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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. Convert 1.25 to a percent
Break Even Point
physical inventory
125%
overbought
2. What is the product of 3.26 and 0.4?
$2 -127.66
shrinkage
Dividing Fractions
1.304
3. Beginning inventory + Purchases - Ending inventory
gross sales
cost of goods sold formula (COGS)
overbought
OTB (retail)
4. Convert .62 to a percent
underbought
percent
62%
shrinkage
5. $ RETAIL X (100 - GM %) / 100
$ COST
588 mph
types of assets
operating expenses
6. 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
shrinkage
types of expenses
Gross margin dollars
When Dividing With Exponents
7. A team won 16 games and lost 9 games. What percent of games did the team lose?
80/100
62%
36%
types of expenses
8. The wholesale cost of an item (cost of goods - or COG)
% increase or decrease
Break Even Point
Cost
Liquidity of Assets
9. Convert 70/100 to a percent
70%
Means
Mark Up %
COD
10. ($ Retail x 100 / COST) - 100
60
gross sales
Mark Up %
Turnover
11. 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
EOM (in terms of invoice)
Liquidity
Break Even Point Formula
60
12. $ Cost/ (100%-markup%)
60
$252
types of assets
$ Retail
13. 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
3%
Cost
Extremes
14. Outside numbers in a ratio.
Sales per Transaction
$2 -127.66
Extremes
stock turn
15. 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?
Gross Margin Return On Inventory Investment (GMROII)
cost of goods
$2 -127.66
Liquidity of Assets
16. BOM $ Stock/ Sales for period
Turnover
Stock to Sales Ratio
cost of goods sold formula (COGS)
Adding Fractions
17. The wholesale cost of goods plus the markup
Retail
Dividing Fractions
Simple interest formula
Liquidity of Assets
18. Sales - cost of goods sold
$ Cost
Gross margin dollars
62%
netprice with a 25/10/10 series discount
19. Two equivalent ratios joined by an equal sign.
ROG
.65
Proportion
percent
20. Capital stock - owner's equity (owner's funds invested in the business)
types of capital
36%
steps in strategic planning
Dividing Fractions
21. A^m/a^n = a^(m-n)
Effective annual rate of interest formula
When Dividing With Exponents
Cost
types of capital
22. (Retail - Cost)/ Retail
4%
DOI
Margin %
when multiplying numbers that contain decimals:
23. 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
Stock to Sales Ratio
The sum of a Geometric Progression
Average Daily Sales
overages
24. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
14/100
loss
Average Daily Sales
ROG
25. (TY-LY)/ LY or (Plan-Actual)/
% increase or decrease
netprice with a 25/10/10 series discount
Average Collection Turnover
loss
26. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
book value
Means
Sales per Transaction
Turnover
27. If freight is to be paid by the seller - the shipping terms are...
types of assets
FOB destination
gross sales
Effective annual rate of interest formula
28. S=X+nrX Where: X=the original sum invested r=the interest rate (as a proportion - e.g. 0.05=5%) n=the number of periods S=the sum invested after n periods (capital + interest) - e.g. invest $1000 @ 10% simple interest for 5 years = 1000+(50.101000)
.56
$ Cost
Simple interest formula
income statement
29. 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)
increase=debit
Internal Rate of Return
Compound interest formula with changing rates
types of assets
30. The average car will lose _% of its value in the first 4 years.
78
16-18
types of incomes
60
31. Wholesale cost
125%
90.9%
cost of goods
When Dividing With Exponents
32. 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
15
COD
Markup
Gross Margin Return On Inventory Investment (GMROII)
33. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
DOI
OTB (retail)
Average Daily Sales
Retail
34. Commissions - fees for service - merchandise sales - rental income - royalties
types of incomes
The sum of a Geometric Progression
Mark Up %
OTB (retail)
35. 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.
types of liabilities
Retail
Liquidity
net sales
36. $ Cost x (100 + Mark-up %) / 100
to determine equivalent single discount rate for 25/10/10 series discount
ROG
GMROI
$ Retail
37. What happens when your expenses - etc. are higher than your sales
cost of goods sold formula (COGS)
125%
loss
Stock to Sales Ratio
38. A form of closed-end credit used for purchasing durable goods such as cars
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Markup
installment loan
Mark Up %
39. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
underbought
Adding Fractions
EOM (in terms of invoice)
40. Original retail price - Lower retail price
Means
Retail
Dividing Fractions
$ Markdown
41. Convert 1/4 to a percent
25%
1.304
transportation
GMROI
42. 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...
Subtracting Fractions
Proportion
gross sales
operating expenses
43. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
types of assets
36%
$6 -655.50
shortage
44. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
Multiplying Fractions
50/100
improper
15
45. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
gross sales
Discounting Formula
Internal Rate of Return
Average Collection Turnover
46. He availability of your money is called _.
$ Markdown
Gross Margin Return On Inventory Investment (GMROII)
Liquidity
Average Daily Sales
47. (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
percent decrease
Current Ratio
loss
48. Overage$ = book$ - physical count$; overage% = overage$/NS$
Extremes
Liquidity
Turnover
overages
49. Net Sales / Average Retail Value of Inventory
$ Retail
profit
Inventory Turnover Rate
gross margin
50. The average person will have _ jobs in their lifetime.
Liquidity
16-18
$ Markdown
To increase a number by a given percentage - e.g. increase 16 by 25%