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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
Gross margin %
Retail
Markdown %
2. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
increase=debit
overbought
36%
Inventory Turnover Rate
3. total annual sales/365
shortage
Average Daily Sales
Mark Up %
Cost
4. Convert 41/100 to a percent
ROG
15
overages
41%
5. A/b - c/b = a-c/b
78
Subtracting Fractions
types of assets
Multiplying Fractions
6. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
3%
Break Even Point
Liquidity
income statement
7. 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%
underbought
Average Collection Turnover
gross sales
$ Markdown
8. Wholesale cost
cost of goods
stock turn
62%
Sales per Transaction
9. If freight is to be paid by the seller - the shipping terms are...
FOB destination
COD
types of capital
loss
10. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
improper
book value
Proportion
Break Even Point Formula
11. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Markup
Sell Thru %
when multiplying numbers that contain decimals:
When Dividing With Exponents
12. Amount decrease (Original - New) / Original amount = decimal= convert to %
OTB (retail)
Markdown %
percent decrease
14/100
13. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
$ COST
.56
stock turn
FOB destination
14. 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)
steps in strategic planning
OTB (retail)
With cash discounts and calculating net price - when to add freight
Internal Rate of Return
15. Sales - cost of goods sold
The sum of a Geometric Progression
Gross margin dollars
types of incomes
1.304
16. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
costs of goods sold
Markdown %
types of liabilities
increase=debit
17. 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)
FOB destination
Simple interest formula
.56
Proportion
18. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
Average Daily Sales
588 mph
50/100
16-18
19. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
Liquidity
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Adding Fractions
overages
20. cash + receivables/ current liabilities.
Sales per Transaction
Quick Ratio
36%
Simple interest formula
21. Loss of items due to damaged goods - stealing - etc.
16-18
Liquidity of Assets
netprice with a 25/10/10 series discount
shrinkage
22. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
percent decrease
$6 -655.50
net sales
Subtracting Fractions
23. 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?
profit
Multiplying Fractions
2.5% per month
percent
24. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
$ Markdown
41%
increase=debit
OTB (retail)
25. A measure of the number of days needed to collect accounts receivable.
To increase a number by a given percentage - e.g. increase 16 by 25%
With cash discounts and calculating net price - when to add freight
Average Collection Turnover
cost of goods sold formula (COGS)
26. GMROII = GM% x (Sales / Average Value of Inventory)
Gross Margin Return On Inventory Investment (GMROII)
improper
overbought
50/100
27. Overage$ = book$ - physical count$; overage% = overage$/NS$
Proportion
$252
Current Ratio
overages
28. Convert .4 to a percent
62%
percent
$ COST
4%
29. % of 90 days same as cash convert to payments.
With cash discounts and calculating net price - when to add freight
78
25%
2.5% per month
30. Commissions - fees for service - merchandise sales - rental income - royalties
Unit pricing
types of incomes
Markup
loss
31. The average person will have _ jobs in their lifetime.
overbought
Discounting Formula
1.304
16-18
32. ($ Retail x 100 / COST) - 100
Quick Ratio
Unit pricing
Mark Up %
types of capital
33. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
With cash discounts and calculating net price - when to add freight
percent
costs of goods sold
improper
34. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
To increase a number by a given percentage - e.g. increase 16 by 25%
Turnover
Effective annual rate of interest formula
Average Collection Turnover
35. 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
Extremes
steps in strategic planning
15
percent
36. Convert 3 to a percent
Current Assets
3%
Adding Fractions
Gross margin dollars
37. $ RETAIL X (100 - GM %) / 100
36%
increase=credit
$ COST
25
38. $ Cost x (100 + Mark-up %) / 100
Markup
$ Retail
Of what number 16 is a 25% increase
Average Daily Sales
39. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
70%
Markup
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Of what number 16 is a 25% increase
40. BOM $ Stock/ Sales for period
income statement
COD
installment loan
Stock to Sales Ratio
41. Convert 10/11 to a percent
62%
4%
OTB (retail)
90.9%
42. total fixed costs/ selling price-variable cost
to determine equivalent single discount rate for 25/10/10 series discount
Markdown %
Break Even Point Formula
gross sales
43. A^m/a^n = a^(m-n)
$6 -655.50
When Dividing With Exponents
Cost
41%
44. A form of closed-end credit used for purchasing durable goods such as cars
COD
installment loan
when multiplying numbers that contain decimals:
types of expenses
45. The average car will lose _% of its value in the first 4 years.
78
60
Liquidity
16-18
46. Inside numbers in a ratio.
COD
Means
installment loan
90.9%
47. Convert 56% to a decimal
.56
Sales per Transaction
Liquidity
shortage
48. 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%
to determine equivalent single discount rate for 25/10/10 series discount
Retail
25%
Gross Margin Return On Inventory Investment (GMROII)
49. The recommended house payment should be no more than _% of your monthly take-home pay.
With cash discounts and calculating net price - when to add freight
Retail
25
increase=debit
50. S=X(1+r1)^y(1+r
Subtracting Fractions
Compound interest formula with changing rates
Average Collection Turnover
36%