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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. (Retail - Cost)/ Retail
profit
Average Collection Turnover
profit and loss statement
Margin %
2. Convert .62 to a percent
62%
60
90.9%
when multiplying numbers that contain decimals:
3. Convert 10/11 to a percent
90.9%
Extremes
78
types of liabilities
4. When sales plans are underestimated and the stock purchases result in a low inventory
underbought
Effective annual rate of interest formula
Average Collection Turnover
$ Retail
5. Convert 50% to a fraction
$ Retail
types of assets
50/100
36%
6. Commissions - fees for service - merchandise sales - rental income - royalties
% increase or decrease
types of incomes
Break Even Point
installment loan
7. Convert 14% to a fraction
Subtracting Fractions
14/100
Gross margin %
Multiplying Fractions
8. Units Sold/ (Units Sold + On Hand Inventory)
Sell Thru %
Markup
FOB destination
$ Retail
9. Direct labor - factory overhead - merchandise inventory - packaging - raw material
To increase a number by a given percentage - e.g. increase 16 by 25%
costs of goods sold
4%
Dividing Fractions
10. What does percent mean?
underbought
$6 -655.50
per hundred
20%
11. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
Unit pricing
stock turn
GMROI
Simple interest formula
12. Formula: GM = NS - COG; GM$ = NS$ X GM%
$ Cost
$ Markdown
gross margin
Internal Rate of Return
13. Gross Margin/ Average Inventory Cost
16-18
GMROI
DOI
36%
14. 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?
to determine equivalent single discount rate for 25/10/10 series discount
$2 -127.66
$252
Average Collection Turnover
15. 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 $1000 @ 10% simple interest for 5 years = 1000+(50.101000)
Average Collection Turnover
4%
Simple interest formula
overbought
16. ($ Retail x 100 / COST) - 100
Break Even Point Formula
OTB (retail)
installment loan
Mark Up %
17. The average car will lose _% of its value in the first 4 years.
Inventory Turnover Rate
Compound interest formula with changing rates
60
70%
18. Alignment of the decimals is not important
shrinkage
62%
ROG
when multiplying numbers that contain decimals:
19. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
Gross margin %
gross margin
80/100
shortage
20. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
OTB (retail)
$ Retail
With cash discounts and calculating net price - when to add freight
Simple interest formula
21. Turning assets into cash.
Turnover
Liquidity of Assets
Stock to Sales Ratio
net sales
22. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Of what number 16 is a 25% increase
installment loan
profit
shortage
23. Convert 56% to a decimal
With cash discounts and calculating net price - when to add freight
.56
25%
transportation
24. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
profit
Margin %
Gross margin %
income statement
25. 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?
net sales
Margin %
2.5% per month
378 63
26. Loss of items due to damaged goods - stealing - etc.
2.5% per month
shrinkage
Of what number 16 is a 25% increase
improper
27. % of 90 days same as cash convert to payments.
Compound interest formula with changing rates
To decrease a number by a given percentage - e.g. decrease 16 by 25%
$ Markdown
78
28. 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
60
improper
book value
29. Convert 20 to a percent
36%
Means
20%
types of assets
30. Cash or assets that can quickly be converted into cash.
Current Assets
36%
Markdown %
To decrease a number by a given percentage - e.g. decrease 16 by 25%
31. If freight is to be paid by the seller - the shipping terms are...
.65
FOB destination
36%
41%
32. accounts receivable/ average daily sales
Average Collection Turnover
Markup
overages
cost of goods sold formula (COGS)
33. A^m/a^n = a^(m-n)
types of expenses
costs of goods sold
types of liabilities
When Dividing With Exponents
34. Convert 1.25 to a percent
Margin %
Liquidity of Assets
125%
income statement
35. S=X(1+r1)^y(1+r
Compound interest formula with changing rates
Discounting Formula
Stock to Sales Ratio
125%
36. 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
DOI
transportation
types of capital
Retail
37. Sales - cost of goods sold
Gross margin dollars
$ Retail
profit and loss statement
Proportion
38. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
per hundred
types of liabilities
income statement
39. Convert 70% to a decimal
.7
Break Even Point Formula
Adding Fractions
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
40. Convert 70/100 to a percent
70%
Effective annual rate of interest formula
378 63
Sell Thru %
41. 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
operating expenses
1.304
types of expenses
steps in strategic planning
42. What is the product of 3.26 and 0.4?
% increase or decrease
.56
1.304
shrinkage
43. The wholesale cost of goods plus the markup
Retail
Gross margin dollars
78
Dividing Fractions
44. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
Of what number 16 is a 25% increase
DOI
gross margin
types of capital
45. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
Gross margin %
2.5% per month
netprice with a 25/10/10 series discount
Gross margin dollars
46. A/b
Multiplying Fractions
Internal Rate of Return
OTB (retail)
overages
47. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
20%
To increase a number by a given percentage - e.g. increase 16 by 25%
gross sales
overages
48. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
per hundred
Proportion
book value
Mark Up %
49. Convert 1/4 to a percent
.56
25%
profit
70%
50. Assets - cost of goods sold - expenses
cost of goods sold formula (COGS)
378 63
increase=debit
cost of goods