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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. 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
to determine equivalent single discount rate for 25/10/10 series discount
.7
EOM (in terms of invoice)
gross sales
2. Alignment of the decimals is not important
$ Retail
when multiplying numbers that contain decimals:
15
stock turn
3. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
Adding Fractions
Quick Ratio
DOI
income statement
4. S=X(1+r1)^y(1+r
With cash discounts and calculating net price - when to add freight
$2 -127.66
Compound interest formula with changing rates
types of liabilities
5. total fixed costs/ selling price-variable cost
36%
70%
gross sales
Break Even Point Formula
6. A/b
gross margin
FOB destination
Multiplying Fractions
ROG
7. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Markdown %
Inventory Turnover Rate
Average Collection Turnover
costs of goods sold
8. BOM $ Stock/ Sales for period
78
Stock to Sales Ratio
profit and loss statement
Average Daily Sales
9. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
Gross margin dollars
Means
types of liabilities
90.9%
10. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
net sales
With cash discounts and calculating net price - when to add freight
Extremes
Subtracting Fractions
11. 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?
2.5% per month
Liquidity
16-18
Average Daily Sales
12. accounts receivable/ average daily sales
3%
Average Collection Turnover
types of incomes
shortage
13. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
types of assets
Break Even Point Formula
3%
$ Retail
14. Convert 3 to a percent
125%
25%
Average Collection Turnover
3%
15. The average car will lose _% of its value in the first 4 years.
profit
60
increase=credit
Gross margin %
16. 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
transportation
Simple interest formula
Retail
$ Cost
17. cost of an item expressed per unit of measure or count.
Unit pricing
Markdown %
14/100
$2 -127.66
18. Another way of counting part of a whole?
percent
The sum of a Geometric Progression
physical inventory
profit and loss statement
19. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Gross margin %
$2 -127.66
.65
gross sales
20. $ Cost/ (100%-markup%)
$ Retail
Gross margin dollars
Liquidity
$ COST
21. Convert .36 to a percent
shrinkage
36%
underbought
Of what number 16 is a 25% increase
22. Convert 70% to a decimal
14/100
$2 -127.66
.7
Average Daily Sales
23. When sales plans are underestimated and the stock purchases result in a low inventory
4%
Liquidity of Assets
underbought
DOI
24. Inside numbers in a ratio.
Markdown %
when multiplying numbers that contain decimals:
.65
Means
25. 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?
.56
Stock to Sales Ratio
Turnover
26. $ retail x (100%-markup)
$ Cost
to determine equivalent single discount rate for 25/10/10 series discount
per hundred
Gross margin dollars
27. 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
Margin %
78
steps in strategic planning
Cost
28. Commissions - fees for service - merchandise sales - rental income - royalties
1.304
to determine equivalent single discount rate for 25/10/10 series discount
percent decrease
types of incomes
29. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
Gross margin dollars
operating expenses
percent decrease
ROG
30. Liabilities - capital - income
.65
Simple interest formula
increase=credit
To decrease a number by a given percentage - e.g. decrease 16 by 25%
31. $ Cost x (100 + Mark-up %) / 100
78
$ Retail
$ COST
COD
32. Sales - cost of goods sold
1.304
Gross margin dollars
Average Daily Sales
types of capital
33. 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
COD
profit
Average Daily Sales
34. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
loss
Of what number 16 is a 25% increase
Retail
costs of goods sold
35. A/b - c/b = a-c/b
Subtracting Fractions
Simple interest formula
Average Daily Sales
Markup
36. Cash on delivery; this dating is used when the vendor does not know the retailer or the retailer does not have a strong line of credit
EOM (in terms of invoice)
Break Even Point
Average Daily Sales
COD
37. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
OTB (retail)
types of capital
Liquidity
Subtracting Fractions
38. The average person will have _ jobs in their lifetime.
16-18
15
1.304
types of assets
39. Total Net Sales / Total Number of Transactions
Sales per Transaction
78
percent
20%
40. Assets - cost of goods sold - expenses
increase=debit
15
Gross Margin Return On Inventory Investment (GMROII)
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
41. Turning assets into cash.
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
.7
Effective annual rate of interest formula
Liquidity of Assets
42. cash + receivables/ current liabilities.
installment loan
OTB (retail)
Gross margin dollars
Quick Ratio
43. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
125%
COD
36%
Markup
44. Cash or assets that can quickly be converted into cash.
3%
Average Daily Sales
Current Assets
Average Collection Turnover
45. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
netprice with a 25/10/10 series discount
Discounting Formula
% increase or decrease
increase=debit
46. 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)
$ COST
Simple interest formula
Liquidity of Assets
Markup
47. Convert 80% to a fraction
80/100
Inventory Turnover Rate
improper
The sum of a Geometric Progression
48. Beginning inventory + Purchases - Ending inventory
book value
Liquidity
gross margin
cost of goods sold formula (COGS)
49. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Liquidity
.7
gross sales
Effective annual rate of interest formula
50. (TY-LY)/ LY or (Plan-Actual)/
1.304
% increase or decrease
Margin %
588 mph
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