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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. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
Mark Up %
.56
ROG
costs of goods sold
2. cash + receivables/ current liabilities.
COD
$6 -655.50
3%
Quick Ratio
3. Formula: GM = NS - COG; GM$ = NS$ X GM%
Break Even Point
Average Collection Turnover
gross margin
4%
4. What happens when your sales are higher than your expenses - etc.
Markdown %
With cash discounts and calculating net price - when to add freight
income statement
profit
5. A form of closed-end credit used for purchasing durable goods such as cars
Gross margin %
net sales
installment loan
Inventory Turnover Rate
6. A/b
2.5% per month
Multiplying Fractions
cost of goods sold formula (COGS)
90.9%
7. Convert 80% to a fraction
$ COST
Gross margin %
80/100
Average Collection Turnover
8. total fixed costs/ selling price-variable cost
cost of goods sold formula (COGS)
Extremes
Break Even Point Formula
Break Even Point
9. 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?
$ COST
2.5% per month
When Dividing With Exponents
Quick Ratio
10. 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?
cost of goods sold formula (COGS)
$ Retail
.65
$2 -127.66
11. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
Sell Thru %
Effective annual rate of interest formula
$ COST
To decrease a number by a given percentage - e.g. decrease 16 by 25%
12. The average person will have _ jobs in their lifetime.
16-18
installment loan
costs of goods sold
types of capital
13. What does percent mean?
stock turn
per hundred
36%
Gross margin %
14. $ retail x (100%-markup)
15
$ Cost
Current Ratio
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
15. Two equivalent ratios joined by an equal sign.
Proportion
3%
shortage
GMROI
16. 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%
Compound interest formula with changing rates
to determine equivalent single discount rate for 25/10/10 series discount
$ Cost
80/100
17. GMROII = GM% x (Sales / Average Value of Inventory)
Means
Current Assets
Gross Margin Return On Inventory Investment (GMROII)
Retail
18. 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%
Markup
Means
.56
gross sales
19. Sales - cost of goods sold
16-18
80/100
Gross margin dollars
62%
20. Beginning inventory + Purchases - Ending inventory
41%
Subtracting Fractions
cost of goods sold formula (COGS)
Discounting Formula
21. 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
Margin %
Current Assets
percent decrease
22. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
Adding Fractions
Liquidity of Assets
Dividing Fractions
book value
23. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
ROG
DOI
book value
Break Even Point Formula
24. The average car payment is $_ per month for _ months.
When Dividing With Exponents
$ Cost
percent
378 63
25. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
OTB (retail)
Compound interest formula with changing rates
50/100
Unit pricing
26. $ Cost/ (100%-markup%)
increase=debit
$ Retail
$ COST
15
27. 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?
% increase or decrease
Gross margin %
$6 -655.50
28. Convert .36 to a percent
Extremes
36%
588 mph
378 63
29. Turning assets into cash.
types of liabilities
Liquidity of Assets
Gross margin dollars
Break Even Point Formula
30. Overage$ = book$ - physical count$; overage% = overage$/NS$
$ Markdown
overbought
overages
Internal Rate of Return
31. The point at which you stop losing money.
Break Even Point
14/100
588 mph
Adding Fractions
32. Units Sold/ (Units Sold + On Hand Inventory)
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
per hundred
Sell Thru %
4%
33. Convert 50% to a fraction
50/100
to determine equivalent single discount rate for 25/10/10 series discount
Liquidity of Assets
$ Retail
34. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
$ Retail
With cash discounts and calculating net price - when to add freight
types of capital
Discounting Formula
35. Capital stock - owner's equity (owner's funds invested in the business)
Margin %
60
$6 -655.50
types of capital
36. End of month; dating starts with the end of the month and the invoice is to be paid within the specified number of days after the end of the month in which goods are invoiced; ex: 8/10 EOM - n/90
Stock to Sales Ratio
36%
installment loan
EOM (in terms of invoice)
37. A/b
Dividing Fractions
$252
36%
operating expenses
38. BOM $ Stock/ Sales for period
Stock to Sales Ratio
Multiplying Fractions
When Dividing With Exponents
underbought
39. A^m/a^n = a^(m-n)
EOM (in terms of invoice)
20%
When Dividing With Exponents
$2 -127.66
40. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
Average Collection Turnover
types of assets
cost of goods
underbought
41. Actual retail sales; the retail price at which one tiem is sold is combined with the retail prices of all the items that are sold to become the net sales amount.
per hundred
Average Daily Sales
income statement
net sales
42. S=X(1+r1)^y(1+r
per hundred
36%
15
Compound interest formula with changing rates
43. Cash on delivery; this dating is used when the vendor does not know the retailer or the retailer does not have a strong line of credit
Compound interest formula with changing rates
COD
Sales per Transaction
Gross margin %
44. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
With cash discounts and calculating net price - when to add freight
stock turn
1.304
Means
45. Convert 14% to a fraction
% increase or decrease
14/100
per hundred
costs of goods sold
46. Outside numbers in a ratio.
steps in strategic planning
Liquidity
Extremes
90.9%
47. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
Average Collection Turnover
loss
overbought
operating expenses
48. What is the product of 3.26 and 0.4?
1.304
Quick Ratio
14/100
COD
49. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Proportion
Multiplying Fractions
Gross margin %
16-18
50. Original retail price - Lower retail price
EOM (in terms of invoice)
$ Markdown
when multiplying numbers that contain decimals:
Multiplying Fractions