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. Gross Margin/ Average Inventory Cost
GMROI
operating expenses
Average Collection Turnover
78
2. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
cost of goods
income statement
Proportion
3. Amount decrease (Original - New) / Original amount = decimal= convert to %
Of what number 16 is a 25% increase
$252
percent decrease
3%
4. Actual retail sales; the retail price at which one tiem is sold is combined with the retail prices of all the items that are sold to become the net sales amount.
70%
Retail
net sales
Subtracting Fractions
5. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
book value
stock turn
$252
25
6. S=X(1+r1)^y(1+r
Liquidity of Assets
stock turn
Compound interest formula with changing rates
588 mph
7. Convert 70/100 to a percent
To increase a number by a given percentage - e.g. increase 16 by 25%
% increase or decrease
70%
36%
8. 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
$ Cost
.65
4%
The sum of a Geometric Progression
9. Convert 65% to a decimal
.65
$ Retail
DOI
588 mph
10. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
.7
book value
COD
14/100
11. accounts receivable/ average daily sales
overages
.56
types of assets
Average Collection Turnover
12. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
Unit pricing
Inventory Turnover Rate
shortage
80/100
13. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
Cost
improper
FOB destination
types of capital
14. Convert 1/4 to a percent
.56
Adding Fractions
588 mph
25%
15. Net Sales / Average Retail Value of Inventory
profit and loss statement
Inventory Turnover Rate
588 mph
operating expenses
16. Alignment of the decimals is not important
$2 -127.66
increase=credit
$252
when multiplying numbers that contain decimals:
17. Two equivalent ratios joined by an equal sign.
$ Cost
when multiplying numbers that contain decimals:
Proportion
To decrease a number by a given percentage - e.g. decrease 16 by 25%
18. What does percent mean?
per hundred
Cost
4%
Quick Ratio
19. A form of closed-end credit used for purchasing durable goods such as cars
installment loan
Inventory Turnover Rate
costs of goods sold
DOI
20. The wholesale cost of an item (cost of goods - or COG)
Dividing Fractions
To increase a number by a given percentage - e.g. increase 16 by 25%
Cost
ROG
21. Convert 80% to a fraction
Sell Thru %
80/100
when multiplying numbers that contain decimals:
50/100
22. 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%
Cost
$ Cost
gross sales
Means
23. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
Cost
15
.7
With cash discounts and calculating net price - when to add freight
24. A^m/a^n = a^(m-n)
When Dividing With Exponents
% increase or decrease
shortage
underbought
25. What is the product of 3.26 and 0.4?
Break Even Point Formula
78
1.304
to determine equivalent single discount rate for 25/10/10 series discount
26. ($ Retail x 100 / COST) - 100
Mark Up %
shortage
.56
costs of goods sold
27. cash + receivables/ current liabilities.
41%
Quick Ratio
percent decrease
overbought
28. Outside numbers in a ratio.
OTB (retail)
percent decrease
$ Retail
Extremes
29. The recommended house payment should be no more than _% of your monthly take-home pay.
Effective annual rate of interest formula
20%
transportation
25
30. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
OTB (retail)
Sales per Transaction
Of what number 16 is a 25% increase
net sales
31. A/b
Dividing Fractions
62%
Unit pricing
Internal Rate of Return
32. The cost of moving from the vendor's warehouse (loading dock) to the retail warehouse or store (loading dock) - may also include insurance to cover the merchandise while in transit
Turnover
36%
transportation
$6 -655.50
33. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
COD
ROG
types of liabilities
shrinkage
34. The wholesale cost of goods plus the markup
When Dividing With Exponents
Retail
$ Retail
588 mph
35. A/b - c/b = a-c/b
Quick Ratio
Gross margin %
improper
Subtracting Fractions
36. 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
Liquidity of Assets
Discounting Formula
% increase or decrease
types of assets
37. Convert 50% to a fraction
50/100
1.304
physical inventory
increase=debit
38. 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?
net sales
15
2.5% per month
.65
39. The average person will have _ jobs in their lifetime.
1.304
Mark Up %
16-18
operating expenses
40. 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)
3%
shrinkage
Internal Rate of Return
378 63
41. Convert .62 to a percent
588 mph
78
Simple interest formula
62%
42. cost of an item expressed per unit of measure or count.
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Internal Rate of Return
41%
Unit pricing
43. Convert 1.25 to a percent
125%
Internal Rate of Return
62%
Markup
44. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
Adding Fractions
90.9%
netprice with a 25/10/10 series discount
36%
45. $ RETAIL X (100 - GM %) / 100
90.9%
Adding Fractions
Current Ratio
$ COST
46. The average car payment is $_ per month for _ months.
378 63
To decrease a number by a given percentage - e.g. decrease 16 by 25%
book value
588 mph
47. Assets - cost of goods sold - expenses
588 mph
Adding Fractions
increase=debit
increase=credit
48. Convert 10/11 to a percent
Mark Up %
90.9%
125%
operating expenses
49. Convert 70% to a decimal
.7
$252
$2 -127.66
70%
50. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
steps in strategic planning
overbought
profit
125%