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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. GMROII = GM% x (Sales / Average Value of Inventory)
60
income statement
Liquidity of Assets
Gross Margin Return On Inventory Investment (GMROII)
2. 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?
Inventory Turnover Rate
types of assets
Of what number 16 is a 25% increase
3. A/b + c/b = (a+c)/b
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?
shrinkage
Adding Fractions
4. 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%
.7
$ Retail
1.304
gross sales
5. Alignment of the decimals is not important
when multiplying numbers that contain decimals:
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Liquidity
Inventory Turnover Rate
6. 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...
Quick Ratio
3%
operating expenses
underbought
7. 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)
overages
With cash discounts and calculating net price - when to add freight
net sales
Internal Rate of Return
8. total fixed costs/ selling price-variable cost
.65
70%
DOI
Break Even Point Formula
9. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
Average Daily Sales
net sales
stock turn
types of liabilities
10. Sales - cost of goods sold
78
profit
Dividing Fractions
Gross margin dollars
11. 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
profit and loss statement
2.5% per month
stock turn
overbought
12. Total Net Sales / Total Number of Transactions
types of expenses
Current Assets
per hundred
Sales per Transaction
13. Another way of counting part of a whole?
125%
book value
Discounting Formula
percent
14. Net Sales for period/ Avg Stock for period
70%
.56
80/100
Turnover
15. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Average Daily Sales
25
gross sales
Markup
16. Original retail price - Lower retail price
Stock to Sales Ratio
Cost
70%
$ Markdown
17. Gross Margin/ Average Inventory Cost
14/100
GMROI
loss
Discounting Formula
18. S=X(1+r1)^y(1+r
Compound interest formula with changing rates
Discounting Formula
to determine equivalent single discount rate for 25/10/10 series discount
profit and loss statement
19. The point at which you stop losing money.
Break Even Point
Break Even Point Formula
Inventory Turnover Rate
types of liabilities
20. 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.
$6 -655.50
Break Even Point Formula
net sales
overbought
21. 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%
36%
to determine equivalent single discount rate for 25/10/10 series discount
Mark Up %
netprice with a 25/10/10 series discount
22. Turning assets into cash.
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Liquidity of Assets
Stock to Sales Ratio
Current Ratio
23. A/b - c/b = a-c/b
Subtracting Fractions
gross sales
36%
FOB destination
24. accounts receivable/ average daily sales
Proportion
25%
$ Markdown
Average Collection Turnover
25. 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
to determine equivalent single discount rate for 25/10/10 series discount
transportation
Subtracting Fractions
Average Daily Sales
26. 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
types of expenses
underbought
EOM (in terms of invoice)
Adding Fractions
27. Convert .62 to a percent
income statement
Means
improper
62%
28. Liabilities - capital - income
loss
types of assets
588 mph
increase=credit
29. 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
To increase a number by a given percentage - e.g. increase 16 by 25%
The sum of a Geometric Progression
Extremes
costs of goods sold
30. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
41%
.7
Of what number 16 is a 25% increase
Effective annual rate of interest formula
31. Convert 41/100 to a percent
Means
installment loan
Break Even Point
41%
32. The average car will lose _% of its value in the first 4 years.
$ COST
60
.65
Sell Thru %
33. The average person will have _ jobs in their lifetime.
Margin %
Means
Markdown %
16-18
34. The average car payment is $_ per month for _ months.
Sell Thru %
Retail
378 63
book value
35. Convert .36 to a percent
Break Even Point Formula
36%
gross margin
Compound interest formula with changing rates
36. $ Cost/ (100%-markup%)
costs of goods sold
Multiplying Fractions
$ Retail
steps in strategic planning
37. Direct labor - factory overhead - merchandise inventory - packaging - raw material
costs of goods sold
Current Ratio
Quick Ratio
4%
38. If freight is to be paid by the seller - the shipping terms are...
income statement
FOB destination
Margin %
20%
39. Convert 56% to a decimal
.56
78
types of incomes
14/100
40. Convert 70/100 to a percent
70%
Extremes
The sum of a Geometric Progression
Average Daily Sales
41. Units Sold/ (Units Sold + On Hand Inventory)
50/100
to determine equivalent single discount rate for 25/10/10 series discount
Sell Thru %
stock turn
42. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
$ Markdown
Gross margin %
overages
Cost
43. $ RETAIL X (100 - GM %) / 100
Break Even Point Formula
Sales per Transaction
$ COST
FOB destination
44. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
Means
Markup
overages
To decrease a number by a given percentage - e.g. decrease 16 by 25%
45. Convert 70% to a decimal
cost of goods
.7
Means
Multiplying Fractions
46. X=S*[1/(1+r)^n] Where: S=the sum to be received after n time periods X=the present value of that sum r=the rate of return (as a proportion) n=the number of time periods - r - rate - is sometimes called cost of capital
Dividing Fractions
steps in strategic planning
Discounting Formula
transportation
47. 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?
$2 -127.66
shrinkage
.65
gross margin
48. Inside numbers in a ratio.
to determine equivalent single discount rate for 25/10/10 series discount
Means
50/100
transportation
49. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
16-18
book value
loss
50. What is the product of 3.26 and 0.4?
2.5% per month
90.9%
1.304
36%
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