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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. Formula: GM = NS - COG; GM$ = NS$ X GM%
operating expenses
378 63
FOB destination
gross margin
2. 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?
80/100
gross sales
$252
Dividing Fractions
3. Overage$ = book$ - physical count$; overage% = overage$/NS$
types of capital
cost of goods sold formula (COGS)
overages
15
4. What does percent mean?
Stock to Sales Ratio
per hundred
Multiplying Fractions
Of what number 16 is a 25% increase
5. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
steps in strategic planning
improper
costs of goods sold
14/100
6. A/b + c/b = (a+c)/b
Adding Fractions
$ Markdown
installment loan
Compound interest formula with changing rates
7. Convert 3 to a percent
With cash discounts and calculating net price - when to add freight
16-18
14/100
3%
8. The average car payment is $_ per month for _ months.
Retail
$ Retail
operating expenses
378 63
9. Sales - cost of goods sold
net sales
overages
Liquidity
Gross margin dollars
10. 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
$ Retail
OTB (retail)
DOI
11. 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
Simple interest formula
types of expenses
book value
The sum of a Geometric Progression
12. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
15
Retail
Gross Margin Return On Inventory Investment (GMROII)
physical inventory
13. When sales plans are underestimated and the stock purchases result in a low inventory
Current Assets
underbought
Gross margin %
percent
14. Gross Margin/ Average Inventory Cost
Break Even Point Formula
GMROI
2.5% per month
16-18
15. $ Cost x (100 + Mark-up %) / 100
when multiplying numbers that contain decimals:
$ Retail
gross sales
OTB (retail)
16. Convert 1/4 to a percent
25%
62%
Means
stock turn
17. Convert 10/11 to a percent
ROG
78
percent decrease
90.9%
18. Wholesale cost
When Dividing With Exponents
Gross margin %
transportation
cost of goods
19. Convert 70/100 to a percent
$6 -655.50
15
70%
book value
20. BOM $ Stock/ Sales for period
Current Ratio
Stock to Sales Ratio
Average Collection Turnover
$6 -655.50
21. Amount decrease (Original - New) / Original amount = decimal= convert to %
Inventory Turnover Rate
20%
The sum of a Geometric Progression
percent decrease
22. GMROII = GM% x (Sales / Average Value of Inventory)
36%
78
1.304
Gross Margin Return On Inventory Investment (GMROII)
23. Another way of counting part of a whole?
percent
Average Collection Turnover
increase=debit
80/100
24. Convert 65% to a decimal
.65
book value
Mark Up %
Internal Rate of Return
25. 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?
Liquidity
Gross margin %
loss
$2 -127.66
26. Original retail price - Lower retail price
$ Markdown
Subtracting Fractions
net sales
% increase or decrease
27. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
$ Cost
netprice with a 25/10/10 series discount
36%
DOI
28. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
588 mph
$ COST
Average Daily Sales
29. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
loss
OTB (retail)
ROG
Break Even Point Formula
30. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
OTB (retail)
GMROI
Break Even Point Formula
$6 -655.50
31. $ RETAIL X (100 - GM %) / 100
$ COST
Compound interest formula with changing rates
percent
$ Retail
32. What is the product of 3.26 and 0.4?
Internal Rate of Return
1.304
types of incomes
$2 -127.66
33. A/b
physical inventory
Markup
Compound interest formula with changing rates
Multiplying Fractions
34. A formal document that is used for a variety of functions within a retail business; it provides a big picture look at the succinct expression of the sales - markup - and profit for a business
Liquidity of Assets
$ COST
50/100
profit and loss statement
35. S=X(1+r1)^y(1+r
$6 -655.50
14/100
types of liabilities
Compound interest formula with changing rates
36. Net Sales for period/ Avg Stock for period
Turnover
EOM (in terms of invoice)
36%
book value
37. 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 Margin Return On Inventory Investment (GMROII)
$ Retail
Extremes
steps in strategic planning
38. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
Subtracting 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?
.65
The sum of a Geometric Progression
39. What happens when your sales are higher than your expenses - etc.
$252
The sum of a Geometric Progression
profit
Average Collection Turnover
40. 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
per hundred
$ Retail
EOM (in terms of invoice)
OTB (retail)
41. Inside numbers in a ratio.
To increase a number by a given percentage - e.g. increase 16 by 25%
shrinkage
70%
Means
42. $ retail x (100%-markup)
percent
125%
$ Cost
Break Even Point
43. 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)
36%
80/100
Simple interest formula
Average Collection Turnover
44. If freight is to be paid by the seller - the shipping terms are...
.65
Break Even Point
FOB destination
Markup
45. Two equivalent ratios joined by an equal sign.
Average Collection Turnover
Proportion
Markdown %
Means
46. 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
profit and loss statement
Inventory Turnover Rate
The sum of a Geometric Progression
OTB (retail)
47. The point at which you stop losing money.
per hundred
book value
Break Even Point
$ Retail
48. Convert 56% to a decimal
profit and loss statement
25
.56
netprice with a 25/10/10 series discount
49. He availability of your money is called _.
378 63
$252
$2 -127.66
Liquidity
50. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
588 mph
percent
2.5% per month
book value