SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
income statement
percent
The sum of a Geometric Progression
shortage
2. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
Internal Rate of Return
income statement
Gross margin dollars
DOI
3. 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
$ Markdown
Internal Rate of Return
cost of goods
4. Beginning inventory + Purchases - Ending inventory
62%
cost of goods sold formula (COGS)
$6 -655.50
Margin %
5. Two equivalent ratios joined by an equal sign.
shrinkage
60
Proportion
1.304
6. 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.
shrinkage
Unit pricing
1.304
net sales
7. You should never take out more than a _ year mortgage.
588 mph
15
shortage
The sum of a Geometric Progression
8. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
Turnover
90.9%
overbought
netprice with a 25/10/10 series discount
9. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
80/100
$ COST
Means
types of assets
10. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
Markup
types of liabilities
underbought
Liquidity of Assets
11. Outside numbers in a ratio.
Turnover
378 63
Extremes
.65
12. Convert 1/4 to a percent
Break Even Point
Gross Margin Return On Inventory Investment (GMROII)
overbought
25%
13. Gross Margin/ Average Inventory Cost
Break Even Point Formula
loss
16-18
GMROI
14. If freight is to be paid by the seller - the shipping terms are...
types of capital
increase=debit
To decrease a number by a given percentage - e.g. decrease 16 by 25%
FOB destination
15. What does percent mean?
when multiplying numbers that contain decimals:
increase=debit
per hundred
Mark Up %
16. 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)
profit and loss statement
Simple interest formula
90.9%
70%
17. A/b + c/b = (a+c)/b
Adding Fractions
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Markup
36%
18. Convert 10/11 to a percent
90.9%
Compound interest formula with changing rates
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Gross margin %
19. The wholesale cost of goods plus the markup
COD
With cash discounts and calculating net price - when to add freight
$ Retail
Retail
20. A/b
With cash discounts and calculating net price - when to add freight
Dividing Fractions
Liquidity of Assets
$6 -655.50
21. When sales plans are underestimated and the stock purchases result in a low inventory
cost of goods sold formula (COGS)
underbought
36%
EOM (in terms of invoice)
22. A/b - c/b = a-c/b
Subtracting Fractions
income statement
per hundred
70%
23. Direct labor - factory overhead - merchandise inventory - packaging - raw material
.65
Cost
costs of goods sold
gross sales
24. Convert 41/100 to a percent
.56
Means
41%
types of incomes
25. A form of closed-end credit used for purchasing durable goods such as cars
50/100
improper
EOM (in terms of invoice)
installment loan
26. Convert 14% to a fraction
Extremes
36%
Current Ratio
14/100
27. Convert .36 to a percent
types of assets
physical inventory
36%
Gross margin %
28. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
ROG
stock turn
25
62%
29. 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%
Average Collection Turnover
loss
Proportion
30. He availability of your money is called _.
To decrease a number by a given percentage - e.g. decrease 16 by 25%
4%
types of liabilities
Liquidity
31. 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
Multiplying Fractions
Average Collection Turnover
percent
steps in strategic planning
32. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
ROG
gross sales
588 mph
$6 -655.50
33. Formula: GM = NS - COG; GM$ = NS$ X GM%
gross margin
Adding Fractions
80/100
Average Daily Sales
34. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
90.9%
steps in strategic planning
costs of goods sold
netprice with a 25/10/10 series discount
35. 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?
Discounting Formula
Adding Fractions
$2 -127.66
Liquidity
36. The average car will lose _% of its value in the first 4 years.
1.304
60
2.5% per month
steps in strategic planning
37. What happens when your expenses - etc. are higher than your sales
loss
ROG
Dividing Fractions
15
38. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Subtracting Fractions
Effective annual rate of interest formula
Break Even Point
cost of goods sold formula (COGS)
39. % of 90 days same as cash convert to payments.
78
COD
60
20%
40. 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
Discounting Formula
to determine equivalent single discount rate for 25/10/10 series discount
Sell Thru %
cost of goods sold formula (COGS)
41. Total Net Sales / Total Number of Transactions
Sales per Transaction
16-18
GMROI
Stock to Sales Ratio
42. 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
overbought
.56
EOM (in terms of invoice)
when multiplying numbers that contain decimals:
43. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
shrinkage
20%
net sales
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
44. Convert 70% to a decimal
Liquidity of Assets
COD
Break Even Point Formula
.7
45. $ Cost/ (100%-markup%)
378 63
$ Retail
$ Markdown
percent decrease
46. 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)
stock turn
Of what number 16 is a 25% increase
% increase or decrease
steps in strategic planning
47. (Retail - Cost)/ Retail
Margin %
Break Even Point
Average Collection Turnover
36%
48. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
gross sales
types of expenses
To increase a number by a given percentage - e.g. increase 16 by 25%
physical inventory
49. Convert 3 to a percent
COD
types of liabilities
3%
Of what number 16 is a 25% increase
50. What is the product of 3.26 and 0.4?
transportation
1.304
$ Markdown
types of assets