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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. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
costs of goods sold
$ Cost
Markdown %
16-18
2. Liabilities - capital - income
book value
$ Cost
increase=credit
profit and loss statement
3. Another way of counting part of a whole?
Multiplying Fractions
steps in strategic planning
16-18
percent
4. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Gross margin %
Inventory Turnover Rate
to determine equivalent single discount rate for 25/10/10 series discount
20%
5. Net Sales for period/ Avg Stock for period
installment loan
$ Retail
2.5% per month
Turnover
6. A form of closed-end credit used for purchasing durable goods such as cars
income statement
$ Retail
installment loan
Markup
7. Convert 20 to a percent
increase=debit
20%
installment loan
Sales per Transaction
8. $ retail x (100%-markup)
15
$ Cost
70%
Effective annual rate of interest formula
9. 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
25
gross margin
20%
10. ($ Retail x 100 / COST) - 100
90.9%
Mark Up %
Dividing Fractions
588 mph
11. 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
$ Retail
percent decrease
The sum of a Geometric Progression
transportation
12. 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?
$2 -127.66
2.5% per month
installment loan
Compound interest formula with changing rates
13. Overage$ = book$ - physical count$; overage% = overage$/NS$
shortage
overages
Simple interest formula
Current Ratio
14. Convert .4 to a percent
4%
$ Cost
Subtracting Fractions
underbought
15. accounts receivable/ average daily sales
underbought
Of what number 16 is a 25% increase
shortage
Average Collection Turnover
16. Wholesale cost
COD
cost of goods
FOB destination
Gross margin dollars
17. Convert 1.25 to a percent
The sum of a Geometric Progression
70%
Effective annual rate of interest formula
125%
18. A/b
FOB destination
1.304
Multiplying Fractions
378 63
19. total fixed costs/ selling price-variable cost
ROG
Liquidity of Assets
Break Even Point Formula
50/100
20. He availability of your money is called _.
$ Markdown
Liquidity
installment loan
steps in strategic planning
21. Commissions - fees for service - merchandise sales - rental income - royalties
types of incomes
transportation
When Dividing With Exponents
types of assets
22. 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%
125%
gross sales
Dividing Fractions
The sum of a Geometric Progression
23. GMROII = GM% x (Sales / Average Value of Inventory)
50/100
GMROI
gross sales
Gross Margin Return On Inventory Investment (GMROII)
24. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
DOI
Quick Ratio
Gross margin dollars
With cash discounts and calculating net price - when to add freight
25. 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
Means
$ Retail
EOM (in terms of invoice)
26. 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
transportation
types of expenses
Mark Up %
Retail
27. The recommended house payment should be no more than _% of your monthly take-home pay.
Retail
types of incomes
25
increase=credit
28. Convert 10/11 to a percent
Subtracting Fractions
90.9%
improper
COD
29. (TY-LY)/ LY or (Plan-Actual)/
% increase or decrease
25%
Mark Up %
Of what number 16 is a 25% increase
30. The average car will lose _% of its value in the first 4 years.
588 mph
Liquidity
41%
60
31. The wholesale cost of an item (cost of goods - or COG)
profit
overages
Cost
78
32. BOM $ Stock/ Sales for period
Stock to Sales Ratio
EOM (in terms of invoice)
$2 -127.66
25
33. Convert 3 to a percent
.56
Subtracting Fractions
3%
FOB destination
34. Gross Margin/ Average Inventory Cost
stock turn
90.9%
GMROI
Simple interest formula
35. Convert 65% to a decimal
.65
$ Cost
stock turn
increase=debit
36. A^m/a^n = a^(m-n)
overbought
50/100
16-18
When Dividing With Exponents
37. A/b
Dividing Fractions
percent
To increase a number by a given percentage - e.g. increase 16 by 25%
operating expenses
38. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
$6 -655.50
steps in strategic planning
shortage
588 mph
39. Amount decrease (Original - New) / Original amount = decimal= convert to %
90.9%
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Compound interest formula with changing rates
percent decrease
40. Turning assets into cash.
Gross margin dollars
Markup
gross margin
Liquidity of Assets
41. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
netprice with a 25/10/10 series discount
Discounting Formula
$ Retail
% increase or decrease
42. 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
gross sales
steps in strategic planning
profit and loss statement
OTB (retail)
43. Inside numbers in a ratio.
$ COST
Means
increase=credit
125%
44. Convert .36 to a percent
OTB (retail)
16-18
36%
cost of goods sold formula (COGS)
45. You should never take out more than a _ year mortgage.
1.304
Break Even Point Formula
15
36%
46. What does percent mean?
increase=debit
overages
COD
per hundred
47. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
DOI
Subtracting Fractions
3%
FOB destination
48. Two equivalent ratios joined by an equal sign.
15
Compound interest formula with changing rates
Proportion
$ Retail
49. % of 90 days same as cash convert to payments.
With cash discounts and calculating net price - when to add freight
Retail
78
physical inventory
50. Convert 70/100 to a percent
Liquidity of Assets
$ Markdown
70%
overages