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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. 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)
transportation
stock turn
types of assets
physical inventory
2. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
.56
16-18
.7
3. Outside numbers in a ratio.
% increase or decrease
Extremes
$ Retail
costs of goods sold
4. Overage$ = book$ - physical count$; overage% = overage$/NS$
378 63
overages
types of assets
Inventory Turnover Rate
5. 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%
Average Daily Sales
Margin %
When Dividing With Exponents
gross sales
6. A form of closed-end credit used for purchasing durable goods such as cars
installment loan
Markdown %
costs of goods sold
shrinkage
7. BOM $ Stock/ Sales for period
Stock to Sales Ratio
To decrease a number by a given percentage - e.g. decrease 16 by 25%
OTB (retail)
EOM (in terms of invoice)
8. Convert 1/4 to a percent
profit
types of capital
25%
Average Collection Turnover
9. 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
.56
60
10. Wholesale cost
loss
cost of goods
$ COST
Turnover
11. 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
Sales per Transaction
transportation
Stock to Sales Ratio
shortage
12. Sales - cost of goods sold
36%
.56
Gross margin dollars
Internal Rate of Return
13. A/b
Multiplying Fractions
When Dividing With Exponents
Compound interest formula with changing rates
overbought
14. The average car will lose _% of its value in the first 4 years.
Sales per Transaction
60
Sell Thru %
Discounting Formula
15. Convert .4 to a percent
$ Cost
Multiplying Fractions
4%
50/100
16. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
Internal Rate of Return
$6 -655.50
loss
to determine equivalent single discount rate for 25/10/10 series discount
17. total fixed costs/ selling price-variable cost
$ COST
Break Even Point Formula
36%
When Dividing With Exponents
18. Beginning inventory + Purchases - Ending inventory
Gross Margin Return On Inventory Investment (GMROII)
shortage
stock turn
cost of goods sold formula (COGS)
19. 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
Adding Fractions
steps in strategic planning
Average Daily Sales
EOM (in terms of invoice)
20. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
125%
Gross margin %
60
Proportion
21. Convert 1.25 to a percent
125%
book value
$ COST
Liquidity
22. $ Cost x (100 + Mark-up %) / 100
$252
Compound interest formula with changing rates
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
$ Retail
23. Convert 41/100 to a percent
per hundred
Average Daily Sales
41%
types of assets
24. Alignment of the decimals is not important
25%
$ COST
Stock to Sales Ratio
when multiplying numbers that contain decimals:
25. Turning assets into cash.
Current Assets
types of assets
Liquidity of Assets
percent decrease
26. 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
Multiplying Fractions
$2 -127.66
COD
per hundred
27. cost of an item expressed per unit of measure or count.
when multiplying numbers that contain decimals:
Unit pricing
increase=credit
increase=debit
28. The average car payment is $_ per month for _ months.
Discounting Formula
Break Even Point Formula
36%
378 63
29. (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?
stock turn
Mark Up %
30. (TY-LY)/ LY or (Plan-Actual)/
GMROI
Markup
% increase or decrease
Internal Rate of Return
31. % of 90 days same as cash convert to payments.
when multiplying numbers that contain decimals:
78
increase=debit
EOM (in terms of invoice)
32. Convert 80% to a fraction
80/100
Break Even Point Formula
profit
Sales per Transaction
33. Cash or assets that can quickly be converted into cash.
Margin %
1.304
.65
Current Assets
34. Liabilities - capital - income
With cash discounts and calculating net price - when to add freight
increase=credit
when multiplying numbers that contain decimals:
$ Markdown
35. Total Net Sales / Total Number of Transactions
Sales per Transaction
operating expenses
costs of goods sold
16-18
36. He availability of your money is called _.
EOM (in terms of invoice)
income statement
Break Even Point
Liquidity
37. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
36%
Markdown %
Retail
ROG
38. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
Cost
Retail
With cash discounts and calculating net price - when to add freight
types of liabilities
39. The recommended house payment should be no more than _% of your monthly take-home pay.
types of assets
types of liabilities
Quick Ratio
25
40. A/b + c/b = (a+c)/b
GMROI
Adding Fractions
$ Retail
$ Markdown
41. 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
$6 -655.50
types of expenses
installment loan
Mark Up %
42. 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.
net sales
overages
Sell Thru %
types of liabilities
43. Net Sales for period/ Avg Stock for period
25%
netprice with a 25/10/10 series discount
Turnover
4%
44. What does percent mean?
per hundred
Internal Rate of Return
increase=credit
physical inventory
45. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
types of assets
ROG
Sell Thru %
To increase a number by a given percentage - e.g. increase 16 by 25%
46. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
14/100
cost of goods
Average Collection Turnover
Of what number 16 is a 25% increase
47. (Retail - Cost)/ Retail
improper
Margin %
Unit pricing
Simple interest formula
48. $ RETAIL X (100 - GM %) / 100
ROG
netprice with a 25/10/10 series discount
$ COST
Extremes
49. 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%
Subtracting Fractions
to determine equivalent single discount rate for 25/10/10 series discount
improper
types of capital
50. A team won 16 games and lost 9 games. What percent of games did the team lose?
EOM (in terms of invoice)
36%
Extremes
types of capital