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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. 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
$2 -127.66
588 mph
36%
types of expenses
2. total fixed costs/ selling price-variable cost
Proportion
increase=debit
Break Even Point Formula
income statement
3. Convert 14% to a fraction
profit and loss statement
14/100
Turnover
2.5% per month
4. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
percent
per hundred
types of assets
increase=credit
5. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
Average Collection Turnover
Sales per Transaction
Break Even Point Formula
stock turn
6. 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
% increase or decrease
installment loan
transportation
20%
7. $ Cost x (100 + Mark-up %) / 100
$ Retail
% increase or decrease
increase=debit
Current Assets
8. 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.
Mark Up %
net sales
Of what number 16 is a 25% increase
78
9. $ Cost/ (100%-markup%)
$ Retail
When Dividing With Exponents
GMROI
operating expenses
10. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
Average Collection Turnover
underbought
overbought
COD
11. The average car payment is $_ per month for _ months.
Simple interest formula
.7
378 63
operating expenses
12. Convert .4 to a percent
4%
% increase or decrease
Proportion
25
13. Convert 70% to a decimal
.7
costs of goods sold
to determine equivalent single discount rate for 25/10/10 series discount
Average Daily Sales
14. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
Internal Rate of Return
types of incomes
Simple interest formula
15. What happens when your sales are higher than your expenses - etc.
Average Collection Turnover
125%
shortage
profit
16. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Stock to Sales Ratio
book value
when multiplying numbers that contain decimals:
17. total annual sales/365
Average Daily Sales
types of incomes
book value
16-18
18. Gross Margin/ Average Inventory Cost
types of liabilities
cost of goods sold formula (COGS)
GMROI
$ Cost
19. Convert 65% to a decimal
loss
Gross Margin Return On Inventory Investment (GMROII)
physical inventory
.65
20. 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
Discounting Formula
Liquidity
16-18
percent
21. 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 $31.50. What was the rate of interest?
2.5% per month
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Break Even Point
22. Overage$ = book$ - physical count$; overage% = overage$/NS$
Gross margin %
overages
$ Cost
profit
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)
20%
loss
Liquidity
Internal Rate of Return
24. S=X(1+r1)^y(1+r
25
Compound interest formula with changing rates
percent
$6 -655.50
25. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
Sell Thru %
income statement
ROG
Simple interest formula
26. Two equivalent ratios joined by an equal sign.
% increase or decrease
overbought
Proportion
Means
27. Beginning inventory + Purchases - Ending inventory
16-18
Retail
To increase a number by a given percentage - e.g. increase 16 by 25%
cost of goods sold formula (COGS)
28. A/b
Multiplying Fractions
With cash discounts and calculating net price - when to add freight
DOI
gross sales
29. What is the product of 3.26 and 0.4?
1.304
improper
$ Cost
Internal Rate of Return
30. Net Sales / Average Retail Value of Inventory
Inventory Turnover Rate
70%
OTB (retail)
gross margin
31. Another way of counting part of a whole?
percent
Quick Ratio
cost of goods
operating expenses
32. 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
netprice with a 25/10/10 series discount
physical inventory
Sell Thru %
33. Convert 50% to a fraction
Means
50/100
.56
loss
34. % of 90 days same as cash convert to payments.
78
Effective annual rate of interest formula
OTB (retail)
per hundred
35. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
588 mph
Gross margin dollars
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Break Even Point Formula
36. 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...
The sum of a Geometric Progression
operating expenses
types of assets
percent decrease
37. You should never take out more than a _ year mortgage.
Gross margin %
15
.65
$2 -127.66
38. When sales plans are underestimated and the stock purchases result in a low inventory
operating expenses
Sell Thru %
underbought
To increase a number by a given percentage - e.g. increase 16 by 25%
39. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
60
GMROI
costs of goods sold
$6 -655.50
40. (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
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
Stock to Sales Ratio
41. cost of an item expressed per unit of measure or count.
Current Assets
underbought
gross sales
Unit pricing
42. Convert .62 to a percent
62%
net sales
Liquidity of Assets
125%
43. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
shortage
percent decrease
EOM (in terms of invoice)
44. $ retail x (100%-markup)
2.5% per month
$ Cost
income statement
percent decrease
45. 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
Markup
income statement
profit and loss statement
20%
46. Assets - cost of goods sold - expenses
increase=debit
36%
36%
gross margin
47. What happens when your expenses - etc. are higher than your sales
Markup
Gross margin %
Stock to Sales Ratio
loss
48. Capital stock - owner's equity (owner's funds invested in the business)
Liquidity
physical inventory
$ COST
types of capital
49. Liabilities - capital - income
percent decrease
Gross margin %
increase=credit
.7
50. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
gross sales
3%
types of liabilities
Markdown %
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