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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. 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
36%
36%
The sum of a Geometric Progression
1.304
2. Convert .36 to a percent
Adding Fractions
70%
36%
types of expenses
3. Units Sold/ (Units Sold + On Hand Inventory)
Sell Thru %
per hundred
Stock to Sales Ratio
Multiplying Fractions
4. 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
$2 -127.66
netprice with a 25/10/10 series discount
Adding Fractions
5. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
types of liabilities
shrinkage
stock turn
Margin %
6. Total Net Sales / Total Number of Transactions
gross margin
$6 -655.50
Sales per Transaction
$ Cost
7. cash + receivables/ current liabilities.
book value
Quick Ratio
125%
OTB (retail)
8. Convert 65% to a decimal
Current Assets
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
types of capital
.65
9. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
increase=credit
increase=debit
Liquidity of Assets
ROG
10. 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?
$252
Compound interest formula with changing rates
transportation
To increase a number by a given percentage - e.g. increase 16 by 25%
11. 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
types of liabilities
OTB (retail)
types of incomes
steps in strategic planning
12. A/b - c/b = a-c/b
Subtracting Fractions
Multiplying Fractions
4%
To increase a number by a given percentage - e.g. increase 16 by 25%
13. BOM $ Stock/ Sales for period
Stock to Sales Ratio
types of expenses
increase=credit
Simple interest formula
14. He availability of your money is called _.
Current Assets
Compound interest formula with changing rates
Liquidity
costs of goods sold
15. Convert 1/4 to a percent
Liquidity
62%
25%
Stock to Sales Ratio
16. 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.
net sales
loss
increase=credit
Multiplying Fractions
17. 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...
operating expenses
loss
60
steps in strategic planning
18. What happens when your expenses - etc. are higher than your sales
ROG
loss
installment loan
to determine equivalent single discount rate for 25/10/10 series discount
19. (Retail - Cost)/ Retail
90.9%
.7
Average Daily Sales
Margin %
20. Original retail price - Lower retail price
gross sales
.7
To increase a number by a given percentage - e.g. increase 16 by 25%
$ Markdown
21. A form of closed-end credit used for purchasing durable goods such as cars
types of liabilities
20%
installment loan
cost of goods
22. % of 90 days same as cash convert to payments.
78
The sum of a Geometric Progression
Compound interest formula with changing rates
90.9%
23. 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
$ Cost
$ COST
Average Collection Turnover
transportation
24. Amount decrease (Original - New) / Original amount = decimal= convert to %
Retail
stock turn
With cash discounts and calculating net price - when to add freight
percent decrease
25. Another way of counting part of a whole?
78
Unit pricing
Quick Ratio
percent
26. A^m/a^n = a^(m-n)
90.9%
When Dividing With Exponents
With cash discounts and calculating net price - when to add freight
types of liabilities
27. Wholesale cost
cost of goods
Gross margin dollars
With cash discounts and calculating net price - when to add freight
$6 -655.50
28. Beginning inventory + Purchases - Ending inventory
Dividing Fractions
cost of goods sold formula (COGS)
book value
gross sales
29. The average car payment is $_ per month for _ months.
378 63
loss
increase=debit
OTB (retail)
30. What happens when your sales are higher than your expenses - etc.
Markdown %
types of incomes
profit
profit and loss statement
31. Commissions - fees for service - merchandise sales - rental income - royalties
% increase or decrease
overbought
types of incomes
stock turn
32. Convert .4 to a percent
Average Daily Sales
Average Collection Turnover
4%
Inventory Turnover Rate
33. Convert .62 to a percent
78
62%
percent
90.9%
34. Convert 41/100 to a percent
20%
types of expenses
41%
Markdown %
35. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
41%
588 mph
Average Collection Turnover
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
36. The wholesale cost of goods plus the markup
cost of goods
types of assets
60
Retail
37. 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
Retail
Cost
DOI
38. 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
80/100
overages
EOM (in terms of invoice)
COD
39. $ retail x (100%-markup)
overages
$ Cost
36%
1.304
40. Loss of items due to damaged goods - stealing - etc.
net sales
Means
shrinkage
Discounting Formula
41. What is the product of 3.26 and 0.4?
1.304
25
Current Assets
GMROI
42. Convert 10/11 to a percent
60
90.9%
profit and loss statement
Stock to Sales Ratio
43. A/b
operating expenses
Mark Up %
Multiplying Fractions
$ Retail
44. Net Sales for period/ Avg Stock for period
2.5% per month
Effective annual rate of interest formula
3%
Turnover
45. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
3%
$ Retail
15
physical inventory
46. 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?
$2 -127.66
90.9%
2.5% per month
Markdown %
47. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Gross margin %
15
When Dividing With Exponents
.65
48. Convert 80% to a fraction
80/100
OTB (retail)
Proportion
Effective annual rate of interest formula
49. Assets - cost of goods sold - expenses
profit and loss statement
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Retail
increase=debit
50. total annual sales/365
Average Daily Sales
percent
transportation
Stock to Sales Ratio