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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. 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
Break Even Point
.7
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
2. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
4%
To decrease a number by a given percentage - e.g. decrease 16 by 25%
types of expenses
Sell Thru %
3. A form of closed-end credit used for purchasing durable goods such as cars
36%
$ COST
installment loan
underbought
4. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
Extremes
netprice with a 25/10/10 series discount
.7
types of assets
5. Direct labor - factory overhead - merchandise inventory - packaging - raw material
costs of goods sold
70%
increase=debit
15
6. Convert .36 to a percent
EOM (in terms of invoice)
36%
Quick Ratio
OTB (retail)
7. Convert 80% to a fraction
80/100
$6 -655.50
14/100
shortage
8. $ RETAIL X (100 - GM %) / 100
overages
3%
$ COST
25%
9. Inside numbers in a ratio.
book value
EOM (in terms of invoice)
Means
OTB (retail)
10. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Of what number 16 is a 25% increase
COD
378 63
When Dividing With Exponents
11. A^m/a^n = a^(m-n)
net sales
types of assets
Markup
When Dividing With Exponents
12. Commissions - fees for service - merchandise sales - rental income - royalties
Extremes
types of incomes
$ Retail
netprice with a 25/10/10 series discount
13. (TY-LY)/ LY or (Plan-Actual)/
Stock to Sales Ratio
To decrease a number by a given percentage - e.g. decrease 16 by 25%
% increase or decrease
shortage
14. The recommended house payment should be no more than _% of your monthly take-home pay.
25
net sales
Average Daily Sales
$2 -127.66
15. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
percent
16-18
Markdown %
Markup
16. Convert 20 to a percent
Average Daily Sales
20%
income statement
net sales
17. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
With cash discounts and calculating net price - when to add freight
Proportion
overbought
FOB destination
18. The wholesale cost of goods plus the markup
Retail
COD
$252
To increase a number by a given percentage - e.g. increase 16 by 25%
19. $ Cost x (100 + Mark-up %) / 100
60
$ Retail
62%
Cost
20. The average car payment is $_ per month for _ months.
$252
378 63
1.304
Quick Ratio
21. Convert 70% to a decimal
ROG
$6 -655.50
.7
cost of goods sold formula (COGS)
22. 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
1.304
% increase or decrease
Stock to Sales Ratio
23. What happens when your sales are higher than your expenses - etc.
overages
income statement
profit
With cash discounts and calculating net price - when to add freight
24. Convert .62 to a percent
Gross Margin Return On Inventory Investment (GMROII)
types of liabilities
90.9%
62%
25. accounts receivable/ average daily sales
types of assets
Average Collection Turnover
types of incomes
25
26. What happens when your expenses - etc. are higher than your sales
OTB (retail)
41%
FOB destination
loss
27. Another way of counting part of a whole?
underbought
14/100
Margin %
percent
28. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
25%
$6 -655.50
.7
Break Even Point
29. The point at which you stop losing money.
Break Even Point
20%
costs of goods sold
Liquidity
30. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
.65
percent decrease
book value
Discounting Formula
31. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
underbought
OTB (retail)
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Liquidity of Assets
32. cost of an item expressed per unit of measure or count.
increase=credit
Unit pricing
types of incomes
125%
33. ($ Retail x 100 / COST) - 100
operating expenses
Mark Up %
$ Retail
Adding Fractions
34. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
To decrease a number by a given percentage - e.g. decrease 16 by 25%
operating expenses
income statement
50/100
35. BOM $ Stock/ Sales for period
Stock to Sales Ratio
25
Gross Margin Return On Inventory Investment (GMROII)
Gross margin dollars
36. Loss of items due to damaged goods - stealing - etc.
Sales per Transaction
To increase a number by a given percentage - e.g. increase 16 by 25%
overbought
shrinkage
37. Convert 14% to a fraction
14/100
Average Daily Sales
The sum of a Geometric Progression
FOB destination
38. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
Break Even Point
types of liabilities
book value
25
39. 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.
.56
16-18
net sales
Markdown %
40. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
588 mph
OTB (retail)
improper
Means
41. Convert 65% to a decimal
Subtracting Fractions
increase=debit
.65
stock turn
42. 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
Gross margin dollars
588 mph
GMROI
COD
43. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
4%
Markup
Liquidity
The sum of a Geometric Progression
44. Overage$ = book$ - physical count$; overage% = overage$/NS$
overages
62%
Quick Ratio
Dividing Fractions
45. Turning assets into cash.
1.304
Gross margin %
Liquidity of Assets
$ COST
46. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
Gross margin %
Gross Margin Return On Inventory Investment (GMROII)
To increase a number by a given percentage - e.g. increase 16 by 25%
increase=debit
47. 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%
Adding Fractions
125%
when multiplying numbers that contain decimals:
to determine equivalent single discount rate for 25/10/10 series discount
48. Convert 70/100 to a percent
70%
$ COST
shortage
Sales per Transaction
49. 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?
Retail
increase=credit
$252
Compound interest formula with changing rates
50. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
25
4%
ROG
Proportion
Can you answer 50 questions in 15 minutes?
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