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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. Alignment of the decimals is not important
when multiplying numbers that contain decimals:
2.5% per month
25%
operating expenses
2. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
cost of goods
DOI
588 mph
ROG
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%
percent decrease
gross sales
cost of goods
60
4. total annual sales/365
Markup
Average Daily Sales
gross margin
Liquidity of Assets
5. 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
41%
overbought
types of expenses
transportation
6. 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
net sales
Multiplying Fractions
$ COST
7. (TY-LY)/ LY or (Plan-Actual)/
Means
overages
.7
% increase or decrease
8. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
Discounting Formula
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
increase=credit
types of incomes
9. When sales plans are underestimated and the stock purchases result in a low inventory
profit and loss statement
underbought
Gross Margin Return On Inventory Investment (GMROII)
loss
10. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
.65
Gross margin %
With cash discounts and calculating net price - when to add freight
percent
11. Inside numbers in a ratio.
378 63
$6 -655.50
Means
costs of goods sold
12. (Retail - Cost)/ Retail
Markup
$ Markdown
Margin %
To decrease a number by a given percentage - e.g. decrease 16 by 25%
13. The wholesale cost of goods plus the markup
Unit pricing
underbought
Retail
36%
14. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
installment loan
improper
DOI
Inventory Turnover Rate
15. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
gross margin
50/100
$6 -655.50
improper
16. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
stock turn
$ COST
OTB (retail)
80/100
17. cash + receivables/ current liabilities.
types of assets
to determine equivalent single discount rate for 25/10/10 series discount
Quick Ratio
Retail
18. Convert 70% to a decimal
.7
Means
physical inventory
operating expenses
19. Convert .4 to a percent
shortage
4%
Gross Margin Return On Inventory Investment (GMROII)
14/100
20. 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?
Inventory Turnover Rate
62%
$2 -127.66
.65
21. 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
4%
Proportion
.7
Discounting Formula
22. cost of an item expressed per unit of measure or count.
125%
Unit pricing
per hundred
EOM (in terms of invoice)
23. Convert 56% to a decimal
operating expenses
gross margin
1.304
.56
24. 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?
Current Ratio
Compound interest formula with changing rates
2.5% per month
3%
25. Convert .62 to a percent
62%
Discounting Formula
per hundred
Markdown %
26. $ Cost x (100 + Mark-up %) / 100
Mark Up %
$ Retail
book value
percent
27. End of month; dating starts with the end of the month and the invoice is to be paid within the specified number of days after the end of the month in which goods are invoiced; ex: 8/10 EOM - n/90
operating expenses
EOM (in terms of invoice)
80/100
Break Even Point Formula
28. Commissions - fees for service - merchandise sales - rental income - royalties
types of incomes
$ Markdown
Inventory Turnover Rate
improper
29. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
3%
62%
To decrease a number by a given percentage - e.g. decrease 16 by 25%
$ Cost
30. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
FOB destination
ROG
Gross margin dollars
income statement
31. Convert 80% to a fraction
80/100
transportation
types of liabilities
Break Even Point Formula
32. Formula: GM = NS - COG; GM$ = NS$ X GM%
increase=credit
gross margin
installment loan
Inventory Turnover Rate
33. Convert .36 to a percent
Of what number 16 is a 25% increase
36%
overbought
Dividing Fractions
34. Convert 50% to a fraction
50/100
types of assets
$ Retail
installment loan
35. Convert 65% to a decimal
.65
To decrease a number by a given percentage - e.g. decrease 16 by 25%
36%
installment loan
36. Outside numbers in a ratio.
income statement
Extremes
netprice with a 25/10/10 series discount
profit
37. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
$252
types of liabilities
Gross Margin Return On Inventory Investment (GMROII)
DOI
38. Overage$ = book$ - physical count$; overage% = overage$/NS$
Of what number 16 is a 25% increase
increase=credit
overages
loss
39. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Average Collection Turnover
3%
Gross margin %
16-18
40. $ Cost/ (100%-markup%)
Sales per Transaction
$ Retail
50/100
Inventory Turnover Rate
41. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
book value
Stock to Sales Ratio
Average Collection Turnover
Discounting Formula
42. Convert 1.25 to a percent
To decrease a number by a given percentage - e.g. decrease 16 by 25%
125%
41%
cost of goods
43. The average car will lose _% of its value in the first 4 years.
Markdown %
60
3%
Turnover
44. What does percent mean?
types of capital
types of assets
per hundred
percent
45. Total Net Sales / Total Number of Transactions
Sales per Transaction
Gross margin %
16-18
Break Even Point
46. Convert 1/4 to a percent
70%
Compound interest formula with changing rates
Markdown %
25%
47. Cash or assets that can quickly be converted into cash.
Mark Up %
Multiplying Fractions
EOM (in terms of invoice)
Current Assets
48. Convert 14% to a fraction
Markdown %
$ Retail
14/100
cost of goods
49. Convert 41/100 to a percent
COD
41%
physical inventory
Sales per Transaction
50. % of 90 days same as cash convert to payments.
Effective annual rate of interest formula
78
ROG
increase=debit
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