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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. When sales plans are underestimated and the stock purchases result in a low inventory
shortage
Markdown %
underbought
ROG
2. Inside numbers in a ratio.
Inventory Turnover Rate
Means
Adding Fractions
shortage
3. Convert 41/100 to a percent
percent
netprice with a 25/10/10 series discount
profit
41%
4. $ retail x (100%-markup)
25%
70%
$ Cost
125%
5. total annual sales/365
cost of goods sold formula (COGS)
Extremes
Average Daily Sales
Gross margin dollars
6. Convert 3 to a percent
78
3%
Compound interest formula with changing rates
Average Collection Turnover
7. Another way of counting part of a whole?
Subtracting Fractions
percent
50/100
net sales
8. current assets/ current liabilities
cost of goods sold formula (COGS)
Adding Fractions
Current Ratio
With cash discounts and calculating net price - when to add freight
9. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Simple interest formula
Effective annual rate of interest formula
588 mph
underbought
10. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
cost of goods
Turnover
Markdown %
physical inventory
11. A/b + c/b = (a+c)/b
Adding Fractions
FOB destination
To decrease a number by a given percentage - e.g. decrease 16 by 25%
$ COST
12. cost of an item expressed per unit of measure or count.
Unit pricing
shrinkage
book value
36%
13. ($ Retail x 100 / COST) - 100
Mark Up %
overages
steps in strategic planning
15
14. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
stock turn
cost of goods
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
ROG
15. Convert .4 to a percent
80/100
shrinkage
To decrease a number by a given percentage - e.g. decrease 16 by 25%
4%
16. What happens when your expenses - etc. are higher than your sales
EOM (in terms of invoice)
installment loan
loss
types of expenses
17. Original retail price - Lower retail price
increase=debit
overages
$ Markdown
15
18. 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
$ Cost
types of liabilities
Discounting Formula
Average Collection Turnover
19. Convert 70% to a decimal
.7
Margin %
To decrease a number by a given percentage - e.g. decrease 16 by 25%
25%
20. Gross Margin/ Average Inventory Cost
EOM (in terms of invoice)
$ Markdown
cost of goods sold formula (COGS)
GMROI
21. The recommended house payment should be no more than _% of your monthly take-home pay.
When Dividing With Exponents
36%
25
Gross margin dollars
22. Convert 1/4 to a percent
378 63
Retail
25%
Mark Up %
23. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
Current Assets
90.9%
DOI
profit and loss statement
24. The point at which you stop losing money.
Break Even Point
income statement
$ Markdown
$ Cost
25. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
types of expenses
Current Ratio
To increase a number by a given percentage - e.g. increase 16 by 25%
per hundred
26. $ RETAIL X (100 - GM %) / 100
$ COST
Unit pricing
2.5% per month
increase=debit
27. 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)
types of liabilities
20%
Internal Rate of Return
$ Markdown
28. 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
types of expenses
Dividing Fractions
cost of goods
4%
29. What is the product of 3.26 and 0.4?
Turnover
Proportion
1.304
15
30. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
41%
types of assets
Discounting Formula
types of incomes
31. Convert 20 to a percent
Turnover
loss
20%
Extremes
32. 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)
41%
loss
costs of goods sold
Simple interest formula
33. You should never take out more than a _ year mortgage.
Average Collection Turnover
15
.65
To increase a number by a given percentage - e.g. increase 16 by 25%
34. Beginning inventory + Purchases - Ending inventory
Cost
cost of goods sold formula (COGS)
15
underbought
35. The wholesale cost of an item (cost of goods - or COG)
Cost
25%
types of incomes
Stock to Sales Ratio
36. 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.
378 63
types of assets
types of incomes
net sales
37. Amount decrease (Original - New) / Original amount = decimal= convert to %
Break Even Point
$ Retail
percent decrease
To increase a number by a given percentage - e.g. increase 16 by 25%
38. Overage$ = book$ - physical count$; overage% = overage$/NS$
overages
Break Even Point Formula
Markup
20%
39. Turning assets into cash.
Liquidity of Assets
80/100
To decrease a number by a given percentage - e.g. decrease 16 by 25%
50/100
40. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
when multiplying numbers that contain decimals:
80/100
With cash discounts and calculating net price - when to add freight
types of liabilities
41. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
GMROI
FOB destination
shortage
installment loan
42. Assets - cost of goods sold - expenses
increase=debit
Liquidity
1.304
per hundred
43. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
% increase or decrease
profit and loss statement
588 mph
$6 -655.50
44. End of month; dating starts with the end of the month and the invoice is to be paid within the specified number of days after the end of the month in which goods are invoiced; ex: 8/10 EOM - n/90
income statement
Extremes
EOM (in terms of invoice)
78
45. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...
types of incomes
Current Ratio
To increase a number by a given percentage - e.g. increase 16 by 25%
operating expenses
46. Cash or assets that can quickly be converted into cash.
Subtracting Fractions
With cash discounts and calculating net price - when to add freight
income statement
Current Assets
47. Alignment of the decimals is not important
GMROI
36%
when multiplying numbers that contain decimals:
Stock to Sales Ratio
48. A team won 16 games and lost 9 games. What percent of games did the team lose?
Liquidity
increase=credit
.56
36%
49. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
Markup
15
60
book value
50. Formula: GM = NS - COG; GM$ = NS$ X GM%
$252
gross margin
Markdown %
Average Collection Turnover