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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 wholesale cost of goods plus the markup
Retail
Adding Fractions
types of assets
36%
2. Cash or assets that can quickly be converted into cash.
Current Assets
operating expenses
Internal Rate of Return
Stock to Sales Ratio
3. total annual sales/365
increase=debit
Gross margin %
Average Daily Sales
$ Markdown
4. total fixed costs/ selling price-variable cost
Break Even Point Formula
Unit pricing
underbought
steps in strategic planning
5. Actual retail sales; the retail price at which one tiem is sold is combined with the retail prices of all the items that are sold to become the net sales amount.
net sales
Gross margin dollars
gross margin
To decrease a number by a given percentage - e.g. decrease 16 by 25%
6. When sales plans are underestimated and the stock purchases result in a low inventory
Discounting Formula
stock turn
Average Collection Turnover
underbought
7. $ Cost x (100 + Mark-up %) / 100
Turnover
125%
$ Retail
physical inventory
8. A/b
income statement
Of what number 16 is a 25% increase
Average Collection Turnover
Multiplying Fractions
9. 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
types of liabilities
Adding Fractions
The sum of a Geometric Progression
125%
10. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
types of assets
increase=debit
To increase a number by a given percentage - e.g. increase 16 by 25%
underbought
11. 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?
2.5% per month
Retail
The sum of a Geometric Progression
types of incomes
12. The point at which you stop losing money.
1.304
Break Even Point
$2 -127.66
Subtracting Fractions
13. Direct labor - factory overhead - merchandise inventory - packaging - raw material
With cash discounts and calculating net price - when to add freight
costs of goods sold
$2 -127.66
types of assets
14. 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
Cost
percent decrease
cost of goods sold formula (COGS)
transportation
15. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
4%
Average Collection Turnover
With cash discounts and calculating net price - when to add freight
income statement
16. GMROII = GM% x (Sales / Average Value of Inventory)
Gross margin %
Gross Margin Return On Inventory Investment (GMROII)
types of assets
Simple interest formula
17. Inside numbers in a ratio.
Means
25%
Average Collection Turnover
62%
18. Convert 50% to a fraction
cost of goods
50/100
steps in strategic planning
DOI
19. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
.56
80/100
Subtracting Fractions
DOI
20. Convert .36 to a percent
Average Collection Turnover
36%
$ COST
Markdown %
21. Sales - cost of goods sold
36%
Gross margin dollars
Proportion
$ Markdown
22. What is the product of 3.26 and 0.4?
With cash discounts and calculating net price - when to add freight
70%
to determine equivalent single discount rate for 25/10/10 series discount
1.304
23. 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?
operating expenses
$ Markdown
Break Even Point Formula
24. 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?
costs of goods sold
$2 -127.66
Of what number 16 is a 25% increase
increase=debit
25. The average person will have _ jobs in their lifetime.
types of incomes
installment loan
16-18
Current Ratio
26. ($ Retail x 100 / COST) - 100
Mark Up %
15
.56
With cash discounts and calculating net price - when to add freight
27. 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?
when multiplying numbers that contain decimals:
$252
Break Even Point
operating expenses
28. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
profit
Quick Ratio
The sum of a Geometric Progression
Markup
29. A/b + c/b = (a+c)/b
$ COST
Adding Fractions
.56
overbought
30. The average car will lose _% of its value in the first 4 years.
types of expenses
62%
60
COD
31. A/b - c/b = a-c/b
16-18
Of what number 16 is a 25% increase
Subtracting Fractions
$ COST
32. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
$252
378 63
shortage
33. BOM $ Stock/ Sales for period
50/100
16-18
types of expenses
Stock to Sales Ratio
34. Turning assets into cash.
Liquidity of Assets
To decrease a number by a given percentage - e.g. decrease 16 by 25%
The sum of a Geometric Progression
ROG
35. Convert 56% to a decimal
Margin %
36%
Gross Margin Return On Inventory Investment (GMROII)
.56
36. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
To increase a number by a given percentage - e.g. increase 16 by 25%
gross sales
Dividing Fractions
$ COST
37. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
2.5% per month
$252
125%
$6 -655.50
38. A/b
Dividing Fractions
EOM (in terms of invoice)
Average Daily Sales
Discounting Formula
39. $ RETAIL X (100 - GM %) / 100
$ COST
36%
percent decrease
income statement
40. Convert .62 to a percent
percent decrease
62%
FOB destination
15
41. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
To decrease a number by a given percentage - e.g. decrease 16 by 25%
.7
types of assets
types of expenses
42. The wholesale cost of an item (cost of goods - or COG)
physical inventory
net sales
41%
Cost
43. S=X(1+r1)^y(1+r
percent decrease
When Dividing With Exponents
Compound interest formula with changing rates
book value
44. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
Adding Fractions
20%
physical inventory
shrinkage
45. Beginning inventory + Purchases - Ending inventory
COD
cost of goods sold formula (COGS)
underbought
36%
46. current assets/ current liabilities
Current Ratio
125%
types of incomes
When Dividing With Exponents
47. Outside numbers in a ratio.
percent decrease
Inventory Turnover Rate
costs of goods sold
Extremes
48. cost of an item expressed per unit of measure or count.
Unit pricing
stock turn
Of what number 16 is a 25% increase
OTB (retail)
49. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
Average Collection Turnover
types of assets
The sum of a Geometric Progression
Average Daily Sales
50. What does percent mean?
per hundred
Current Assets
36%
shrinkage