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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. current assets/ current liabilities
Current 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?
Mark Up %
1.304
2. Inside numbers in a ratio.
Of what number 16 is a 25% increase
$ Markdown
Means
Turnover
3. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
gross sales
book value
net sales
2.5% per month
4. $ Cost x (100 + Mark-up %) / 100
types of expenses
With cash discounts and calculating net price - when to add freight
$ Retail
cost of goods sold formula (COGS)
5. A/b
Break Even Point Formula
$6 -655.50
types of incomes
Dividing Fractions
6. A^m/a^n = a^(m-n)
14/100
When Dividing With Exponents
Liquidity of Assets
Average Daily Sales
7. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
physical inventory
90.9%
1.304
types of liabilities
8. Convert 70% to a decimal
.7
Sell Thru %
profit
DOI
9. Convert 65% to a decimal
Liquidity
Proportion
.65
to determine equivalent single discount rate for 25/10/10 series discount
10. Units Sold/ (Units Sold + On Hand Inventory)
Sell Thru %
Inventory Turnover Rate
60
Adding Fractions
11. 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
% increase or decrease
loss
Margin %
profit and loss statement
12. 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)
2.5% per month
Liquidity
Simple interest formula
378 63
13. A/b
transportation
Sell Thru %
90.9%
Multiplying Fractions
14. Turning assets into cash.
Simple interest formula
Turnover
Extremes
Liquidity of Assets
15. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
cost of goods sold formula (COGS)
Gross margin %
netprice with a 25/10/10 series discount
shrinkage
16. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
improper
14/100
when multiplying numbers that contain decimals:
transportation
17. Total Net Sales / Total Number of Transactions
Subtracting Fractions
588 mph
To increase a number by a given percentage - e.g. increase 16 by 25%
Sales per Transaction
18. Gross Margin/ Average Inventory Cost
.56
GMROI
With cash discounts and calculating net price - when to add freight
net sales
19. Amount decrease (Original - New) / Original amount = decimal= convert to %
percent decrease
60
Break Even Point Formula
1.304
20. The average car payment is $_ per month for _ months.
378 63
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
3%
Gross margin %
21. 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
4%
steps in strategic planning
costs of goods sold
22. Convert 41/100 to a percent
per hundred
41%
overages
Margin %
23. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
profit
Liquidity
$ Retail
income statement
24. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Markdown %
1.304
GMROI
60
25. A form of closed-end credit used for purchasing durable goods such as cars
Gross margin %
installment loan
operating expenses
DOI
26. 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
Margin %
COD
ROG
$ Retail
27. 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%
$ Cost
to determine equivalent single discount rate for 25/10/10 series discount
Retail
588 mph
28. S=X(1+r1)^y(1+r
to determine equivalent single discount rate for 25/10/10 series discount
netprice with a 25/10/10 series discount
Compound interest formula with changing rates
ROG
29. Convert 14% to a fraction
increase=debit
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?
% increase or decrease
30. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
90.9%
OTB (retail)
Average Collection Turnover
shortage
31. Original retail price - Lower retail price
% increase or decrease
.7
Gross margin dollars
$ Markdown
32. % of 90 days same as cash convert to payments.
ROG
Retail
78
Unit pricing
33. Another way of counting part of a whole?
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
percent
OTB (retail)
Gross margin %
34. Convert 10/11 to a percent
$ COST
types of liabilities
loss
90.9%
35. Convert .62 to a percent
overbought
Current Assets
62%
types of incomes
36. Convert 1.25 to a percent
125%
Multiplying Fractions
To increase a number by a given percentage - e.g. increase 16 by 25%
78
37. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Gross Margin Return On Inventory Investment (GMROII)
Gross margin %
15
To increase a number by a given percentage - e.g. increase 16 by 25%
38. Net Sales / Average Retail Value of Inventory
588 mph
Average Collection Turnover
Discounting Formula
Inventory Turnover Rate
39. Formula: GM = NS - COG; GM$ = NS$ X GM%
Subtracting Fractions
GMROI
gross margin
Quick Ratio
40. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
gross sales
588 mph
$6 -655.50
80/100
41. 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
Of what number 16 is a 25% increase
Sell Thru %
25
42. (Retail - Cost)/ Retail
types of capital
Multiplying Fractions
Margin %
stock turn
43. Convert .36 to a percent
4%
36%
installment loan
Adding Fractions
44. 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
Current Assets
costs of goods sold
The sum of a Geometric Progression
FOB destination
45. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
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?
41%
36%
46. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
physical inventory
types of liabilities
The sum of a Geometric Progression
steps in strategic planning
47. If freight is to be paid by the seller - the shipping terms are...
GMROI
78
FOB destination
types of incomes
48. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Of what number 16 is a 25% increase
25
Margin %
Sales per Transaction
49. The average car will lose _% of its value in the first 4 years.
book value
60
operating expenses
36%
50. BOM $ Stock/ Sales for period
70%
$ Markdown
Sales per Transaction
Stock to Sales Ratio