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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. 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
The sum of a Geometric Progression
DOI
types of assets
transportation
2. Two equivalent ratios joined by an equal sign.
Proportion
$6 -655.50
25%
transportation
3. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
steps in strategic planning
$ Retail
Liquidity of Assets
4. Outside numbers in a ratio.
To increase a number by a given percentage - e.g. increase 16 by 25%
Extremes
to determine equivalent single discount rate for 25/10/10 series discount
16-18
5. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
shortage
Markdown %
shrinkage
70%
6. Sales - cost of goods sold
Gross margin dollars
loss
78
2.5% per month
7. 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
steps in strategic planning
profit
When Dividing With Exponents
Stock to Sales Ratio
8. Liabilities - capital - income
shortage
increase=credit
Cost
GMROI
9. cash + receivables/ current liabilities.
Quick Ratio
Discounting Formula
2.5% per month
25
10. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
125%
ROG
Subtracting Fractions
GMROI
11. Convert 70/100 to a percent
Simple interest formula
OTB (retail)
70%
types of assets
12. % of 90 days same as cash convert to payments.
With cash discounts and calculating net price - when to add freight
78
types of assets
Break Even Point
13. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
percent
profit
36%
14. Alignment of the decimals is not important
Internal Rate of Return
Compound interest formula with changing rates
Retail
when multiplying numbers that contain decimals:
15. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
physical inventory
3%
book value
Proportion
16. BOM $ Stock/ Sales for period
steps in strategic planning
Stock to Sales Ratio
Turnover
Average Daily Sales
17. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Means
70%
Average Collection Turnover
Of what number 16 is a 25% increase
18. A/b
Dividing Fractions
Gross Margin Return On Inventory Investment (GMROII)
Liquidity
to determine equivalent single discount rate for 25/10/10 series discount
19. 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
1.304
types of expenses
Quick Ratio
Compound interest formula with changing rates
20. Direct labor - factory overhead - merchandise inventory - packaging - raw material
operating expenses
DOI
costs of goods sold
The sum of a Geometric Progression
21. Convert 56% to a decimal
.56
per hundred
Of what number 16 is a 25% increase
cost of goods
22. Wholesale cost
78
types of assets
shortage
cost of goods
23. Capital stock - owner's equity (owner's funds invested in the business)
14/100
types of capital
Gross margin dollars
Margin %
24. Net Sales / Average Retail Value of Inventory
Inventory Turnover Rate
Stock to Sales Ratio
DOI
Discounting Formula
25. Amount decrease (Original - New) / Original amount = decimal= convert to %
Retail
operating expenses
percent decrease
cost of goods
26. Net Sales for period/ Avg Stock for period
types of liabilities
14/100
book value
Turnover
27. The wholesale cost of goods plus the markup
Sell Thru %
3%
Retail
378 63
28. $ retail x (100%-markup)
20%
$ Cost
36%
types of capital
29. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
income statement
Of what number 16 is a 25% increase
25
$ Cost
30. Convert 70% to a decimal
Inventory Turnover Rate
cost of goods
% increase or decrease
.7
31. What happens when your sales are higher than your expenses - etc.
underbought
operating expenses
profit
improper
32. 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
Mark Up %
Dividing Fractions
Gross Margin Return On Inventory Investment (GMROII)
33. $ Cost/ (100%-markup%)
$ Retail
Extremes
types of assets
types of capital
34. 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
Gross Margin Return On Inventory Investment (GMROII)
transportation
36%
The sum of a Geometric Progression
35. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
Unit pricing
Simple interest formula
netprice with a 25/10/10 series discount
70%
36. What does percent mean?
stock turn
Adding Fractions
per hundred
Mark Up %
37. You should never take out more than a _ year mortgage.
shortage
Sales per Transaction
Current Assets
15
38. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
underbought
14/100
Current Assets
types of liabilities
39. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
percent decrease
3%
improper
netprice with a 25/10/10 series discount
40. A form of closed-end credit used for purchasing durable goods such as cars
41%
installment loan
Internal Rate of Return
$252
41. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
Sales per Transaction
GMROI
$6 -655.50
increase=debit
42. 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
income statement
Adding Fractions
$ Markdown
profit and loss statement
43. If freight is to be paid by the seller - the shipping terms are...
Break Even Point
FOB destination
$252
The sum of a Geometric Progression
44. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
physical inventory
Compound interest formula with changing rates
Break Even Point Formula
shortage
45. Loss of items due to damaged goods - stealing - etc.
Simple interest formula
netprice with a 25/10/10 series discount
Stock to Sales Ratio
shrinkage
46. A/b
4%
90.9%
Multiplying Fractions
Average Collection Turnover
47. Convert 14% to a fraction
Break Even Point Formula
14/100
cost of goods sold formula (COGS)
Dividing Fractions
48. 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?
Average Daily Sales
Discounting Formula
The sum of a Geometric Progression
$2 -127.66
49. accounts receivable/ average daily sales
When Dividing With Exponents
Average Collection Turnover
underbought
types of incomes
50. (TY-LY)/ LY or (Plan-Actual)/
$252
$ Retail
Average Collection Turnover
% increase or decrease