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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. Assets - cost of goods sold - expenses
.7
overbought
increase=debit
ROG
2. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
physical inventory
underbought
Average Collection Turnover
Markdown %
3. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
operating expenses
loss
DOI
Quick Ratio
4. Wholesale cost
Gross margin dollars
$ Cost
cost of goods
Average Collection Turnover
5. Liabilities - capital - income
increase=credit
netprice with a 25/10/10 series discount
overbought
Liquidity of Assets
6. A measure of the number of days needed to collect accounts receivable.
Average Daily Sales
To decrease a number by a given percentage - e.g. decrease 16 by 25%
78
Average Collection Turnover
7. 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
Break Even Point Formula
EOM (in terms of invoice)
Extremes
8. 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
increase=credit
when multiplying numbers that contain decimals:
costs of goods sold
steps in strategic planning
9. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
$ COST
The sum of a Geometric Progression
income statement
Markdown %
10. BOM $ Stock/ Sales for period
types of expenses
Stock to Sales Ratio
Means
20%
11. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
Compound interest formula with changing rates
income statement
Average Collection Turnover
types of liabilities
12. 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 dollars
operating expenses
The sum of a Geometric Progression
With cash discounts and calculating net price - when to add freight
13. total annual sales/365
Average Daily Sales
Markdown %
50/100
25
14. Capital stock - owner's equity (owner's funds invested in the business)
operating expenses
types of capital
70%
Inventory Turnover Rate
15. current assets/ current liabilities
EOM (in terms of invoice)
3%
20%
Current Ratio
16. A form of closed-end credit used for purchasing durable goods such as cars
types of liabilities
installment loan
70%
With cash discounts and calculating net price - when to add freight
17. Convert 1/4 to a percent
types of expenses
25%
588 mph
Proportion
18. Convert .62 to a percent
62%
Sell Thru %
Liquidity
Gross margin %
19. Sales - cost of goods sold
net sales
Gross margin dollars
book value
25%
20. Net Sales for period/ Avg Stock for period
Markdown %
Liquidity of Assets
Gross margin %
Turnover
21. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
Average Collection Turnover
types of assets
20%
DOI
22. cost of an item expressed per unit of measure or count.
60
Multiplying Fractions
types of capital
Unit pricing
23. 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
transportation
overages
14/100
overbought
24. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
profit
70%
overbought
ROG
25. What does percent mean?
increase=debit
per hundred
Stock to Sales Ratio
improper
26. The wholesale cost of goods plus the markup
2.5% per month
Cost
to determine equivalent single discount rate for 25/10/10 series discount
Retail
27. Turning assets into cash.
Proportion
14/100
3%
Liquidity of Assets
28. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
FOB destination
costs of goods sold
Markup
Cost
29. cash + receivables/ current liabilities.
Quick Ratio
underbought
income statement
To increase a number by a given percentage - e.g. increase 16 by 25%
30. Formula: GM = NS - COG; GM$ = NS$ X GM%
gross margin
70%
When Dividing With Exponents
ROG
31. Convert .4 to a percent
14/100
Proportion
Multiplying Fractions
4%
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
Internal Rate of Return
improper
Liquidity
33. 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
profit
1.304
percent
34. The wholesale cost of an item (cost of goods - or COG)
70%
Dividing Fractions
Gross margin %
Cost
35. accounts receivable/ average daily sales
% increase or decrease
Gross margin dollars
Average Collection Turnover
41%
36. The average car will lose _% of its value in the first 4 years.
overbought
36%
60
Cost
37. $ Cost x (100 + Mark-up %) / 100
$ Retail
Stock to Sales Ratio
improper
Internal Rate of Return
38. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
36%
Break Even Point Formula
.56
To decrease a number by a given percentage - e.g. decrease 16 by 25%
39. $ retail x (100%-markup)
70%
Effective annual rate of interest formula
$ Cost
To increase a number by a given percentage - e.g. increase 16 by 25%
40. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
increase=debit
588 mph
gross sales
Effective annual rate of interest formula
41. Convert 70/100 to a percent
70%
Internal Rate of Return
shrinkage
4%
42. A/b
when multiplying numbers that contain decimals:
378 63
income statement
Multiplying Fractions
43. total fixed costs/ selling price-variable cost
Unit pricing
Mark Up %
OTB (retail)
Break Even Point Formula
44. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
Simple interest formula
gross sales
$252
ROG
45. Units Sold/ (Units Sold + On Hand Inventory)
types of liabilities
25
The sum of a Geometric Progression
Sell Thru %
46. Convert 65% to a decimal
.65
Subtracting Fractions
costs of goods sold
Gross margin %
47. He availability of your money is called _.
Liquidity
Break Even Point
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 Margin Return On Inventory Investment (GMROII)
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?
25
.65
shortage
$2 -127.66
49. A/b + c/b = (a+c)/b
Adding Fractions
% increase or decrease
Retail
gross sales
50. The average person will have _ jobs in their lifetime.
Stock to Sales Ratio
16-18
14/100
Average Daily Sales