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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. 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)
Average Collection Turnover
Simple interest formula
types of assets
Retail
2. Outside numbers in a ratio.
Extremes
increase=credit
EOM (in terms of invoice)
Liquidity
3. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
16-18
profit and loss statement
income statement
gross sales
4. cost of an item expressed per unit of measure or count.
36%
25
Unit pricing
Subtracting Fractions
5. Gross Margin/ Average Inventory Cost
70%
Extremes
20%
GMROI
6. Direct labor - factory overhead - merchandise inventory - packaging - raw material
Quick Ratio
62%
Simple interest formula
costs of goods sold
7. He availability of your money is called _.
shrinkage
% increase or decrease
Liquidity
588 mph
8. Sales - cost of goods sold
Gross margin %
Gross margin dollars
shrinkage
GMROI
9. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
25
Average Collection Turnover
Average Daily Sales
588 mph
10. GMROII = GM% x (Sales / Average Value of Inventory)
Average Daily Sales
Gross Margin Return On Inventory Investment (GMROII)
90.9%
378 63
11. Wholesale cost
Average Daily Sales
cost of goods
70%
steps in strategic planning
12. Convert 50% to a fraction
To increase a number by a given percentage - e.g. increase 16 by 25%
cost of goods
50/100
125%
13. 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)
installment loan
Internal Rate of Return
Liquidity of Assets
Multiplying Fractions
14. 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
profit and loss statement
Average Collection Turnover
ROG
steps in strategic planning
15. Convert 3 to a percent
net sales
Internal Rate of Return
3%
Gross margin %
16. Amount decrease (Original - New) / Original amount = decimal= convert to %
underbought
3%
percent decrease
types of liabilities
17. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
cost of goods sold formula (COGS)
gross sales
overbought
Markdown %
18. If freight is to be paid by the seller - the shipping terms are...
FOB destination
DOI
percent decrease
Proportion
19. When sales plans are underestimated and the stock purchases result in a low inventory
types of liabilities
36%
installment loan
underbought
20. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
shrinkage
Break Even Point Formula
gross margin
Of what number 16 is a 25% increase
21. What is the product of 3.26 and 0.4?
Break Even Point Formula
1.304
FOB destination
COD
22. 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.
percent
Average Collection Turnover
net sales
$252
23. Liabilities - capital - income
Extremes
ROG
increase=credit
% increase or decrease
24. 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
percent decrease
$ Retail
types of expenses
41%
25. 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...
20%
COD
Simple interest formula
operating expenses
26. current assets/ current liabilities
41%
Current Ratio
DOI
percent decrease
27. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
15
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Gross margin dollars
$ Markdown
28. The recommended house payment should be no more than _% of your monthly take-home pay.
underbought
types of liabilities
25
Gross Margin Return On Inventory Investment (GMROII)
29. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
physical inventory
FOB destination
Extremes
profit
30. Convert 1/4 to a percent
when multiplying numbers that contain decimals:
25%
Quick Ratio
$ COST
31. Convert 10/11 to a percent
90.9%
Extremes
shrinkage
Inventory Turnover Rate
32. 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
14/100
2.5% per month
25%
transportation
33. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
$ Retail
DOI
Current Assets
loss
34. What happens when your expenses - etc. are higher than your sales
Cost
loss
41%
Unit pricing
35. 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
41%
ROG
78
36. Convert 56% to a decimal
OTB (retail)
25%
.56
.65
37. 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?
profit and loss statement
$2 -127.66
36%
Liquidity
38. A^m/a^n = a^(m-n)
378 63
When Dividing With Exponents
GMROI
Extremes
39. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
underbought
With cash discounts and calculating net price - when to add freight
Discounting Formula
62%
40. The wholesale cost of an item (cost of goods - or COG)
Cost
$ Retail
25%
Adding Fractions
41. What does percent mean?
36%
Discounting Formula
percent decrease
per hundred
42. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
improper
ROG
36%
36%
43. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
Effective annual rate of interest formula
Of what number 16 is a 25% increase
improper
cost of goods sold formula (COGS)
44. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
shrinkage
$6 -655.50
$252
78
45. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
per hundred
overbought
netprice with a 25/10/10 series discount
Markup
46. 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
COD
Markup
increase=debit
To increase a number by a given percentage - e.g. increase 16 by 25%
47. BOM $ Stock/ Sales for period
Stock to Sales Ratio
3%
cost of goods
stock turn
48. S=X(1+r1)^y(1+r
types of expenses
.65
income statement
Compound interest formula with changing rates
49. Units Sold/ (Units Sold + On Hand Inventory)
36%
Sell Thru %
FOB destination
Extremes
50. Net Sales / Average Retail Value of Inventory
transportation
To increase a number by a given percentage - e.g. increase 16 by 25%
Inventory Turnover Rate
Liquidity of Assets