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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. Convert 1/4 to a percent
Compound interest formula with changing rates
25%
loss
cost of goods
2. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
Extremes
physical inventory
to determine equivalent single discount rate for 25/10/10 series discount
DOI
3. Another way of counting part of a whole?
income statement
Current Assets
percent
378 63
4. 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
FOB destination
25%
Average Collection Turnover
5. Net Sales for period/ Avg Stock for period
Turnover
transportation
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
income statement
6. The average person will have _ jobs in their lifetime.
EOM (in terms of invoice)
60
16-18
cost of goods sold formula (COGS)
7. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
To increase a number by a given percentage - e.g. increase 16 by 25%
stock turn
50/100
income statement
8. Convert .4 to a percent
4%
16-18
Break Even Point
Liquidity
9. Convert 80% to a fraction
80/100
Adding Fractions
types of capital
The sum of a Geometric Progression
10. A/b - c/b = a-c/b
Sales per Transaction
Markup
installment loan
Subtracting Fractions
11. Cash or assets that can quickly be converted into cash.
steps in strategic planning
types of liabilities
Of what number 16 is a 25% increase
Current Assets
12. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
125%
2.5% per month
income statement
when multiplying numbers that contain decimals:
13. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
types of expenses
$ Cost
shortage
14. Convert 70% to a decimal
41%
.7
$252
gross margin
15. What is the product of 3.26 and 0.4?
OTB (retail)
15
$ COST
1.304
16. A^m/a^n = a^(m-n)
When Dividing With Exponents
$6 -655.50
improper
$2 -127.66
17. The wholesale cost of goods plus the markup
% increase or decrease
book value
Retail
installment loan
18. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
types of assets
Proportion
Gross margin %
The sum of a Geometric Progression
19. Convert 14% to a fraction
With cash discounts and calculating net price - when to add freight
Liquidity of Assets
14/100
Sell Thru %
20. What does percent mean?
per hundred
OTB (retail)
percent decrease
Average Collection Turnover
21. Convert 3 to a percent
Liquidity
3%
income statement
Unit pricing
22. IRR=1 + [(NPV1/NPV1-NPV2)(2-1)]% Where: 1=one interest rate 2=the other NPV1=the NPV at rate 1 NPV2=the NPV at rate 2 (NPV = Net Present Value)
cost of goods sold formula (COGS)
The sum of a Geometric Progression
62%
Internal Rate of Return
23. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
To increase a number by a given percentage - e.g. increase 16 by 25%
15
Average Collection Turnover
book value
24. Overage$ = book$ - physical count$; overage% = overage$/NS$
netprice with a 25/10/10 series discount
16-18
overages
Subtracting Fractions
25. Formula: GM = NS - COG; GM$ = NS$ X GM%
$ Cost
41%
gross margin
Stock to Sales Ratio
26. Units Sold/ (Units Sold + On Hand Inventory)
16-18
Sell Thru %
125%
increase=debit
27. The recommended house payment should be no more than _% of your monthly take-home pay.
60
cost of goods
125%
25
28. ($ Retail x 100 / COST) - 100
per hundred
improper
Average Collection Turnover
Mark Up %
29. total fixed costs/ selling price-variable cost
Break Even Point Formula
62%
transportation
$6 -655.50
30. Convert 20 to a percent
20%
Current Ratio
physical inventory
to determine equivalent single discount rate for 25/10/10 series discount
31. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
physical inventory
improper
COD
costs of goods sold
32. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
3%
Average Collection Turnover
Of what number 16 is a 25% increase
Markup
33. 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
Extremes
Average Daily Sales
costs of goods sold
34. Two equivalent ratios joined by an equal sign.
types of capital
Proportion
$2 -127.66
Gross Margin Return On Inventory Investment (GMROII)
35. Alignment of the decimals is not important
when multiplying numbers that contain decimals:
Markup
EOM (in terms of invoice)
types of liabilities
36. 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
16-18
types of assets
GMROI
37. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
costs of goods sold
With cash discounts and calculating net price - when to add freight
50/100
physical inventory
38. Liabilities - capital - income
Subtracting Fractions
Adding Fractions
increase=credit
netprice with a 25/10/10 series discount
39. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
when multiplying numbers that contain decimals:
loss
Stock to Sales Ratio
ROG
40. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
90.9%
shortage
steps in strategic planning
Mark Up %
41. Advertising - bad debt expense - conributions and donations - depreciation - educational expense - insurance - interest expense - licenses - office supplies - postage - rent - repairs - salaries and wages - supplies - taxes - travel and transportatio
types of expenses
$ COST
cost of goods
Average Daily Sales
42. Convert 70/100 to a percent
stock turn
types of liabilities
70%
$ Cost
43. You should never take out more than a _ year mortgage.
Average Daily Sales
15
The sum of a Geometric Progression
when multiplying numbers that contain decimals:
44. S=X(1+r1)^y(1+r
16-18
per hundred
Subtracting Fractions
Compound interest formula with changing rates
45. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
2.5% per month
OTB (retail)
Cost
EOM (in terms of invoice)
46. (Retail - Cost)/ Retail
Break Even Point Formula
Margin %
Current Assets
types of capital
47. % of 90 days same as cash convert to payments.
With cash discounts and calculating net price - when to add freight
78
FOB destination
Of what number 16 is a 25% increase
48. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
25%
when multiplying numbers that contain decimals:
netprice with a 25/10/10 series discount
costs of goods sold
49. 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)
Unit pricing
Simple interest formula
percent
36%
50. What happens when your sales are higher than your expenses - etc.
Unit pricing
overbought
Multiplying Fractions
profit