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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.
to determine equivalent single discount rate for 25/10/10 series discount
steps in strategic planning
income statement
shrinkage
2. 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?
2.5% per month
36%
when multiplying numbers that contain decimals:
$2 -127.66
3. % of 90 days same as cash convert to payments.
15
78
shrinkage
Adding Fractions
4. $ Cost x (100 + Mark-up %) / 100
$ Retail
types of liabilities
overbought
gross margin
5. Convert 3 to a percent
Proportion
$6 -655.50
3%
Effective annual rate of interest formula
6. Amount decrease (Original - New) / Original amount = decimal= convert to %
book value
36%
percent decrease
The sum of a Geometric Progression
7. (Retail - Cost)/ Retail
Markup
Of what number 16 is a 25% increase
percent
Margin %
8. Wholesale cost
Average Daily Sales
60
cost of goods
Cost
9. Turning assets into cash.
Liquidity of Assets
Markup
Gross margin dollars
14/100
10. 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
shortage
$ Markdown
Discounting Formula
15
11. total annual sales/365
overbought
Average Daily Sales
Of what number 16 is a 25% increase
Means
12. What does percent mean?
per hundred
Liquidity of Assets
Gross margin dollars
Stock to Sales Ratio
13. Net Sales / Average Retail Value of Inventory
Subtracting Fractions
Inventory Turnover Rate
Average Collection Turnover
Average Daily Sales
14. A/b - c/b = a-c/b
improper
588 mph
Subtracting Fractions
Turnover
15. Alignment of the decimals is not important
when multiplying numbers that contain decimals:
Average Daily Sales
14/100
Inventory Turnover Rate
16. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
percent
shortage
underbought
profit
17. Convert 1.25 to a percent
book value
increase=credit
125%
Adding Fractions
18. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
Mark Up %
Inventory Turnover Rate
588 mph
percent
19. $ Cost/ (100%-markup%)
$ Retail
overages
Liquidity of Assets
DOI
20. BOM $ Stock/ Sales for period
stock turn
Liquidity
$ Markdown
Stock to Sales Ratio
21. He availability of your money is called _.
types of expenses
installment loan
Cost
Liquidity
22. Another way of counting part of a whole?
transportation
percent
Sales per Transaction
profit
23. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
overbought
percent
cost of goods
physical inventory
24. A/b + c/b = (a+c)/b
Adding Fractions
Cost
Markup
gross sales
25. Convert .36 to a percent
$6 -655.50
36%
types of expenses
profit
26. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
Liquidity
Markup
book value
1.304
27. The point at which you stop losing money.
Break Even Point
125%
36%
90.9%
28. Advertising - bad debt expense - conributions and donations - depreciation - educational expense - insurance - interest expense - licenses - office supplies - postage - rent - repairs - salaries and wages - supplies - taxes - travel and transportatio
types of expenses
Gross Margin Return On Inventory Investment (GMROII)
Proportion
Effective annual rate of interest formula
29. Convert 80% to a fraction
Sell Thru %
cost of goods
profit
80/100
30. Commissions - fees for service - merchandise sales - rental income - royalties
Proportion
netprice with a 25/10/10 series discount
Retail
types of incomes
31. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
To increase a number by a given percentage - e.g. increase 16 by 25%
70%
Mark Up %
Of what number 16 is a 25% increase
32. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
gross sales
Stock to Sales Ratio
DOI
Sell Thru %
33. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
15
When Dividing With Exponents
to determine equivalent single discount rate for 25/10/10 series discount
Effective annual rate of interest formula
34. Formula: GM = NS - COG; GM$ = NS$ X GM%
COD
588 mph
gross margin
to determine equivalent single discount rate for 25/10/10 series discount
35. cost of an item expressed per unit of measure or count.
Unit pricing
$2 -127.66
With cash discounts and calculating net price - when to add freight
cost of goods
36. 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
shrinkage
Markup
Extremes
37. Beginning inventory + Purchases - Ending inventory
physical inventory
cost of goods sold formula (COGS)
80/100
gross margin
38. The average car will lose _% of its value in the first 4 years.
60
netprice with a 25/10/10 series discount
Stock to Sales Ratio
36%
39. 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)
Internal Rate of Return
$ Retail
profit and loss statement
.65
40. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Markdown %
125%
physical inventory
41. 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
transportation
profit and loss statement
25%
DOI
42. 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%
1.304
types of capital
income statement
to determine equivalent single discount rate for 25/10/10 series discount
43. What is the product of 3.26 and 0.4?
Break Even Point Formula
Proportion
1.304
60
44. The wholesale cost of an item (cost of goods - or COG)
Retail
25%
Break Even Point
Cost
45. The wholesale cost of goods plus the markup
$ Cost
profit
The sum of a Geometric Progression
Retail
46. Convert .62 to a percent
loss
62%
Average Collection Turnover
Simple interest formula
47. 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
shrinkage
costs of goods sold
To increase a number by a given percentage - e.g. increase 16 by 25%
The sum of a Geometric Progression
48. 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...
operating expenses
3%
OTB (retail)
underbought
49. Original retail price - Lower retail price
$252
COD
$ Markdown
Current Ratio
50. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Gross margin %
378 63
.65
Dividing Fractions