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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. The wholesale cost of an item (cost of goods - or COG)
to determine equivalent single discount rate for 25/10/10 series discount
2.5% per month
Quick Ratio
Cost
2. Convert 80% to a fraction
16-18
80/100
Discounting Formula
$ Cost
3. Capital stock - owner's equity (owner's funds invested in the business)
Multiplying Fractions
types of capital
EOM (in terms of invoice)
Means
4. A/b - c/b = a-c/b
profit and loss statement
588 mph
loss
Subtracting Fractions
5. You should never take out more than a _ year mortgage.
Current Ratio
steps in strategic planning
15
25%
6. Outside numbers in a ratio.
2.5% per month
Quick Ratio
cost of goods sold formula (COGS)
Extremes
7. Formula: GM = NS - COG; GM$ = NS$ X GM%
shrinkage
78
To decrease a number by a given percentage - e.g. decrease 16 by 25%
gross margin
8. Original retail price - Lower retail price
$ Markdown
15
underbought
steps in strategic planning
9. Total Net Sales / Total Number of Transactions
income statement
Means
EOM (in terms of invoice)
Sales per Transaction
10. Cash or assets that can quickly be converted into cash.
DOI
90.9%
Current Assets
gross sales
11. Convert 14% to a fraction
14/100
profit and loss statement
.56
Average Daily Sales
12. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Effective annual rate of interest formula
$252
78
13. The point at which you stop losing money.
gross margin
Liquidity
Turnover
Break Even Point
14. total annual sales/365
EOM (in terms of invoice)
% increase or decrease
Average Daily 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?
15. Direct labor - factory overhead - merchandise inventory - packaging - raw material
36%
costs of goods sold
types of expenses
$ COST
16. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
To increase a number by a given percentage - e.g. increase 16 by 25%
ROG
Retail
percent
17. Cash on delivery; this dating is used when the vendor does not know the retailer or the retailer does not have a strong line of credit
COD
.56
Gross Margin Return On Inventory Investment (GMROII)
book value
18. The average car will lose _% of its value in the first 4 years.
% increase or decrease
profit
60
$ Retail
19. 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
profit
Quick Ratio
cost of goods
20. Gross Margin/ Average Inventory Cost
profit
GMROI
Markup
60
21. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
25%
operating expenses
types of assets
physical inventory
22. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
36%
book value
OTB (retail)
types of liabilities
23. 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
60
$ Cost
steps in strategic planning
24. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
types of assets
Internal Rate of Return
60
25. Turning assets into cash.
Proportion
per hundred
Liquidity of Assets
loss
26. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
percent decrease
2.5% per month
profit and loss statement
$6 -655.50
27. Convert 70/100 to a percent
70%
When Dividing With Exponents
78
2.5% per month
28. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
increase=credit
36%
Markdown %
Subtracting Fractions
29. Liabilities - capital - income
Gross margin dollars
gross margin
78
increase=credit
30. A/b
.7
Sell Thru %
stock turn
Multiplying Fractions
31. Amount decrease (Original - New) / Original amount = decimal= convert to %
Sell Thru %
percent decrease
The sum of a Geometric Progression
With cash discounts and calculating net price - when to add freight
32. Beginning inventory + Purchases - Ending inventory
Turnover
increase=debit
cost of goods sold formula (COGS)
Markup
33. The wholesale cost of goods plus the markup
Retail
Extremes
percent
percent decrease
34. Two equivalent ratios joined by an equal sign.
25%
Liquidity
shortage
Proportion
35. Convert 65% to a decimal
gross sales
25
Quick Ratio
.65
36. Convert 56% to a decimal
when multiplying numbers that contain decimals:
.56
Sales per Transaction
to determine equivalent single discount rate for 25/10/10 series discount
37. 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.
Extremes
Margin %
net sales
overbought
38. (TY-LY)/ LY or (Plan-Actual)/
Adding Fractions
To decrease a number by a given percentage - e.g. decrease 16 by 25%
78
% increase or decrease
39. Overage$ = book$ - physical count$; overage% = overage$/NS$
125%
increase=debit
36%
overages
40. The average car payment is $_ per month for _ months.
gross margin
Margin %
378 63
$ COST
41. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
income statement
4%
1.304
shortage
42. The average person will have _ jobs in their lifetime.
Markup
14/100
improper
16-18
43. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
.56
transportation
netprice with a 25/10/10 series discount
Liquidity
44. A team won 16 games and lost 9 games. What percent of games did the team lose?
25
16-18
25%
36%
45. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
Gross margin dollars
15
DOI
16-18
46. Convert 1.25 to a percent
125%
COD
When Dividing With Exponents
Quick Ratio
47. S=X(1+r1)^y(1+r
Break Even Point Formula
Compound interest formula with changing rates
per hundred
41%
48. total fixed costs/ selling price-variable cost
Break Even Point Formula
Sales per Transaction
costs of goods sold
Markup
49. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
types of liabilities
types of capital
ROG
installment loan
50. Inside numbers in a ratio.
Means
Cost
per hundred
cost of goods sold formula (COGS)
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