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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. Commissions - fees for service - merchandise sales - rental income - royalties
Inventory Turnover Rate
15
types of incomes
$ Markdown
2. Outside numbers in a ratio.
Compound interest formula with changing rates
$252
16-18
Extremes
3. Convert 50% to a fraction
41%
Turnover
50/100
income statement
4. When sales plans are underestimated and the stock purchases result in a low inventory
underbought
Sell Thru %
When Dividing With Exponents
1.304
5. 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...
underbought
Inventory Turnover Rate
Average Daily Sales
operating expenses
6. 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
Compound interest formula with changing rates
book value
.7
Discounting Formula
7. Loss of items due to damaged goods - stealing - etc.
Effective annual rate of interest formula
25
types of capital
shrinkage
8. Convert 3 to a percent
Margin %
3%
types of capital
costs of goods sold
9. A team won 16 games and lost 9 games. What percent of games did the team lose?
Simple interest formula
36%
cost of goods
Liquidity
10. The point at which you stop losing money.
16-18
90.9%
Break Even Point
The sum of a Geometric Progression
11. Wholesale cost
cost of goods
3%
types of capital
stock turn
12. Original retail price - Lower retail price
loss
increase=debit
Inventory Turnover Rate
$ Markdown
13. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
transportation
DOI
operating expenses
physical inventory
14. $ Cost/ (100%-markup%)
20%
$ Retail
To decrease a number by a given percentage - e.g. decrease 16 by 25%
net sales
15. A/b
netprice with a 25/10/10 series discount
$ Retail
Dividing Fractions
Adding Fractions
16. Convert 65% to a decimal
Break Even Point
.65
25
Multiplying Fractions
17. What happens when your sales are higher than your expenses - etc.
3%
profit
Mark Up %
16-18
18. Formula: GM = NS - COG; GM$ = NS$ X GM%
3%
$ Markdown
gross margin
Extremes
19. Net Sales / Average Retail Value of Inventory
overbought
installment loan
36%
Inventory Turnover Rate
20. The wholesale cost of goods plus the markup
$ COST
overages
Retail
increase=debit
21. Net Sales for period/ Avg Stock for period
Turnover
.56
types of capital
Current Assets
22. The recommended house payment should be no more than _% of your monthly take-home pay.
60
50/100
25
loss
23. 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
Liquidity
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
$2 -127.66
24. The average car payment is $_ per month for _ months.
Proportion
41%
378 63
Liquidity
25. Convert 1/4 to a percent
operating expenses
The sum of a Geometric Progression
25%
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
26. 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
$ COST
Cost
$6 -655.50
27. A^m/a^n = a^(m-n)
1.304
Sales per Transaction
To decrease a number by a given percentage - e.g. decrease 16 by 25%
When Dividing With Exponents
28. Convert 56% to a decimal
types of liabilities
Multiplying Fractions
.56
Mark Up %
29. Turning assets into cash.
transportation
Liquidity of Assets
Adding Fractions
Internal Rate of Return
30. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
Average Collection Turnover
OTB (retail)
cost of goods
25%
31. cash + receivables/ current liabilities.
Quick Ratio
gross margin
increase=credit
78
32. GMROII = GM% x (Sales / Average Value of Inventory)
overbought
Compound interest formula with changing rates
Of what number 16 is a 25% increase
Gross Margin Return On Inventory Investment (GMROII)
33. Convert 10/11 to a percent
Multiplying Fractions
90.9%
gross margin
14/100
34. 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
Subtracting Fractions
$ Retail
Average Collection Turnover
35. % of 90 days same as cash convert to payments.
to determine equivalent single discount rate for 25/10/10 series discount
Current Assets
78
When Dividing With Exponents
36. 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
types of liabilities
Adding Fractions
DOI
37. 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
overages
Liquidity
Compound interest formula with changing rates
38. 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 $31.50. What was the rate of interest?
Subtracting Fractions
60
2.5% per month
14/100
39. total annual sales/365
Gross Margin Return On Inventory Investment (GMROII)
Average Collection Turnover
Average Daily Sales
types of capital
40. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
gross sales
physical inventory
types of capital
profit and loss statement
41. Direct labor - factory overhead - merchandise inventory - packaging - raw material
costs of goods sold
Break Even Point
types of capital
Mark Up %
42. Overage$ = book$ - physical count$; overage% = overage$/NS$
overages
80/100
Simple interest formula
Current Ratio
43. 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
Retail
36%
EOM (in terms of invoice)
20%
44. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
Turnover
shrinkage
FOB destination
types of liabilities
45. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
36%
DOI
shortage
$6 -655.50
46. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
$2 -127.66
overages
income statement
physical inventory
47. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
3%
2.5% per month
.7
types of assets
48. accounts receivable/ average daily sales
Average Collection Turnover
90.9%
ROG
Proportion
49. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
cost of goods sold formula (COGS)
$6 -655.50
Cost
stock turn
50. Convert 41/100 to a percent
80/100
book value
41%
90.9%