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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. 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?
types of liabilities
$2 -127.66
588 mph
Break Even Point Formula
2. Convert 1/4 to a percent
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
25%
14/100
Markdown %
3. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
Current Assets
To decrease a number by a given percentage - e.g. decrease 16 by 25%
41%
% increase or decrease
4. (TY-LY)/ LY or (Plan-Actual)/
$ Retail
ROG
3%
% increase or decrease
5. The average car payment is $_ per month for _ months.
Break Even Point
378 63
78
$ Retail
6. Alignment of the decimals is not important
when multiplying numbers that contain decimals:
$6 -655.50
increase=debit
Internal Rate of Return
7. A form of closed-end credit used for purchasing durable goods such as cars
shrinkage
Break Even Point
installment loan
types of expenses
8. Convert .36 to a percent
90.9%
profit and loss statement
The sum of a Geometric Progression
36%
9. cost of an item expressed per unit of measure or count.
net sales
36%
Unit pricing
15
10. Another way of counting part of a whole?
improper
90.9%
percent decrease
percent
11. 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?
Subtracting Fractions
$252
50/100
GMROI
12. What happens when your expenses - etc. are higher than your sales
36%
loss
Discounting Formula
types of incomes
13. $ RETAIL X (100 - GM %) / 100
.65
$ COST
60
Unit pricing
14. Convert 41/100 to a percent
Break Even Point Formula
41%
stock turn
25%
15. 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)
378 63
shortage
Adding Fractions
Internal Rate of Return
16. 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
20%
Subtracting Fractions
underbought
17. A team won 16 games and lost 9 games. What percent of games did the team lose?
Simple interest formula
increase=credit
36%
Average Daily Sales
18. Convert 10/11 to a percent
90.9%
increase=debit
Gross margin dollars
16-18
19. Units Sold/ (Units Sold + On Hand Inventory)
income statement
costs of goods sold
ROG
Sell Thru %
20. What does percent mean?
per hundred
Average Collection Turnover
To decrease a number by a given percentage - e.g. decrease 16 by 25%
588 mph
21. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
20%
installment loan
to determine equivalent single discount rate for 25/10/10 series discount
types of liabilities
22. Loss of items due to damaged goods - stealing - etc.
loss
Liquidity of Assets
shrinkage
when multiplying numbers that contain decimals:
23. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
types of capital
Sell Thru %
Discounting Formula
588 mph
24. GMROII = GM% x (Sales / Average Value of Inventory)
overages
Gross Margin Return On Inventory Investment (GMROII)
OTB (retail)
installment loan
25. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
types of liabilities
improper
To decrease a number by a given percentage - e.g. decrease 16 by 25%
EOM (in terms of invoice)
26. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
The sum of a Geometric Progression
70%
netprice with a 25/10/10 series discount
operating expenses
27. $ Cost x (100 + Mark-up %) / 100
The sum of a Geometric Progression
$ Retail
GMROI
types of liabilities
28. The average person will have _ jobs in their lifetime.
16-18
Effective annual rate of interest formula
operating expenses
Turnover
29. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
70%
.56
increase=debit
To increase a number by a given percentage - e.g. increase 16 by 25%
30. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
Means
Break Even Point Formula
ROG
70%
31. Convert 70/100 to a percent
netprice with a 25/10/10 series discount
Dividing Fractions
70%
Average Collection Turnover
32. 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.
2.5% per month
types of incomes
Dividing Fractions
net sales
33. Convert 3 to a percent
Markup
3%
steps in strategic planning
80/100
34. 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)
overages
Simple interest formula
income statement
Quick Ratio
35. A/b
ROG
Gross Margin Return On Inventory Investment (GMROII)
Dividing Fractions
588 mph
36. total annual sales/365
Current Assets
GMROI
when multiplying numbers that contain decimals:
Average Daily Sales
37. The recommended house payment should be no more than _% of your monthly take-home pay.
When Dividing With Exponents
25
$ Retail
Retail
38. 1. develop a vision statement for the company - 2. scan the internal and external environments - 3. determine issues critical to the company - 4. select the problem to be solved - 5. determine the specific strategy to achieve the solution - 6. identi
profit and loss statement
$252
steps in strategic planning
Gross margin %
39. Convert 56% to a decimal
.56
Subtracting Fractions
2.5% per month
378 63
40. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
16-18
When Dividing With Exponents
Stock to Sales Ratio
With cash discounts and calculating net price - when to add freight
41. Gross Margin/ Average Inventory Cost
loss
GMROI
4%
Current Assets
42. Use compliments - Step 1 Find compliments 25% = 100-25%= 75% - 10%= 90% - 10%=90% Step 2 Multiple Compliments 75%x90%x90% .75x.90x.90= .6075 Step 3 Convert to Percentage .6075= 60.75% Step 4 Compliment it 100%-60.75%= 39.35%
90.9%
to determine equivalent single discount rate for 25/10/10 series discount
Current Ratio
operating expenses
43. S=X(1+r1)^y(1+r
Liquidity
Compound interest formula with changing rates
stock turn
Proportion
44. Convert .4 to a percent
4%
Simple interest formula
book value
Means
45. A^m/a^n = a^(m-n)
FOB destination
When Dividing With Exponents
Internal Rate of Return
Multiplying Fractions
46. Formula: GM = NS - COG; GM$ = NS$ X GM%
physical inventory
Sell Thru %
gross margin
Markdown %
47. 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
percent decrease
profit and loss statement
underbought
cost of goods sold formula (COGS)
48. Cash or assets that can quickly be converted into cash.
$ Retail
$ Cost
Current Assets
gross sales
49. Beginning inventory + Purchases - Ending inventory
cost of goods sold formula (COGS)
$ Markdown
Cost
profit and loss statement
50. current assets/ current liabilities
types of liabilities
41%
Quick Ratio
Current Ratio