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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
36%
transportation
$2 -127.66
41%
2. IRR=1 + [(NPV1/NPV1-NPV2)(2-1)]% Where: 1=one interest rate 2=the other NPV1=the NPV at rate 1 NPV2=the NPV at rate 2 (NPV = Net Present Value)
Stock to Sales Ratio
50/100
Internal Rate of Return
physical inventory
3. ($ Retail x 100 / COST) - 100
3%
types of expenses
Mark Up %
Turnover
4. Convert 10/11 to a percent
90.9%
FOB destination
Adding Fractions
Current Assets
5. Sales - cost of goods sold
cost of goods sold formula (COGS)
When Dividing With Exponents
Gross margin dollars
Cost
6. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
underbought
shrinkage
15
types of assets
7. Convert 20 to a percent
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
20%
types of capital
$ COST
8. Gross Margin/ Average Inventory Cost
cost of goods
Markdown %
to determine equivalent single discount rate for 25/10/10 series discount
GMROI
9. Capital stock - owner's equity (owner's funds invested in the business)
Gross margin dollars
$ Retail
types of capital
stock turn
10. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
improper
Sales per Transaction
60
gross sales
11. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
to determine equivalent single discount rate for 25/10/10 series discount
overbought
underbought
GMROI
12. BOM $ Stock/ Sales for period
78
FOB destination
netprice with a 25/10/10 series discount
Stock to Sales Ratio
13. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
Margin %
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Liquidity
book value
14. Convert .4 to a percent
4%
increase=credit
25%
underbought
15. $ RETAIL X (100 - GM %) / 100
Dividing Fractions
$ COST
Turnover
$ Markdown
16. A team won 16 games and lost 9 games. What percent of games did the team lose?
125%
types of assets
36%
physical inventory
17. Outside numbers in a ratio.
Extremes
FOB destination
costs of goods sold
Gross Margin Return On Inventory Investment (GMROII)
18. The wholesale cost of goods plus the markup
$2 -127.66
Retail
Sell Thru %
Multiplying Fractions
19. Convert 1.25 to a percent
Inventory Turnover Rate
Subtracting Fractions
125%
types of capital
20. cost of an item expressed per unit of measure or count.
Effective annual rate of interest formula
Unit pricing
Quick Ratio
Retail
21. 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
70%
GMROI
ROG
22. What happens when your expenses - etc. are higher than your sales
loss
Liquidity of Assets
increase=credit
DOI
23. Convert 41/100 to a percent
when multiplying numbers that contain decimals:
types of incomes
41%
78
24. $ Cost/ (100%-markup%)
$ Retail
Break Even Point
4%
percent decrease
25. Convert 80% to a fraction
When Dividing With Exponents
shrinkage
80/100
net sales
26. total fixed costs/ selling price-variable cost
per hundred
$252
Break Even Point Formula
percent
27. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
gross sales
$ Retail
16-18
Sales per Transaction
28. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
DOI
Current Assets
ROG
shortage
29. S=X(1+r1)^y(1+r
types of liabilities
Compound interest formula with changing rates
DOI
ROG
30. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
Mark Up %
book value
$ Retail
overages
31. A/b
Gross margin %
Quick Ratio
book value
Dividing Fractions
32. 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?
.7
2.5% per month
EOM (in terms of invoice)
operating expenses
33. Alignment of the decimals is not important
41%
.7
90.9%
when multiplying numbers that contain decimals:
34. Cash or assets that can quickly be converted into cash.
Current Assets
Dividing Fractions
25
Gross margin dollars
35. Another way of counting part of a whole?
overages
60
percent
improper
36. 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
EOM (in terms of invoice)
36%
37. Amount decrease (Original - New) / Original amount = decimal= convert to %
Liquidity
Inventory Turnover Rate
percent decrease
operating expenses
38. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Break Even Point Formula
percent
Average Collection Turnover
Of what number 16 is a 25% increase
39. (TY-LY)/ LY or (Plan-Actual)/
125%
Average Daily Sales
% increase or decrease
gross margin
40. The recommended house payment should be no more than _% of your monthly take-home pay.
2.5% per month
FOB destination
25
Average Collection Turnover
41. Two equivalent ratios joined by an equal sign.
installment loan
Proportion
.65
Liquidity
42. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
OTB (retail)
1.304
types of assets
costs of goods sold
43. The average car will lose _% of its value in the first 4 years.
60
Mark Up %
types of assets
Turnover
44. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
FOB destination
DOI
Stock to Sales Ratio
Markup
45. A/b - c/b = a-c/b
Subtracting Fractions
FOB destination
overbought
With cash discounts and calculating net price - when to add freight
46. The average car payment is $_ per month for _ months.
15
.7
Of what number 16 is a 25% increase
378 63
47. 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%
20%
COD
Break Even Point
to determine equivalent single discount rate for 25/10/10 series discount
48. Beginning inventory + Purchases - Ending inventory
cost of goods sold formula (COGS)
$ Retail
% increase or decrease
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
49. Wholesale cost
types of assets
Proportion
cost of goods sold formula (COGS)
cost of goods
50. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
378 63
Retail
gross sales
netprice with a 25/10/10 series discount