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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. The recommended house payment should be no more than _% of your monthly take-home pay.
60
25
per hundred
Average Collection Turnover
2. Liabilities - capital - income
underbought
.7
Margin %
increase=credit
3. (TY-LY)/ LY or (Plan-Actual)/
$ Cost
loss
% increase or decrease
25
4. Convert 1.25 to a percent
80/100
Liquidity
Inventory Turnover Rate
125%
5. GMROII = GM% x (Sales / Average Value of Inventory)
14/100
Internal Rate of Return
Compound interest formula with changing rates
Gross Margin Return On Inventory Investment (GMROII)
6. The average car will lose _% of its value in the first 4 years.
Average Collection Turnover
60
25
Liquidity of Assets
7. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
gross margin
FOB destination
Of what number 16 is a 25% increase
types of assets
8. Net Sales for period/ Avg Stock for period
Current Assets
378 63
Current Ratio
Turnover
9. total annual sales/365
loss
$6 -655.50
overages
Average Daily Sales
10. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
90.9%
125%
Inventory Turnover Rate
ROG
11. Formula: GM = NS - COG; GM$ = NS$ X GM%
41%
to determine equivalent single discount rate for 25/10/10 series discount
2.5% per month
gross margin
12. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
physical inventory
2.5% per month
Markdown %
1.304
13. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
$6 -655.50
78
improper
OTB (retail)
14. Cash or assets that can quickly be converted into cash.
Current Assets
Mark Up %
operating expenses
Liquidity
15. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
increase=debit
Stock to Sales Ratio
588 mph
Quick Ratio
16. Commissions - fees for service - merchandise sales - rental income - royalties
62%
Proportion
types of incomes
Means
17. Total Net Sales / Total Number of Transactions
Sales per Transaction
To decrease a number by a given percentage - e.g. decrease 16 by 25%
COD
physical inventory
18. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
When Dividing With Exponents
Discounting Formula
income statement
Means
19. Convert 50% to a fraction
50/100
types of incomes
80/100
profit
20. 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
Liquidity
steps in strategic planning
gross margin
Cost
21. 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
With cash discounts and calculating net price - when to add freight
Turnover
shrinkage
Discounting Formula
22. 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?
Of what number 16 is a 25% increase
Retail
2.5% per month
Subtracting Fractions
23. Turning assets into cash.
$ Markdown
gross margin
Liquidity of Assets
To decrease a number by a given percentage - e.g. decrease 16 by 25%
24. A/b - c/b = a-c/b
Dividing Fractions
netprice with a 25/10/10 series discount
Inventory Turnover Rate
Subtracting Fractions
25. What is the product of 3.26 and 0.4?
$ Markdown
Markup
overages
1.304
26. total fixed costs/ selling price-variable cost
Sales per Transaction
stock turn
Break Even Point Formula
$6 -655.50
27. Another way of counting part of a whole?
percent
Adding Fractions
Mark Up %
Quick Ratio
28. 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
To increase a number by a given percentage - e.g. increase 16 by 25%
378 63
50/100
29. He availability of your money is called _.
Liquidity
Adding Fractions
Means
$ Cost
30. Loss of items due to damaged goods - stealing - etc.
shrinkage
costs of goods sold
DOI
25
31. A form of closed-end credit used for purchasing durable goods such as cars
Gross Margin Return On Inventory Investment (GMROII)
Simple interest formula
installment loan
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
32. 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?
378 63
types of capital
$2 -127.66
4%
33. Convert 20 to a percent
Effective annual rate of interest formula
Discounting Formula
50/100
20%
34. 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
Internal Rate of Return
4%
Margin %
EOM (in terms of invoice)
35. The average car payment is $_ per month for _ months.
378 63
Break Even Point
41%
stock turn
36. S=X(1+r1)^y(1+r
increase=credit
to determine equivalent single discount rate for 25/10/10 series discount
Compound interest formula with changing rates
types of liabilities
37. Convert 70/100 to a percent
Discounting Formula
41%
25
70%
38. Net Sales / Average Retail Value of Inventory
Average Collection Turnover
.7
Retail
Inventory Turnover Rate
39. accounts receivable/ average daily sales
Average Collection Turnover
16-18
Dividing Fractions
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
40. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
increase=debit
types of incomes
improper
Simple interest formula
41. A/b
90.9%
15
Multiplying Fractions
Inventory Turnover Rate
42. 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 $1000 @ 10% simple interest for 5 years = 1000+(50.101000)
.7
Simple interest formula
3%
Multiplying Fractions
43. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
To increase a number by a given percentage - e.g. increase 16 by 25%
90.9%
$ Cost
44. Direct labor - factory overhead - merchandise inventory - packaging - raw material
Cost
4%
costs of goods sold
$252
45. Assets - cost of goods sold - expenses
increase=debit
36%
Means
operating expenses
46. What does percent mean?
Gross margin %
Break Even Point Formula
stock turn
per hundred
47. If freight is to be paid by the seller - the shipping terms are...
Dividing Fractions
FOB destination
Means
percent
48. Amount decrease (Original - New) / Original amount = decimal= convert to %
Internal Rate of Return
DOI
$ Retail
percent decrease
49. Outside numbers in a ratio.
Extremes
DOI
Inventory Turnover Rate
Gross margin dollars
50. 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.
types of liabilities
Quick Ratio
62%
net sales