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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. 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
ROG
Discounting Formula
Subtracting Fractions
588 mph
2. Cash or assets that can quickly be converted into cash.
Average Collection Turnover
62%
Current Assets
$ Retail
3. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
Stock to Sales Ratio
underbought
$ Retail
ROG
4. Convert 65% to a decimal
Sales per Transaction
types of capital
.65
14/100
5. accounts receivable/ average daily sales
Unit pricing
Break Even Point
increase=credit
Average Collection Turnover
6. Convert .4 to a percent
The sum of a Geometric Progression
4%
Mark Up %
.65
7. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
improper
Of what number 16 is a 25% increase
Markdown %
OTB (retail)
8. (TY-LY)/ LY or (Plan-Actual)/
% increase or decrease
80/100
Simple interest formula
improper
9. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
90.9%
78
Gross margin %
types of liabilities
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?
4%
$252
OTB (retail)
per hundred
11. cost of an item expressed per unit of measure or count.
income statement
Unit pricing
costs of goods sold
4%
12. 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?
36%
Average Daily Sales
2.5% per month
Margin %
13. Convert 10/11 to a percent
installment loan
Dividing Fractions
To decrease a number by a given percentage - e.g. decrease 16 by 25%
90.9%
14. BOM $ Stock/ Sales for period
To decrease a number by a given percentage - e.g. decrease 16 by 25%
costs of goods sold
Stock to Sales Ratio
overbought
15. The recommended house payment should be no more than _% of your monthly take-home pay.
Inventory Turnover Rate
types of expenses
25
Internal Rate of Return
16. total fixed costs/ selling price-variable cost
.65
Break Even Point Formula
% increase or decrease
36%
17. Direct labor - factory overhead - merchandise inventory - packaging - raw material
$252
Current Ratio
16-18
costs of goods sold
18. (Retail - Cost)/ Retail
.7
installment loan
increase=credit
Margin %
19. Total Net Sales / Total Number of Transactions
cost of goods
To increase a number by a given percentage - e.g. increase 16 by 25%
Sales per Transaction
$2 -127.66
20. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
FOB destination
types of assets
profit
21. 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
Multiplying Fractions
Inventory Turnover Rate
gross sales
EOM (in terms of invoice)
22. The average car will lose _% of its value in the first 4 years.
types of expenses
Average Daily Sales
60
to determine equivalent single discount rate for 25/10/10 series discount
23. A/b + c/b = (a+c)/b
$252
transportation
book value
Adding Fractions
24. Convert 1.25 to a percent
Internal Rate of Return
profit and loss statement
per hundred
125%
25. Loss of items due to damaged goods - stealing - etc.
3%
Stock to Sales Ratio
netprice with a 25/10/10 series discount
shrinkage
26. What is the product of 3.26 and 0.4?
percent decrease
underbought
When Dividing With Exponents
1.304
27. GMROII = GM% x (Sales / Average Value of Inventory)
$ Retail
Effective annual rate of interest formula
Liquidity
Gross Margin Return On Inventory Investment (GMROII)
28. Convert 14% to a fraction
36%
Current Assets
14/100
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
29. cash + receivables/ current liabilities.
cost of goods
Turnover
Quick Ratio
.7
30. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
cost of goods
Break Even Point Formula
income statement
Inventory Turnover Rate
31. 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%
when multiplying numbers that contain decimals:
per hundred
gross sales
90.9%
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
4%
62%
3%
transportation
33. ($ Retail x 100 / COST) - 100
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Subtracting Fractions
Mark Up %
Multiplying Fractions
34. The average person will have _ jobs in their lifetime.
Liquidity
16-18
Stock to Sales Ratio
Liquidity of Assets
35. When sales plans are underestimated and the stock purchases result in a low inventory
underbought
Break Even Point Formula
Adding Fractions
Multiplying Fractions
36. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
With cash discounts and calculating net price - when to add freight
Dividing Fractions
stock turn
37. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
Proportion
cost of goods sold formula (COGS)
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Quick Ratio
38. You should never take out more than a _ year mortgage.
15
transportation
Break Even Point
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
39. $ RETAIL X (100 - GM %) / 100
125%
14/100
$ COST
overages
40. current assets/ current liabilities
Of what number 16 is a 25% increase
Extremes
Quick Ratio
Current Ratio
41. To take advantage of the 6% cash discount - a retailer made a $2 -000 partial payment during the discount period. How much was the retailer credited for the $2 -000 partial payment?
$2 -127.66
book value
Compound interest formula with changing rates
DOI
42. Inside numbers in a ratio.
% increase or decrease
Unit pricing
Sales per Transaction
Means
43. Convert 70% to a decimal
36%
EOM (in terms of invoice)
COD
.7
44. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Break Even Point
Markup
20%
50/100
45. Net Sales / Average Retail Value of Inventory
Extremes
Inventory Turnover Rate
overages
Effective annual rate of interest formula
46. $ Cost x (100 + Mark-up %) / 100
profit
$ Retail
15
Gross margin dollars
47. A^m/a^n = a^(m-n)
$ Markdown
Retail
When Dividing With Exponents
shortage
48. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
profit and loss statement
$ Retail
book value
Subtracting Fractions
49. The average car payment is $_ per month for _ months.
steps in strategic planning
378 63
costs of goods sold
Liquidity of Assets
50. Convert .62 to a percent
$ COST
Average Daily Sales
Liquidity
62%