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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 20 to a percent
20%
COD
types of capital
Internal Rate of Return
2. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
% increase or decrease
588 mph
physical inventory
types of liabilities
3. (TY-LY)/ LY or (Plan-Actual)/
$6 -655.50
% increase or decrease
Average Collection Turnover
Extremes
4. The average car will lose _% of its value in the first 4 years.
COD
60
36%
profit and loss statement
5. 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%
EOM (in terms of invoice)
80/100
$252
to determine equivalent single discount rate for 25/10/10 series discount
6. $ Cost x (100 + Mark-up %) / 100
62%
improper
percent
$ Retail
7. Convert 14% to a fraction
ROG
14/100
41%
Liquidity of Assets
8. What happens when your sales are higher than your expenses - etc.
Cost
installment loan
profit
types of incomes
9. A/b + c/b = (a+c)/b
types of liabilities
70%
$ Markdown
Adding Fractions
10. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
2.5% per month
To increase a number by a given percentage - e.g. increase 16 by 25%
Current Assets
80/100
11. Beginning inventory + Purchases - Ending inventory
Sales per Transaction
cost of goods sold formula (COGS)
$ Markdown
Current Ratio
12. % of 90 days same as cash convert to payments.
78
125%
Unit pricing
Gross Margin Return On Inventory Investment (GMROII)
13. The point at which you stop losing money.
increase=debit
Break Even Point
increase=credit
80/100
14. 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
loss
when multiplying numbers that contain decimals:
underbought
15. Amount decrease (Original - New) / Original amount = decimal= convert to %
Gross Margin Return On Inventory Investment (GMROII)
percent decrease
Mark Up %
The sum of a Geometric Progression
16. Direct labor - factory overhead - merchandise inventory - packaging - raw material
costs of goods sold
4%
installment loan
To increase a number by a given percentage - e.g. increase 16 by 25%
17. 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
Gross Margin Return On Inventory Investment (GMROII)
Gross margin dollars
steps in strategic planning
operating expenses
18. A team won 16 games and lost 9 games. What percent of games did the team lose?
FOB destination
EOM (in terms of invoice)
$ Markdown
36%
19. Turning assets into cash.
netprice with a 25/10/10 series discount
Liquidity of Assets
Gross margin %
improper
20. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Simple interest formula
The sum of a Geometric Progression
Gross margin %
Average Collection Turnover
21. Units Sold/ (Units Sold + On Hand Inventory)
Sell Thru %
Average Daily Sales
Break Even Point Formula
Multiplying Fractions
22. 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
1.304
Discounting Formula
Unit pricing
Simple interest formula
23. 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)
Sales per Transaction
FOB destination
per hundred
Internal Rate of Return
24. If freight is to be paid by the seller - the shipping terms are...
Margin %
GMROI
FOB destination
50/100
25. cost of an item expressed per unit of measure or count.
net sales
16-18
Unit pricing
installment loan
26. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
50/100
when multiplying numbers that contain decimals:
ROG
transportation
27. A form of closed-end credit used for purchasing durable goods such as cars
installment loan
When Dividing With Exponents
15
DOI
28. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Markdown %
41%
gross margin
Turnover
29. A measure of the number of days needed to collect accounts receivable.
Subtracting Fractions
transportation
Average Collection Turnover
income statement
30. 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 $1000 @ 10% simple interest for 5 years = 1000+(50.101000)
Quick Ratio
Simple interest formula
to determine equivalent single discount rate for 25/10/10 series discount
Liquidity
31. Aka - the terminal value of an investment to which equal annual amounts will be added S=[A(R^n -1)]/R-1 Where: S=the terminal value A=the first term R=the common ratio n=the number of terms
The sum of a Geometric Progression
Gross Margin Return On Inventory Investment (GMROII)
percent
overages
32. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
ROG
income statement
With cash discounts and calculating net price - when to add freight
types of expenses
33. Convert 80% to a fraction
shortage
80/100
Proportion
90.9%
34. ($ Retail x 100 / COST) - 100
Mark Up %
60
Markdown %
profit and loss statement
35. 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?
improper
when multiplying numbers that contain decimals:
$252
Proportion
36. accounts receivable/ average daily sales
Average Collection Turnover
Gross margin %
FOB destination
Quick Ratio
37. $ Cost/ (100%-markup%)
$ Retail
COD
operating expenses
Sell Thru %
38. What happens when your expenses - etc. are higher than your sales
loss
Unit pricing
gross sales
steps in strategic planning
39. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
$ Retail
The sum of a Geometric Progression
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
improper
40. Convert .62 to a percent
Adding Fractions
Extremes
book value
62%
41. 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
With cash discounts and calculating net price - when to add freight
.7
to determine equivalent single discount rate for 25/10/10 series discount
42. Outside numbers in a ratio.
Extremes
70%
types of liabilities
$ Cost
43. GMROII = GM% x (Sales / Average Value of Inventory)
41%
cost of goods sold formula (COGS)
Gross Margin Return On Inventory Investment (GMROII)
The sum of a Geometric Progression
44. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Effective annual rate of interest formula
20%
14/100
% increase or decrease
45. A/b
Dividing Fractions
OTB (retail)
Break Even Point Formula
Proportion
46. Convert 10/11 to a percent
90.9%
Sales per Transaction
Internal Rate of Return
Compound interest formula with changing rates
47. A/b - c/b = a-c/b
types of liabilities
Subtracting Fractions
operating expenses
Average Collection Turnover
48. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Multiplying Fractions
Of what number 16 is a 25% increase
gross margin
when multiplying numbers that contain decimals:
49. When sales plans are underestimated and the stock purchases result in a low inventory
underbought
25%
To increase a number by a given percentage - e.g. increase 16 by 25%
Stock to Sales Ratio
50. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
types of capital
underbought
80/100
improper