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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. ($ Retail x 100 / COST) - 100
installment loan
Mark Up %
percent decrease
profit
2. What does percent mean?
cost of goods
Cost
Dividing Fractions
per hundred
3. Convert 1.25 to a percent
Break Even Point
Markdown %
ROG
125%
4. Amount decrease (Original - New) / Original amount = decimal= convert to %
Means
EOM (in terms of invoice)
60
percent decrease
5. When sales plans are underestimated and the stock purchases result in a low inventory
60
underbought
types of incomes
125%
6. S=X(1+r1)^y(1+r
$ COST
1.304
Compound interest formula with changing rates
when multiplying numbers that contain decimals:
7. Two equivalent ratios joined by an equal sign.
588 mph
costs of goods sold
Proportion
profit
8. 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
profit and loss statement
Gross Margin Return On Inventory Investment (GMROII)
36%
gross margin
9. accounts receivable/ average daily sales
Average Collection Turnover
OTB (retail)
378 63
Turnover
10. 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%
stock turn
Adding Fractions
to determine equivalent single discount rate for 25/10/10 series discount
60
11. 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.
Break Even Point Formula
net sales
types of capital
1.304
12. A/b
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Multiplying Fractions
gross sales
$ Retail
13. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
physical inventory
Average Collection Turnover
$ Markdown
14. $ retail x (100%-markup)
$ Cost
increase=credit
gross sales
when multiplying numbers that contain decimals:
15. (TY-LY)/ LY or (Plan-Actual)/
types of assets
steps in strategic planning
1.304
% increase or decrease
16. Another way of counting part of a whole?
GMROI
20%
percent
1.304
17. Wholesale cost
$252
15
cost of goods
cost of goods sold formula (COGS)
18. cash + receivables/ current liabilities.
25
DOI
loss
Quick Ratio
19. 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
Extremes
$ Retail
steps in strategic planning
Simple interest formula
20. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
overbought
Gross margin %
COD
gross margin
21. A/b + c/b = (a+c)/b
Sales per Transaction
1.304
4%
Adding Fractions
22. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
increase=credit
.7
physical inventory
steps in strategic planning
23. Capital stock - owner's equity (owner's funds invested in the business)
book value
types of capital
Current Ratio
when multiplying numbers that contain decimals:
24. Units Sold/ (Units Sold + On Hand Inventory)
increase=credit
Sell Thru %
41%
36%
25. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
Discounting Formula
Break Even Point
netprice with a 25/10/10 series discount
OTB (retail)
26. Commissions - fees for service - merchandise sales - rental income - royalties
types of incomes
increase=credit
gross sales
36%
27. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
Multiplying Fractions
book value
588 mph
percent
28. If freight is to be paid by the seller - the shipping terms are...
FOB destination
Current Ratio
1.304
588 mph
29. The average person will have _ jobs in their lifetime.
90.9%
16-18
underbought
Sales per Transaction
30. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
$ Markdown
types of liabilities
percent
Average Daily Sales
31. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
Liquidity of Assets
$ Retail
improper
Unit pricing
32. Assets - cost of goods sold - expenses
increase=debit
physical inventory
improper
.7
33. Convert 14% to a fraction
Current Assets
90.9%
steps in strategic planning
14/100
34. Formula: GM = NS - COG; GM$ = NS$ X GM%
1.304
gross margin
$2 -127.66
COD
35. Net Sales / Average Retail Value of Inventory
Internal Rate of Return
Inventory Turnover Rate
transportation
Simple interest formula
36. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
OTB (retail)
% increase or decrease
78
percent decrease
37. Convert 56% to a decimal
book value
20%
.56
FOB destination
38. Convert 20 to a percent
20%
Internal Rate of Return
Gross Margin Return On Inventory Investment (GMROII)
2.5% per month
39. Turning assets into cash.
Liquidity of Assets
loss
Average Collection Turnover
book value
40. cost of an item expressed per unit of measure or count.
Extremes
cost of goods sold formula (COGS)
125%
Unit pricing
41. 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%
.7
percent
$ Cost
42. Sales - cost of goods sold
Gross margin %
Average Daily Sales
Gross margin dollars
Markup
43. What happens when your expenses - etc. are higher than your sales
physical inventory
loss
$ Markdown
Turnover
44. 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
types of capital
shortage
.65
Discounting Formula
45. Convert 70% to a decimal
.7
Stock to Sales Ratio
Markdown %
when multiplying numbers that contain decimals:
46. Gross Margin/ Average Inventory Cost
GMROI
% increase or decrease
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
types of incomes
47. The average car will lose _% of its value in the first 4 years.
underbought
Subtracting Fractions
60
14/100
48. The wholesale cost of an item (cost of goods - or COG)
Simple interest formula
Cost
Average Collection Turnover
Turnover
49. Direct labor - factory overhead - merchandise inventory - packaging - raw material
to determine equivalent single discount rate for 25/10/10 series discount
costs of goods sold
41%
Multiplying Fractions
50. Convert 65% to a decimal
.65
588 mph
steps in strategic planning
shortage