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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. Loss of items due to damaged goods - stealing - etc.
Margin %
Subtracting Fractions
shrinkage
Gross margin dollars
2. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
shortage
Break Even Point
Gross margin dollars
3. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
COD
Gross margin dollars
To increase a number by a given percentage - e.g. increase 16 by 25%
EOM (in terms of invoice)
4. Convert 1/4 to a percent
25%
steps in strategic planning
OTB (retail)
378 63
5. Original retail price - Lower retail price
netprice with a 25/10/10 series discount
378 63
percent
$ Markdown
6. Convert 14% to a fraction
types of capital
14/100
Subtracting Fractions
Markup
7. Convert .4 to a percent
types of liabilities
4%
Multiplying Fractions
percent decrease
8. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
Proportion
netprice with a 25/10/10 series discount
Dividing Fractions
$ Cost
9. The point at which you stop losing money.
Break Even Point
90.9%
20%
COD
10. The recommended house payment should be no more than _% of your monthly take-home pay.
25
profit
$ Cost
15
11. 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
.65
steps in strategic planning
when multiplying numbers that contain decimals:
Gross margin %
12. A/b - c/b = a-c/b
increase=credit
overages
Means
Subtracting Fractions
13. When sales plans are underestimated and the stock purchases result in a low inventory
Current Ratio
Margin %
Sales per Transaction
underbought
14. 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.
3%
Subtracting Fractions
net sales
overages
15. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Cost
Quick Ratio
Markup
80/100
16. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
overbought
25
types of expenses
17. Liabilities - capital - income
Average Daily Sales
increase=credit
when multiplying numbers that contain decimals:
Average Collection Turnover
18. Inside numbers in a ratio.
Current Ratio
Sales per Transaction
Means
Sell Thru %
19. 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
to determine equivalent single discount rate for 25/10/10 series discount
stock turn
COD
Current Assets
20. Outside numbers in a ratio.
Break Even Point
types of liabilities
78
Extremes
21. 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
41%
to determine equivalent single discount rate for 25/10/10 series discount
The sum of a Geometric Progression
% increase or decrease
22. Two equivalent ratios joined by an equal sign.
operating expenses
cost of goods sold formula (COGS)
Proportion
underbought
23. % of 90 days same as cash convert to payments.
EOM (in terms of invoice)
OTB (retail)
With cash discounts and calculating net price - when to add freight
78
24. Alignment of the decimals is not important
profit
when multiplying numbers that contain decimals:
20%
underbought
25. 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?
Unit pricing
types of liabilities
$2 -127.66
Gross Margin Return On Inventory Investment (GMROII)
26. Formula: GM = NS - COG; GM$ = NS$ X GM%
When Dividing With Exponents
$ Retail
gross margin
Stock to Sales Ratio
27. Assets - cost of goods sold - expenses
Extremes
netprice with a 25/10/10 series discount
Multiplying Fractions
increase=debit
28. Another way of counting part of a whole?
overbought
percent
installment loan
Mark Up %
29. Convert 1.25 to a percent
When Dividing With Exponents
Current Ratio
overages
125%
30. Convert 70% to a decimal
installment loan
1.304
.7
When Dividing With Exponents
31. The average car payment is $_ per month for _ months.
378 63
Liquidity of Assets
book value
70%
32. A/b + c/b = (a+c)/b
steps in strategic planning
Adding Fractions
gross margin
78
33. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
percent
GMROI
Markdown %
Stock to Sales Ratio
34. 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
16-18
Adding Fractions
types of assets
EOM (in terms of invoice)
35. total annual sales/365
Average Daily Sales
78
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Compound interest formula with changing rates
36. 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)
Gross margin dollars
Markdown %
FOB destination
Simple interest formula
37. Commissions - fees for service - merchandise sales - rental income - royalties
types of incomes
increase=debit
41%
.65
38. 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
gross margin
Stock to Sales Ratio
588 mph
39. 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...
36%
Gross margin %
operating expenses
25
40. $ retail x (100%-markup)
Gross Margin Return On Inventory Investment (GMROII)
20%
$ Cost
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
41. Wholesale cost
Effective annual rate of interest formula
percent
25%
cost of goods
42. A team won 16 games and lost 9 games. What percent of games did the team lose?
Mark Up %
36%
installment loan
percent decrease
43. A/b
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Gross margin dollars
Mark Up %
Multiplying Fractions
44. S=X(1+r1)^y(1+r
50/100
shrinkage
62%
Compound interest formula with changing rates
45. cost of an item expressed per unit of measure or count.
Unit pricing
types of liabilities
types of assets
Gross margin dollars
46. 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
Break Even Point Formula
types of expenses
operating expenses
To decrease a number by a given percentage - e.g. decrease 16 by 25%
47. 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
underbought
overbought
Discounting Formula
Average Collection Turnover
48. (TY-LY)/ LY or (Plan-Actual)/
% increase or decrease
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
20%
$252
49. Direct labor - factory overhead - merchandise inventory - packaging - raw material
GMROI
costs of goods sold
Mark Up %
Of what number 16 is a 25% increase
50. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
steps in strategic planning
4%
Liquidity of Assets
income statement