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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. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
net sales
125%
25
588 mph
2. GMROII = GM% x (Sales / Average Value of Inventory)
Gross Margin Return On Inventory Investment (GMROII)
$ Retail
per hundred
2.5% per month
3. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
16-18
net sales
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Current Ratio
4. $ Cost/ (100%-markup%)
net sales
Means
25
$ Retail
5. % of 90 days same as cash convert to payments.
netprice with a 25/10/10 series discount
gross margin
shortage
78
6. A/b + c/b = (a+c)/b
Unit pricing
15
Adding Fractions
Of what number 16 is a 25% increase
7. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
When Dividing With Exponents
stock turn
Multiplying 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?
8. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overages
overbought
Compound interest formula with changing rates
% increase or decrease
9. Capital stock - owner's equity (owner's funds invested in the business)
overages
Means
types of capital
profit and loss statement
10. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
Turnover
Markdown %
transportation
11. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
16-18
physical inventory
% increase or decrease
when multiplying numbers that contain decimals:
12. Convert 70/100 to a percent
Adding Fractions
Current Ratio
$6 -655.50
70%
13. Alignment of the decimals is not important
% increase or decrease
Adding Fractions
types of expenses
when multiplying numbers that contain decimals:
14. When sales plans are underestimated and the stock purchases result in a low inventory
when multiplying numbers that contain decimals:
25
underbought
Of what number 16 is a 25% increase
15. A team won 16 games and lost 9 games. What percent of games did the team lose?
36%
Sell Thru %
Cost
Retail
16. The point at which you stop losing money.
costs of goods sold
60
2.5% per month
Break Even Point
17. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
14/100
types of liabilities
gross sales
Average Collection Turnover
18. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
percent decrease
90.9%
Gross Margin Return On Inventory Investment (GMROII)
types of assets
19. 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)
types of liabilities
Simple interest formula
Dividing Fractions
.65
20. Convert .36 to a percent
60
Average Collection Turnover
36%
Subtracting Fractions
21. The wholesale cost of an item (cost of goods - or COG)
Discounting Formula
78
Cost
To decrease a number by a given percentage - e.g. decrease 16 by 25%
22. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
improper
EOM (in terms of invoice)
OTB (retail)
netprice with a 25/10/10 series discount
23. A^m/a^n = a^(m-n)
Current Ratio
41%
378 63
When Dividing With Exponents
24. $ Cost x (100 + Mark-up %) / 100
Break Even Point Formula
Markdown %
The sum of a Geometric Progression
$ Retail
25. Units Sold/ (Units Sold + On Hand Inventory)
Break Even Point
Sell Thru %
378 63
Sales per Transaction
26. Outside numbers in a ratio.
Discounting Formula
steps in strategic planning
20%
Extremes
27. 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
cost of goods
underbought
$ Retail
types of expenses
28. Two equivalent ratios joined by an equal sign.
1.304
The sum of a Geometric Progression
Proportion
$2 -127.66
29. Loss of items due to damaged goods - stealing - etc.
Current Assets
Average Collection Turnover
shrinkage
36%
30. current assets/ current liabilities
36%
Current Ratio
$ Retail
Inventory Turnover Rate
31. Convert 1/4 to a percent
types of incomes
operating expenses
25%
1.304
32. What happens when your sales are higher than your expenses - etc.
Simple interest formula
Current Assets
Mark Up %
profit
33. What happens when your expenses - etc. are higher than your sales
underbought
$6 -655.50
loss
$ Retail
34. Convert 1.25 to a percent
125%
improper
net sales
41%
35. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
With cash discounts and calculating net price - when to add freight
OTB (retail)
types of assets
EOM (in terms of invoice)
36. 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)
90.9%
overages
Internal Rate of Return
to determine equivalent single discount rate for 25/10/10 series discount
37. accounts receivable/ average daily sales
$ COST
Average Collection Turnover
Discounting Formula
378 63
38. Gross Margin/ Average Inventory Cost
2.5% per month
improper
increase=credit
GMROI
39. $ retail x (100%-markup)
$ Cost
Average Daily Sales
14/100
Internal Rate of Return
40. (Retail - Cost)/ Retail
percent decrease
percent
Margin %
types of incomes
41. If freight is to be paid by the seller - the shipping terms are...
FOB destination
types of capital
costs of goods sold
70%
42. Wholesale cost
cost of goods
Mark Up %
when multiplying numbers that contain decimals:
With cash discounts and calculating net price - when to add freight
43. Convert 65% to a decimal
Discounting Formula
The sum of a Geometric Progression
.65
Inventory Turnover Rate
44. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
physical inventory
DOI
steps in strategic planning
Average Collection Turnover
45. Convert 14% to a fraction
14/100
378 63
overages
80/100
46. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Compound interest formula with changing rates
With cash discounts and calculating net price - when to add freight
Markdown %
$ Retail
47. 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
COD
80/100
Discounting Formula
types of incomes
48. Net Sales for period/ Avg Stock for period
Stock to Sales Ratio
Turnover
Gross margin dollars
$ Cost
49. You should never take out more than a _ year mortgage.
Internal Rate of Return
costs of goods sold
15
To decrease a number by a given percentage - e.g. decrease 16 by 25%
50. Sales - cost of goods sold
Gross margin dollars
increase=debit
50/100
1.304