventory Turnover Rate
21. A team won 16 games and lost 9 games. What percent of games did the team lose?
Extremes
36%
improper
physical inventory
22. GMROII = GM% x (Sales / Average Value of Inventory)
25%
The sum of a Geometric Progression
With cash discounts and calculating net price - when to add freight
Gross Margin Return On Inventory Investment (GMROII)
23. Convert 1.25 to a percent
36%
125%
$ Retail
16-18
24. 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
36%
transportation
90.9%
$6 -655.50
25. Amount decrease (Original - New) / Original amount = decimal= convert to %
book value
percent decrease
Stock to Sales Ratio
FOB destination
26. A/b
Average Collection Turnover
With cash discounts and calculating net price - when to add freight
.56
Multiplying Fractions
27. Convert .62 to a percent
588 mph
Multiplying Fractions
Unit pricing
62%
28. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Markdown %
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
gross sales
OTB (retail)
29. Alignment of the decimals is not important
when multiplying numbers that contain decimals:
netprice with a 25/10/10 series discount
percent
Average Collection Turnover
30. Capital stock - owner's equity (owner's funds invested in the business)
378 63
types of capital
Retail
36%
31. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...
operating expenses
steps in strategic planning
Stock to Sales Ratio
Sell Thru %
32. 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 incomes
With cash discounts and calculating net price - when to add freight
62%
33. Liabilities - capital - income
DOI
increase=credit
Turnover
book value
34. The average car payment is $_ per month for _ months.
gross sales
378 63
Inventory Turnover Rate
types of liabilities
35. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
$6 -655.50
installment loan
$ Cost
36. Convert 3 to a percent
overbought
$ Markdown
3%
types of incomes
37. Net Sales / Average Retail Value of Inventory
netprice with a 25/10/10 series discount
Inventory Turnover Rate
Quick Ratio
increase=debit
38. Convert 50% to a fraction
increase=debit
OTB (retail)
50/100
Sales per Transaction
39. 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)
profit and loss statement
Internal Rate of Return
36%
stock turn
40. Direct labor - factory overhead - merchandise inventory - packaging - raw material
operating expenses
increase=credit
costs of goods sold
overbought
41. cash + receivables/ current liabilities.
15
Quick Ratio
loss
percent decrease
42. 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%
to determine equivalent single discount rate for 25/10/10 series discount
cost of goods sold formula (COGS)
$ Cost
transportation
43. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
when multiplying numbers that contain decimals:
operating expenses
Internal Rate of Return
44. When sales plans are underestimated and the stock purchases result in a low inventory
underbought
Turnover
stock turn
36%
45. 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)
stock turn
to determine equivalent single discount rate for 25/10/10 series discount
netprice with a 25/10/10 series discount
EOM (in terms of invoice)
46. If freight is to be paid by the seller - the shipping terms are...
types of capital
90.9%
$ Cost
FOB destination
47. Turning assets into cash.
Liquidity of Assets
Cost
Current Ratio
Discounting Formula
48. Convert 1/4 to a percent
25%
Liquidity
Gross margin dollars
loss
49. Sales - cost of goods sold
$ Retail
The sum of a Geometric Progression
Extremes
Gross margin dollars
50. Convert 41/100 to a percent
Of what number 16 is a 25% increase
types of incomes
underbought
41%