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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.
when multiplying numbers that contain decimals:
shrinkage
Average Daily Sales
FOB destination
2. Convert .4 to a percent
installment loan
25
Discounting Formula
4%
3. $ RETAIL X (100 - GM %) / 100
Multiplying Fractions
$ COST
Current Ratio
Current Assets
4. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
underbought
4%
Effective annual rate of interest formula
types of expenses
5. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
36%
Gross Margin Return On Inventory Investment (GMROII)
overbought
DOI
6. 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
125%
Gross margin dollars
EOM (in terms of invoice)
to determine equivalent single discount rate for 25/10/10 series discount
7. Convert 1/4 to a percent
25%
The sum of a Geometric Progression
Simple interest formula
25
8. The wholesale cost of goods plus the markup
improper
Quick Ratio
cost of goods sold formula (COGS)
Retail
9. You should never take out more than a _ year mortgage.
14/100
15
Multiplying Fractions
To increase a number by a given percentage - e.g. increase 16 by 25%
10. Units Sold/ (Units Sold + On Hand Inventory)
Markdown %
70%
36%
Sell Thru %
11. Assets - cost of goods sold - expenses
operating expenses
increase=debit
installment loan
Stock to Sales Ratio
12. 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)
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Simple interest formula
increase=debit
Multiplying Fractions
13. Convert .36 to a percent
Inventory Turnover Rate
types of liabilities
36%
COD
14. A/b
transportation
$ Retail
installment loan
Dividing Fractions
15. current assets/ current liabilities
overages
Average Collection Turnover
Current Ratio
gross margin
16. The average car will lose _% of its value in the first 4 years.
60
EOM (in terms of invoice)
Discounting Formula
types of capital
17. What happens when your expenses - etc. are higher than your sales
FOB destination
378 63
loss
Adding Fractions
18. GMROII = GM% x (Sales / Average Value of Inventory)
Gross margin %
$ Retail
Markup
Gross Margin Return On Inventory Investment (GMROII)
19. If freight is to be paid by the seller - the shipping terms are...
income statement
installment loan
FOB destination
50/100
20. S=X(1+r1)^y(1+r
overages
costs of goods sold
Compound interest formula with changing rates
increase=credit
21. Convert 20 to a percent
20%
installment loan
physical inventory
Mark Up %
22. (TY-LY)/ LY or (Plan-Actual)/
70%
20%
% increase or decrease
FOB destination
23. Convert 10/11 to a percent
installment loan
25
90.9%
shortage
24. Net Sales for period/ Avg Stock for period
25%
Break Even Point
Subtracting Fractions
Turnover
25. 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...
$6 -655.50
operating expenses
Break Even Point Formula
Inventory Turnover Rate
26. Sales - cost of goods sold
Means
Gross Margin Return On Inventory Investment (GMROII)
Mark Up %
Gross margin dollars
27. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
With cash discounts and calculating net price - when to add freight
book value
to determine equivalent single discount rate for 25/10/10 series discount
The sum of a Geometric Progression
28. 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?
$ Markdown
Extremes
shrinkage
2.5% per month
29. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Simple interest formula
installment loan
increase=debit
Markdown %
30. A measure of the number of days needed to collect accounts receivable.
90.9%
Internal Rate of Return
Average Collection Turnover
Quick Ratio
31. A^m/a^n = a^(m-n)
60
When Dividing With Exponents
.56
$2 -127.66
32. total annual sales/365
Markdown %
36%
Average Daily Sales
book value
33. % of 90 days same as cash convert to payments.
78
costs of goods sold
Average Daily Sales
FOB destination
34. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
Break Even Point Formula
OTB (retail)
Unit pricing
35. Convert 50% to a fraction
to determine equivalent single discount rate for 25/10/10 series discount
50/100
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Inventory Turnover Rate
36. Convert 70/100 to a percent
125%
70%
62%
Break Even Point
37. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Current Ratio
Of what number 16 is a 25% increase
Mark Up %
increase=credit
38. ($ Retail x 100 / COST) - 100
Retail
.7
Mark Up %
Of what number 16 is a 25% increase
39. What is the product of 3.26 and 0.4?
1.304
70%
78
ROG
40. The average car payment is $_ per month for _ months.
14/100
378 63
Effective annual rate of interest formula
Gross margin %
41. Commissions - fees for service - merchandise sales - rental income - royalties
to determine equivalent single discount rate for 25/10/10 series discount
types of incomes
25%
types of liabilities
42. Turning assets into cash.
The sum of a Geometric Progression
Liquidity of Assets
.7
When Dividing With Exponents
43. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
Current Ratio
Dividing Fractions
types of assets
types of liabilities
44. A/b - c/b = a-c/b
profit and loss statement
Break Even Point Formula
Sales per Transaction
Subtracting Fractions
45. Cash or assets that can quickly be converted into cash.
2.5% per month
physical inventory
gross sales
Current Assets
46. What happens when your sales are higher than your expenses - etc.
Gross Margin Return On Inventory Investment (GMROII)
profit
The sum of a Geometric Progression
Adding Fractions
47. Convert 3 to a percent
125%
3%
Dividing Fractions
Average Collection Turnover
48. Liabilities - capital - income
increase=credit
percent decrease
$6 -655.50
% increase or decrease
49. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
.65
OTB (retail)
The sum of a Geometric Progression
DOI
50. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
Break Even Point
ROG
80/100
3%