## Test your basic knowledge |

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. Convert .62 to a percent

2. A team won 16 games and lost 9 games. What percent of games did the team lose?

3. accounts receivable/ average daily sales

4. 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?

5. The average car payment is \$_ per month for _ months.

6. 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)

7. 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%

8. Units Sold/ (Units Sold + On Hand Inventory)

9. cost of an item expressed per unit of measure or count.

10. Convert 65% to a decimal

11. 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)

12. 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%

13. \$ Cost/ (100%-markup%)

14. \$ Cost x (100 + Mark-up %) / 100

15. Another way of counting part of a whole?

16. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions

17. A form of closed-end credit used for purchasing durable goods such as cars

18. He availability of your money is called _.

19. The average car will lose _% of its value in the first 4 years.

20. A/b

21. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30

22. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring

23. Start with list price - List price: \$6400 x 25% - x 10% - x10% % - Taken one after another(subtract)

24. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM

25. 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

26. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles

27. Gross Margin/ Average Inventory Cost

28. 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

29. After 4 years - \$5 -000 will grow to how much if it earns 10% interest?

30. total annual sales/365

31. Convert .36 to a percent

32. When sales plans are underestimated and the stock purchases result in a low inventory

33. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30

34. What is the product of 3.26 and 0.4?

35. (TY-LY)/ LY or (Plan-Actual)/

36. (\$ Retail x 100 / COST) - 100

37. 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...

38. Total Net Sales / Total Number of Transactions

39. What happens when your expenses - etc. are higher than your sales

40. The wholesale cost of an item (cost of goods - or COG)

41. A/b - c/b = a-c/b

42. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33

43. BOM \$ Stock/ Sales for period

44. A measure of the number of days needed to collect accounts receivable.

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

46. A^m/a^n = a^(m-n)

47. 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)

48. Turning assets into cash.

49. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour

50. The recommended house payment should be no more than _% of your monthly take-home pay.