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. (TY-LY)/ LY or (Plan-Actual)/
% increase or decrease
Subtracting Fractions
income statement
Gross margin dollars
2. Convert 10/11 to a percent
Current Ratio
90.9%
% increase or decrease
70%
3. Gross Margin/ Average Inventory Cost
GMROI
income statement
Current Ratio
36%
4. ($ Retail x 100 / COST) - 100
COD
Mark Up %
% increase or decrease
To increase a number by a given percentage - e.g. increase 16 by 25%
5. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
Inventory Turnover Rate
OTB (retail)
shrinkage
6. Sales - cost of goods sold
income statement
.65
378 63
Gross margin dollars
7. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
41%
Liquidity
$6 -655.50
percent decrease
8. The average car payment is $_ per month for _ months.
588 mph
Proportion
378 63
types of capital
9. A/b - c/b = a-c/b
Subtracting Fractions
To increase a number by a given percentage - e.g. increase 16 by 25%
Average Collection Turnover
$ Cost
10. Convert 1/4 to a percent
25%
profit
Multiplying Fractions
70%
11. Convert 50% to a fraction
$6 -655.50
per hundred
50/100
Cost
12. $ Cost/ (100%-markup%)
$ Retail
increase=credit
3%
DOI
13. A team won 16 games and lost 9 games. What percent of games did the team lose?
physical inventory
36%
Average Daily Sales
Effective annual rate of interest formula
14. A^m/a^n = a^(m-n)
OTB (retail)
When Dividing With Exponents
DOI
2.5% per month
15. Convert 70/100 to a percent
70%
50/100
90.9%
income statement
16. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
$ Retail
operating expenses
Gross margin %
book value
17. 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
.7
3%
16-18
18. 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
Multiplying Fractions
profit and loss statement
50/100
Of what number 16 is a 25% increase
19. Convert .36 to a percent
62%
when multiplying numbers that contain decimals:
stock turn
36%
20. You should never take out more than a _ year mortgage.
Sales per Transaction
41%
physical inventory
15
21. He availability of your money is called _.
Gross Margin Return On Inventory Investment (GMROII)
2.5% per month
.56
Liquidity
22. Assets - cost of goods sold - expenses
COD
Proportion
increase=debit
per hundred
23. Alignment of the decimals is not important
Liquidity of Assets
when multiplying numbers that contain decimals:
Extremes
25
24. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
percent decrease
EOM (in terms of invoice)
OTB (retail)
Mark Up %
25. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
Simple interest formula
income statement
.56
$ Retail
26. A/b
types of assets
Stock to Sales Ratio
Internal Rate of Return
Multiplying Fractions
27. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
When Dividing With Exponents
physical inventory
types of liabilities
Average Collection Turnover
28. What is the product of 3.26 and 0.4?
COD
Break Even Point Formula
1.304
Liquidity of Assets
29. Convert 14% to a fraction
14/100
Markup
increase=debit
16-18
30. Amount decrease (Original - New) / Original amount = decimal= convert to %
per hundred
1.304
Gross margin dollars
percent decrease
31. Convert 80% to a fraction
OTB (retail)
profit
Break Even Point
80/100
32. total fixed costs/ selling price-variable cost
types of capital
80/100
Margin %
Break Even Point Formula
33. Convert 1.25 to a percent
125%
shortage
Inventory Turnover Rate
.7
34. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
14/100
With cash discounts and calculating net price - when to add freight
$ Markdown
To decrease a number by a given percentage - e.g. decrease 16 by 25%
35. Original retail price - Lower retail price
$ Markdown
Discounting Formula
Means
income statement
36. cash + receivables/ current liabilities.
Markdown %
Quick Ratio
COD
Inventory Turnover Rate
37. S=X(1+r1)^y(1+r
profit and loss statement
Simple interest formula
net sales
Compound interest formula with changing rates
38. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Effective annual rate of interest formula
3%
Simple interest formula
installment loan
39. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
FOB destination
78
Markup
Break Even Point Formula
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
percent decrease
Discounting Formula
Stock to Sales Ratio
With cash discounts and calculating net price - when to add freight
41. Convert 20 to a percent
$ COST
20%
Liquidity of Assets
$ Cost
42. Convert 56% to a decimal
Gross margin %
operating expenses
.56
cost of goods sold formula (COGS)
43. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
.65
underbought
Simple interest formula
44. The wholesale cost of goods plus the markup
% increase or decrease
378 63
Retail
COD
45. A/b + c/b = (a+c)/b
underbought
Adding Fractions
1.304
DOI
46. 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?
GMROI
Break Even Point Formula
$252
Quick Ratio
47. Convert 65% to a decimal
25%
41%
.65
Liquidity
48. The wholesale cost of an item (cost of goods - or COG)
Gross margin dollars
Cost
With cash discounts and calculating net price - when to add freight
net sales
49. Capital stock - owner's equity (owner's funds invested in the business)
costs of goods sold
16-18
$6 -655.50
types of capital
50. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
Retail
percent
stock turn
50/100