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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. 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
steps in strategic planning
With cash discounts and calculating net price - when to add freight
Internal Rate of Return
types of expenses
2. Convert 10/11 to a percent
cost of goods
Markup
DOI
90.9%
3. 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
$6 -655.50
types of incomes
percent decrease
The sum of a Geometric Progression
4. Capital stock - owner's equity (owner's funds invested in the business)
Sales per Transaction
Sell Thru %
profit and loss statement
types of capital
5. A form of closed-end credit used for purchasing durable goods such as cars
installment loan
588 mph
cost of goods sold formula (COGS)
Average Collection Turnover
6. Convert 41/100 to a percent
41%
Unit pricing
costs of goods sold
When Dividing With Exponents
7. BOM $ Stock/ Sales for period
$2 -127.66
Subtracting Fractions
OTB (retail)
Stock to Sales Ratio
8. Formula: GM = NS - COG; GM$ = NS$ X GM%
$ Markdown
increase=debit
Average Daily Sales
gross margin
9. A^m/a^n = a^(m-n)
profit and loss statement
Proportion
When Dividing With Exponents
60
10. GMROII = GM% x (Sales / Average Value of Inventory)
60
Means
Gross Margin Return On Inventory Investment (GMROII)
Internal Rate of Return
11. Convert 56% to a decimal
.56
percent decrease
3%
cost of goods sold formula (COGS)
12. Convert 50% to a fraction
Internal Rate of Return
$ Markdown
50/100
Subtracting Fractions
13. A/b
Extremes
Multiplying Fractions
Cost
types of assets
14. Assets - cost of goods sold - expenses
transportation
$ Retail
Proportion
increase=debit
15. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
To decrease a number by a given percentage - e.g. decrease 16 by 25%
when multiplying numbers that contain decimals:
Markup
Proportion
16. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
types of assets
types of capital
78
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
17. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
$6 -655.50
cost of goods
shortage
cost of goods sold formula (COGS)
18. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
types of liabilities
25
$252
gross sales
19. 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
DOI
Gross margin dollars
To increase a number by a given percentage - e.g. increase 16 by 25%
Discounting Formula
20. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
$6 -655.50
when multiplying numbers that contain decimals:
Of what number 16 is a 25% increase
Markdown %
21. Sales - cost of goods sold
1.304
Liquidity of Assets
Gross margin dollars
profit
22. What happens when your sales are higher than your expenses - etc.
profit
loss
To increase a number by a given percentage - e.g. increase 16 by 25%
OTB (retail)
23. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
OTB (retail)
Proportion
DOI
profit
24. 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?
EOM (in terms of invoice)
$ Retail
$252
DOI
25. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...
Break Even Point
operating expenses
types of capital
Margin %
26. If freight is to be paid by the seller - the shipping terms are...
.7
78
FOB destination
Average Collection Turnover
27. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
588 mph
To increase a number by a given percentage - e.g. increase 16 by 25%
cost of goods
DOI
28. Use compliments - Step 1 Find compliments 25% = 100-25%= 75% - 10%= 90% - 10%=90% Step 2 Multiple Compliments 75%x90%x90% .75x.90x.90= .6075 Step 3 Convert to Percentage .6075= 60.75% Step 4 Compliment it 100%-60.75%= 39.35%
to determine equivalent single discount rate for 25/10/10 series discount
When Dividing With Exponents
overbought
Dividing Fractions
29. Overage$ = book$ - physical count$; overage% = overage$/NS$
installment loan
To decrease a number by a given percentage - e.g. decrease 16 by 25%
overages
types of expenses
30. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
Liquidity of Assets
Sell Thru %
Break Even Point
31. Convert 20 to a percent
Gross Margin Return On Inventory Investment (GMROII)
20%
gross margin
41%
32. % of 90 days same as cash convert to payments.
Stock to Sales Ratio
FOB destination
78
loss
33. total annual sales/365
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Inventory Turnover Rate
4%
Average Daily Sales
34. He availability of your money is called _.
.7
types of capital
Subtracting Fractions
Liquidity
35. total fixed costs/ selling price-variable cost
improper
Break Even Point Formula
stock turn
GMROI
36. Net Sales / Average Retail Value of Inventory
Sell Thru %
ROG
underbought
Inventory Turnover Rate
37. Convert 1/4 to a percent
78
Multiplying Fractions
Markup
25%
38. Commissions - fees for service - merchandise sales - rental income - royalties
50/100
Adding Fractions
types of incomes
Proportion
39. Units Sold/ (Units Sold + On Hand Inventory)
shortage
Sell Thru %
operating expenses
.56
40. The recommended house payment should be no more than _% of your monthly take-home pay.
Margin %
25
GMROI
3%
41. Convert 65% to a decimal
36%
Cost
.65
installment loan
42. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Markdown %
Subtracting Fractions
Liquidity of Assets
underbought
43. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
Proportion
types of capital
$2 -127.66
44. Convert .62 to a percent
Proportion
$2 -127.66
when multiplying numbers that contain decimals:
62%
45. What does percent mean?
$ Markdown
per hundred
shortage
types of capital
46. The point at which you stop losing money.
increase=credit
Liquidity of Assets
Break Even Point
.65
47. $ Cost/ (100%-markup%)
$ Retail
To increase a number by a given percentage - e.g. increase 16 by 25%
62%
41%
48. 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
cost of goods sold formula (COGS)
EOM (in terms of invoice)
profit and loss statement
41%
49. What is the product of 3.26 and 0.4?
When Dividing With Exponents
1.304
to determine equivalent single discount rate for 25/10/10 series discount
profit and loss statement
50. $ RETAIL X (100 - GM %) / 100
Subtracting Fractions
types of liabilities
$ COST
Unit pricing