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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
increase=debit
operating expenses
Turnover
underbought
2. 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?
$ COST
Extremes
when multiplying numbers that contain decimals:
3. 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...
$ Retail
DOI
$ Markdown
operating expenses
4. cost of an item expressed per unit of measure or count.
The sum of a Geometric Progression
Proportion
20%
Unit pricing
5. 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
% increase or decrease
profit
steps in strategic planning
types of incomes
6. What happens when your sales are higher than your expenses - etc.
With cash discounts and calculating net price - when to add freight
$ Markdown
378 63
profit
7. Two equivalent ratios joined by an equal sign.
Liquidity
3%
Proportion
$6 -655.50
8. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
Break Even Point Formula
To increase a number by a given percentage - e.g. increase 16 by 25%
stock turn
gross sales
9. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
increase=debit
Of what number 16 is a 25% increase
Gross Margin Return On Inventory Investment (GMROII)
percent decrease
10. Convert 1.25 to a percent
Average Collection Turnover
$ Retail
Sales per Transaction
125%
11. The wholesale cost of an item (cost of goods - or COG)
Retail
Markup
Mark Up %
Cost
12. 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)
$ Cost
41%
Internal Rate of Return
Margin %
13. cash + receivables/ current liabilities.
Quick Ratio
stock turn
profit
Internal Rate of Return
14. 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
$2 -127.66
income statement
Gross margin dollars
15. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
Quick Ratio
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
62%
types of liabilities
16. He availability of your money is called _.
Liquidity
$ Retail
Stock to Sales Ratio
stock turn
17. Units Sold/ (Units Sold + On Hand Inventory)
Sell Thru %
EOM (in terms of invoice)
1.304
ROG
18. $ RETAIL X (100 - GM %) / 100
20%
$ COST
Effective annual rate of interest formula
90.9%
19. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
DOI
Gross margin dollars
Of what number 16 is a 25% increase
Subtracting Fractions
20. Convert .36 to a percent
36%
percent
90.9%
shrinkage
21. The wholesale cost of goods plus the markup
Retail
$ Cost
$252
$ Markdown
22. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
transportation
Gross Margin Return On Inventory Investment (GMROII)
book value
Average Collection Turnover
23. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
Effective annual rate of interest formula
41%
To increase a number by a given percentage - e.g. increase 16 by 25%
24. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
Average Collection Turnover
$6 -655.50
25
$ Markdown
25. 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
overages
Multiplying Fractions
Compound interest formula with changing rates
Discounting Formula
26. Cash or assets that can quickly be converted into cash.
1.304
costs of goods sold
50/100
Current Assets
27. $ Cost/ (100%-markup%)
$ Retail
Turnover
cost of goods
income statement
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
% increase or decrease
$ Cost
.56
29. Assets - cost of goods sold - expenses
Gross Margin Return On Inventory Investment (GMROII)
increase=debit
Break Even Point Formula
COD
30. The average car payment is $_ per month for _ months.
Markup
income statement
1.304
378 63
31. Another way of counting part of a whole?
When Dividing With Exponents
percent
Multiplying Fractions
Current Assets
32. Convert .62 to a percent
increase=debit
Quick Ratio
62%
Average Collection Turnover
33. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
improper
The sum of a Geometric Progression
Internal Rate of Return
41%
34. What does percent mean?
Markup
to determine equivalent single discount rate for 25/10/10 series discount
Of what number 16 is a 25% increase
per hundred
35. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
With cash discounts and calculating net price - when to add freight
net sales
Of what number 16 is a 25% increase
Gross Margin Return On Inventory Investment (GMROII)
36. Net Sales / Average Retail Value of Inventory
Inventory Turnover Rate
36%
78
16-18
37. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
When Dividing With Exponents
Markup
installment loan
90.9%
38. A form of closed-end credit used for purchasing durable goods such as cars
OTB (retail)
Of what number 16 is a 25% increase
installment loan
Cost
39. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
transportation
physical inventory
income statement
Internal Rate of Return
40. Convert 20 to a percent
Of what number 16 is a 25% increase
20%
Average Collection Turnover
operating expenses
41. (Retail - Cost)/ Retail
COD
Margin %
Quick Ratio
70%
42. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
stock turn
Internal Rate of Return
$6 -655.50
GMROI
43. Total Net Sales / Total Number of Transactions
Average Collection Turnover
Margin %
25
Sales per Transaction
44. A/b
costs of goods sold
Dividing Fractions
book value
Compound interest formula with changing rates
45. Outside numbers in a ratio.
improper
Extremes
36%
income statement
46. What is the product of 3.26 and 0.4?
Dividing Fractions
1.304
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
GMROI
47. GMROII = GM% x (Sales / Average Value of Inventory)
when multiplying numbers that contain decimals:
Gross Margin Return On Inventory Investment (GMROII)
Extremes
FOB destination
48. Gross Margin/ Average Inventory Cost
GMROI
80/100
$ Markdown
percent
49. 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%
gross sales
Sales per Transaction
per hundred
percent
50. A/b + c/b = (a+c)/b
14/100
Unit pricing
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Adding Fractions