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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. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
36%
income statement
types of capital
to determine equivalent single discount rate for 25/10/10 series discount
2. Convert 1.25 to a percent
125%
Inventory Turnover Rate
Subtracting Fractions
Break Even Point Formula
3. Convert 20 to a percent
Compound interest formula with changing rates
.7
increase=debit
20%
4. 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%
$ COST
125%
to determine equivalent single discount rate for 25/10/10 series discount
Average Daily Sales
5. Convert 70% to a decimal
.7
36%
15
Margin %
6. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
types of assets
Liquidity of Assets
Means
physical inventory
7. ($ Retail x 100 / COST) - 100
Subtracting Fractions
Simple interest formula
Mark Up %
percent decrease
8. cost of an item expressed per unit of measure or count.
ROG
Stock to Sales Ratio
shrinkage
Unit pricing
9. Convert 56% to a decimal
80/100
Break Even Point Formula
.56
Multiplying Fractions
10. Overage$ = book$ - physical count$; overage% = overage$/NS$
percent decrease
3%
Extremes
overages
11. Loss of items due to damaged goods - stealing - etc.
shrinkage
15
Markup
Gross margin dollars
12. $ Cost x (100 + Mark-up %) / 100
378 63
$ Retail
profit and loss statement
types of liabilities
13. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
36%
ROG
OTB (retail)
Current Assets
14. Formula: GM = NS - COG; GM$ = NS$ X GM%
to determine equivalent single discount rate for 25/10/10 series discount
15
netprice with a 25/10/10 series discount
gross margin
15. 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
The sum of a Geometric Progression
.65
Break Even Point
Adding Fractions
16. 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?
types of liabilities
62%
percent
$252
17. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
16-18
shortage
improper
36%
18. Assets - cost of goods sold - expenses
types of assets
increase=debit
Average Collection Turnover
overbought
19. What is the product of 3.26 and 0.4?
Sell Thru %
1.304
Markup
Internal Rate of Return
20. Wholesale cost
Liquidity
Internal Rate of Return
50/100
cost of goods
21. Capital stock - owner's equity (owner's funds invested in the business)
types of capital
Margin %
$2 -127.66
588 mph
22. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Of what number 16 is a 25% increase
gross sales
$ Cost
stock turn
23. GMROII = GM% x (Sales / Average Value of Inventory)
Gross Margin Return On Inventory Investment (GMROII)
50/100
Mark Up %
Current Ratio
24. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
.65
36%
Gross Margin Return On Inventory Investment (GMROII)
With cash discounts and calculating net price - when to add freight
25. When sales plans are underestimated and the stock purchases result in a low inventory
2.5% per month
.65
net sales
underbought
26. 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
improper
profit and loss statement
gross margin
90.9%
27. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
types of liabilities
To increase a number by a given percentage - e.g. increase 16 by 25%
physical inventory
28. Net Sales for period/ Avg Stock for period
types of incomes
percent
16-18
Turnover
29. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
Proportion
$252
OTB (retail)
20%
30. % of 90 days same as cash convert to payments.
Sell Thru %
78
$ Retail
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
31. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Gross margin %
Quick Ratio
DOI
Sales per Transaction
32. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
OTB (retail)
types of liabilities
Liquidity of Assets
DOI
33. Another way of counting part of a whole?
percent
profit
Internal Rate of Return
Turnover
34. If freight is to be paid by the seller - the shipping terms are...
Quick Ratio
378 63
25
FOB destination
35. You should never take out more than a _ year mortgage.
14/100
15
Of what number 16 is a 25% increase
1.304
36. Convert 14% to a fraction
25%
Subtracting Fractions
improper
14/100
37. Commissions - fees for service - merchandise sales - rental income - royalties
125%
types of incomes
types of expenses
Adding Fractions
38. A/b + c/b = (a+c)/b
Adding Fractions
overbought
netprice with a 25/10/10 series discount
Discounting Formula
39. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Markdown %
types of assets
$252
COD
40. Convert .62 to a percent
1.304
62%
50/100
Markdown %
41. Convert 10/11 to a percent
Average Collection Turnover
90.9%
FOB destination
36%
42. A/b
1.304
Quick Ratio
stock turn
Dividing Fractions
43. Original retail price - Lower retail price
$ Markdown
Simple interest formula
overbought
OTB (retail)
44. 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
types of capital
Adding Fractions
Stock to Sales Ratio
45. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
$ Retail
588 mph
Effective annual rate of interest formula
.65
46. Convert .4 to a percent
$ Retail
4%
profit and loss statement
Liquidity of Assets
47. Convert 3 to a percent
2.5% per month
cost of goods
3%
Current Assets
48. Turning assets into cash.
14/100
Margin %
Liquidity of Assets
To increase a number by a given percentage - e.g. increase 16 by 25%
49. He availability of your money is called _.
Stock to Sales Ratio
loss
shrinkage
Liquidity
50. 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...
gross margin
operating expenses
increase=credit
percent decrease