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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. Net Sales for period/ Avg Stock for period
Discounting Formula
Turnover
378 63
types of liabilities
2. $ Cost/ (100%-markup%)
62%
Turnover
$ Retail
588 mph
3. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
EOM (in terms of invoice)
ROG
Inventory Turnover Rate
2.5% per month
4. Cash or assets that can quickly be converted into cash.
14/100
Gross Margin Return On Inventory Investment (GMROII)
Current Assets
Average Collection Turnover
5. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
.7
Average Collection Turnover
Unit pricing
improper
6. accounts receivable/ average daily sales
Average Collection Turnover
To increase a number by a given percentage - e.g. increase 16 by 25%
Effective annual rate of interest formula
16-18
7. A/b
overages
profit
Retail
Dividing Fractions
8. Convert 56% to a decimal
net sales
80/100
increase=debit
.56
9. Convert 1/4 to a percent
Markup
improper
25%
ROG
10. S=X(1+r1)^y(1+r
cost of goods
Markdown %
Means
Compound interest formula with changing rates
11. 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)
cost of goods sold formula (COGS)
125%
loss
stock turn
12. The recommended house payment should be no more than _% of your monthly take-home pay.
25
The sum of a Geometric Progression
loss
4%
13. Convert .62 to a percent
$ Markdown
Break Even Point
operating expenses
62%
14. 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
Average Daily Sales
$252
Sales per Transaction
15. Convert .4 to a percent
book value
Proportion
4%
When Dividing With Exponents
16. Commissions - fees for service - merchandise sales - rental income - royalties
types of incomes
25%
improper
4%
17. Total Net Sales / Total Number of Transactions
When Dividing With Exponents
Average Collection Turnover
costs of goods sold
Sales per Transaction
18. Liabilities - capital - income
16-18
80/100
per hundred
increase=credit
19. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
DOI
378 63
operating expenses
OTB (retail)
20. 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...
Sales per Transaction
installment loan
operating expenses
Discounting Formula
21. Convert 3 to a percent
3%
profit and loss statement
1.304
Gross margin dollars
22. 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
When Dividing With Exponents
Break Even Point
transportation
2.5% per month
23. You should never take out more than a _ year mortgage.
FOB destination
15
1.304
$2 -127.66
24. Convert 70% to a decimal
$6 -655.50
25
.7
Sell Thru %
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?
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Average Collection Turnover
Extremes
$2 -127.66
26. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
$2 -127.66
Effective annual rate of interest formula
types of assets
profit
27. 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
percent
COD
underbought
OTB (retail)
28. 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
125%
14/100
types of expenses
Multiplying Fractions
29. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
netprice with a 25/10/10 series discount
41%
$ Retail
90.9%
30. $ RETAIL X (100 - GM %) / 100
Compound interest formula with changing rates
20%
$ COST
Means
31. total annual sales/365
Average Daily Sales
Unit pricing
shortage
overages
32. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
36%
steps in strategic planning
$6 -655.50
90.9%
33. The point at which you stop losing money.
Markup
Unit pricing
Subtracting Fractions
Break Even Point
34. Overage$ = book$ - physical count$; overage% = overage$/NS$
overages
GMROI
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?
35. cost of an item expressed per unit of measure or count.
.65
50/100
Stock to Sales Ratio
Unit pricing
36. Amount decrease (Original - New) / Original amount = decimal= convert to %
.65
percent
percent decrease
$ Retail
37. % of 90 days same as cash convert to payments.
90.9%
Turnover
62%
78
38. Turning assets into cash.
increase=credit
gross sales
Liquidity of Assets
Means
39. He availability of your money is called _.
COD
steps in strategic planning
Sell Thru %
Liquidity
40. cash + receivables/ current liabilities.
90.9%
types of expenses
Current Assets
Quick Ratio
41. Net Sales / Average Retail Value of Inventory
Inventory Turnover Rate
To increase a number by a given percentage - e.g. increase 16 by 25%
Average Collection Turnover
When Dividing With Exponents
42. Convert 65% to a decimal
Adding Fractions
.65
percent
Retail
43. 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
36%
Subtracting Fractions
15
44. When sales plans are underestimated and the stock purchases result in a low inventory
underbought
90.9%
$ Retail
income statement
45. The average car payment is $_ per month for _ months.
percent decrease
physical inventory
378 63
$ Retail
46. 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?
3%
Inventory Turnover Rate
2.5% per month
shrinkage
47. $ Cost x (100 + Mark-up %) / 100
Inventory Turnover Rate
$ Retail
Sell Thru %
Quick Ratio
48. 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.
overbought
net sales
ROG
Effective annual rate of interest formula
49. The wholesale cost of an item (cost of goods - or COG)
Cost
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Multiplying Fractions
installment loan
50. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
Average Daily Sales
OTB (retail)
improper
Simple interest formula