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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. A measure of the number of days needed to collect accounts receivable.
Dividing Fractions
book value
Average Collection Turnover
$ Retail
2. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
20%
FOB destination
% increase or decrease
physical inventory
3. ($ Retail x 100 / COST) - 100
income statement
profit
netprice with a 25/10/10 series discount
Mark Up %
4. The average person will have _ jobs in their lifetime.
Average Collection Turnover
Of what number 16 is a 25% increase
16-18
FOB destination
5. A/b + c/b = (a+c)/b
% increase or decrease
$252
Adding Fractions
$ Cost
6. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
book value
Adding Fractions
Of what number 16 is a 25% increase
overages
7. 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
20%
EOM (in terms of invoice)
The sum of a Geometric Progression
COD
8. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
1.304
To increase a number by a given percentage - e.g. increase 16 by 25%
Current Ratio
.65
9. The recommended house payment should be no more than _% of your monthly take-home pay.
Average Daily Sales
1.304
25
COD
10. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
types of capital
With cash discounts and calculating net price - when to add freight
increase=debit
loss
11. total fixed costs/ selling price-variable cost
Current Assets
types of assets
Break Even Point Formula
Internal Rate of Return
12. Commissions - fees for service - merchandise sales - rental income - royalties
$ COST
Retail
COD
types of incomes
13. Units Sold/ (Units Sold + On Hand Inventory)
Sell Thru %
Multiplying Fractions
15
increase=credit
14. $ Cost x (100 + Mark-up %) / 100
Average Collection Turnover
$ Retail
$2 -127.66
378 63
15. Convert 1.25 to a percent
Stock to Sales Ratio
125%
profit
Subtracting Fractions
16. A/b
Break Even Point
Markdown %
Dividing Fractions
loss
17. $ Cost/ (100%-markup%)
installment loan
$ Retail
Means
profit
18. Convert 20 to a percent
shrinkage
20%
EOM (in terms of invoice)
profit and loss statement
19. 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.
book value
Gross margin %
Means
net sales
20. 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)
Current Ratio
Simple interest formula
operating expenses
41%
21. Beginning inventory + Purchases - Ending inventory
Markup
Means
increase=credit
cost of goods sold formula (COGS)
22. The wholesale cost of an item (cost of goods - or COG)
COD
$ Markdown
Cost
improper
23. Cash or assets that can quickly be converted into cash.
cost of goods sold formula (COGS)
Current Assets
Turnover
Compound interest formula with changing rates
24. 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...
operating expenses
profit and loss statement
Of what number 16 is a 25% increase
Gross margin %
25. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
1.304
Sell Thru %
DOI
steps in strategic planning
26. A form of closed-end credit used for purchasing durable goods such as cars
$252
increase=credit
installment loan
Stock to Sales Ratio
27. Convert 41/100 to a percent
Sell Thru %
Adding Fractions
14/100
41%
28. Outside numbers in a ratio.
Break Even Point
Adding Fractions
Extremes
loss
29. Turning assets into cash.
types of liabilities
when multiplying numbers that contain decimals:
underbought
Liquidity of Assets
30. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
Current Assets
loss
types of incomes
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
31. What is the product of 3.26 and 0.4?
$ Retail
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
1.304
improper
32. What happens when your sales are higher than your expenses - etc.
% increase or decrease
profit
types of incomes
16-18
33. Overage$ = book$ - physical count$; overage% = overage$/NS$
types of expenses
overages
Cost
Quick Ratio
34. (TY-LY)/ LY or (Plan-Actual)/
.56
income statement
Proportion
% increase or decrease
35. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
25
income statement
Markup
book value
36. You should never take out more than a _ year mortgage.
15
41%
50/100
profit
37. The average car payment is $_ per month for _ months.
operating expenses
overbought
378 63
16-18
38. Wholesale cost
cost of goods
14/100
operating expenses
types of assets
39. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
types of assets
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
physical inventory
installment loan
40. 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
80/100
Gross margin %
types of expenses
transportation
41. Convert 14% to a fraction
2.5% per month
percent
Margin %
14/100
42. What happens when your expenses - etc. are higher than your sales
20%
loss
25
cost of goods
43. Gross Margin/ Average Inventory Cost
Extremes
Margin %
GMROI
.7
44. 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
Cost
$ Retail
increase=credit
45. 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%
60
types of capital
Cost
46. Convert 70% to a decimal
$ COST
gross sales
Average Daily Sales
.7
47. Convert .62 to a percent
shrinkage
60
62%
steps in strategic planning
48. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Gross margin %
20%
shortage
net sales
49. Convert .36 to a percent
36%
cost of goods
to determine equivalent single discount rate for 25/10/10 series discount
With cash discounts and calculating net price - when to add freight
50. current assets/ current liabilities
4%
25%
Current Ratio
cost of goods sold formula (COGS)