SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
36%
When Dividing With Exponents
Of what number 16 is a 25% increase
Sales per Transaction
2. 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?
2.5% per month
$252
Inventory Turnover Rate
GMROI
3. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
netprice with a 25/10/10 series discount
gross sales
16-18
Liquidity
4. The wholesale cost of goods plus the markup
Retail
Quick Ratio
41%
Liquidity
5. Loss of items due to damaged goods - stealing - etc.
378 63
shortage
2.5% per month
shrinkage
6. Wholesale cost
cost of goods
Current Ratio
The sum of a Geometric Progression
overages
7. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
.56
ROG
to determine equivalent single discount rate for 25/10/10 series discount
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. Convert 70% to a decimal
% increase or decrease
Average Daily Sales
.7
Turnover
9. What is the product of 3.26 and 0.4?
36%
netprice with a 25/10/10 series discount
costs of goods sold
1.304
10. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...
41%
profit
to determine equivalent single discount rate for 25/10/10 series discount
operating expenses
11. The cost of moving from the vendor's warehouse (loading dock) to the retail warehouse or store (loading dock) - may also include insurance to cover the merchandise while in transit
income statement
$252
transportation
Multiplying Fractions
12. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
types of liabilities
profit
GMROI
Markup
13. Sales - cost of goods sold
net sales
Dividing Fractions
Gross margin dollars
Internal Rate of Return
14. Convert 3 to a percent
gross margin
Stock to Sales Ratio
Turnover
3%
15. 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
Compound interest formula with changing rates
Markdown %
Unit pricing
types of expenses
16. 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
cost of goods
When Dividing With Exponents
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Discounting Formula
17. Capital stock - owner's equity (owner's funds invested in the business)
cost of goods sold formula (COGS)
percent decrease
Gross Margin Return On Inventory Investment (GMROII)
types of capital
18. Direct labor - factory overhead - merchandise inventory - packaging - raw material
Subtracting Fractions
costs of goods sold
Liquidity
90.9%
19. Another way of counting part of a whole?
$ Retail
Multiplying Fractions
percent
The sum of a Geometric Progression
20. 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%
profit and loss statement
GMROI
OTB (retail)
to determine equivalent single discount rate for 25/10/10 series discount
21. Convert 70/100 to a percent
Simple interest formula
Effective annual rate of interest formula
70%
EOM (in terms of invoice)
22. A/b + c/b = (a+c)/b
25
Average Collection Turnover
Dividing Fractions
Adding Fractions
23. 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?
overbought
$2 -127.66
36%
2.5% per month
24. 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
GMROI
FOB destination
Average Daily Sales
steps in strategic planning
25. The average person will have _ jobs in their lifetime.
Of what number 16 is a 25% increase
16-18
Cost
36%
26. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
shortage
types of assets
To decrease a number by a given percentage - e.g. decrease 16 by 25%
125%
27. Convert 80% to a fraction
ROG
16-18
80/100
shrinkage
28. BOM $ Stock/ Sales for period
Break Even Point Formula
Stock to Sales Ratio
16-18
shortage
29. 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
gross margin
$2 -127.66
41%
30. Beginning inventory + Purchases - Ending inventory
Multiplying Fractions
cost of goods sold formula (COGS)
profit
Unit pricing
31. Net Sales for period/ Avg Stock for period
Turnover
36%
Compound interest formula with changing rates
Multiplying Fractions
32. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
COD
378 63
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Effective annual rate of interest formula
33. Original retail price - Lower retail price
overbought
$ Cost
$ Markdown
operating expenses
34. A form of closed-end credit used for purchasing durable goods such as cars
installment loan
Current Assets
70%
overbought
35. You should never take out more than a _ year mortgage.
types of incomes
15
80/100
$ Retail
36. cash + receivables/ current liabilities.
The sum of a Geometric Progression
Current Assets
Quick Ratio
Markup
37. 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
book value
profit and loss statement
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Turnover
38. 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)
types of assets
15
stock turn
Simple interest formula
39. Convert 20 to a percent
gross margin
Gross margin %
20%
$ COST
40. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
16-18
80/100
$2 -127.66
netprice with a 25/10/10 series discount
41. When sales plans are underestimated and the stock purchases result in a low inventory
2.5% per month
Liquidity
$2 -127.66
underbought
42. Convert .36 to a percent
profit and loss statement
to determine equivalent single discount rate for 25/10/10 series discount
Stock to Sales Ratio
36%
43. The average car will lose _% of its value in the first 4 years.
80/100
OTB (retail)
60
Break Even Point
44. Convert 1.25 to a percent
costs of goods sold
125%
GMROI
physical inventory
45. Inside numbers in a ratio.
Means
Average Collection Turnover
Adding Fractions
Margin %
46. Outside numbers in a ratio.
Break Even Point
physical inventory
$ Cost
Extremes
47. Commissions - fees for service - merchandise sales - rental income - royalties
Current Assets
types of incomes
Effective annual rate of interest formula
78
48. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
50/100
percent
Turnover
588 mph
49. Formula: GM = NS - COG; GM$ = NS$ X GM%
70%
DOI
GMROI
gross margin
50. Total Net Sales / Total Number of Transactions
Sales per Transaction
$ Retail
types of liabilities
types of capital