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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. 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?
to determine equivalent single discount rate for 25/10/10 series discount
Extremes
Break Even Point
$252
2. Assets - cost of goods sold - expenses
$252
378 63
increase=debit
Current Ratio
3. Actual retail sales; the retail price at which one tiem is sold is combined with the retail prices of all the items that are sold to become the net sales amount.
improper
OTB (retail)
net sales
Turnover
4. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
$ Retail
$ Retail
$6 -655.50
5. What happens when your expenses - etc. are higher than your sales
DOI
overbought
loss
.7
6. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
increase=debit
Gross margin dollars
62%
netprice with a 25/10/10 series discount
7. Convert 14% to a fraction
14/100
Means
25%
Retail
8. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
transportation
4%
Margin %
9. Convert 50% to a fraction
50/100
percent decrease
3%
4%
10. total fixed costs/ selling price-variable cost
Gross Margin Return On Inventory Investment (GMROII)
installment loan
16-18
Break Even Point Formula
11. 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
Gross Margin Return On Inventory Investment (GMROII)
Means
Stock to Sales Ratio
EOM (in terms of invoice)
12. Net Sales for period/ Avg Stock for period
Break Even Point Formula
$ COST
gross margin
Turnover
13. A team won 16 games and lost 9 games. What percent of games did the team lose?
Current Ratio
36%
Markdown %
Turnover
14. total annual sales/365
Average Daily Sales
25%
net sales
Gross margin dollars
15. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Internal Rate of Return
378 63
Markup
$252
16. What happens when your sales are higher than your expenses - etc.
Gross margin %
Average Collection Turnover
25%
profit
17. 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
588 mph
Discounting Formula
Stock to Sales Ratio
36%
18. Amount decrease (Original - New) / Original amount = decimal= convert to %
percent decrease
378 63
Markup
Gross margin %
19. Wholesale cost
Gross Margin Return On Inventory Investment (GMROII)
cost of goods
Turnover
gross margin
20. Convert 10/11 to a percent
net sales
$ Cost
90.9%
Subtracting Fractions
21. What does percent mean?
profit and loss statement
Simple interest formula
per hundred
Current Ratio
22. cost of an item expressed per unit of measure or count.
25%
Unit pricing
378 63
gross sales
23. Total Net Sales / Total Number of Transactions
Sales per Transaction
to determine equivalent single discount rate for 25/10/10 series discount
Inventory Turnover Rate
.65
24. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
improper
Retail
OTB (retail)
steps in strategic planning
25. If freight is to be paid by the seller - the shipping terms are...
3%
To increase a number by a given percentage - e.g. increase 16 by 25%
operating expenses
FOB destination
26. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
ROG
book value
Proportion
gross sales
27. 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
Inventory Turnover Rate
Unit pricing
COD
Multiplying Fractions
28. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Liquidity of Assets
Of what number 16 is a 25% increase
$252
EOM (in terms of invoice)
29. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
transportation
cost of goods
Effective annual rate of interest formula
Markdown %
30. The wholesale cost of an item (cost of goods - or COG)
Cost
1.304
stock turn
62%
31. A/b - c/b = a-c/b
Subtracting Fractions
costs of goods sold
15
shrinkage
32. The average person will have _ jobs in their lifetime.
80/100
underbought
16-18
improper
33. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
book value
To increase a number by a given percentage - e.g. increase 16 by 25%
588 mph
Multiplying Fractions
34. 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)
Current Ratio
Internal Rate of Return
Sales per Transaction
Average Collection Turnover
35. The average car payment is $_ per month for _ months.
$ COST
shrinkage
installment loan
378 63
36. A^m/a^n = a^(m-n)
Break Even Point
gross sales
When Dividing With Exponents
to determine equivalent single discount rate for 25/10/10 series discount
37. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
14/100
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 assets
Average Daily Sales
38. Direct labor - factory overhead - merchandise inventory - packaging - raw material
costs of goods sold
cost of goods sold formula (COGS)
underbought
increase=debit
39. Convert 56% to a decimal
.56
FOB destination
Liquidity
Break Even Point Formula
40. A/b + c/b = (a+c)/b
With cash discounts and calculating net price - when to add freight
Adding Fractions
gross margin
15
41. Overage$ = book$ - physical count$; overage% = overage$/NS$
steps in strategic planning
Stock to Sales Ratio
increase=debit
overages
42. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
With cash discounts and calculating net price - when to add freight
Markdown %
16-18
types of assets
43. accounts receivable/ average daily sales
2.5% per month
overages
Average Collection Turnover
$ COST
44. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Gross margin %
To increase a number by a given percentage - e.g. increase 16 by 25%
$ COST
50/100
45. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
3%
DOI
Extremes
588 mph
46. GMROII = GM% x (Sales / Average Value of Inventory)
Gross Margin Return On Inventory Investment (GMROII)
Retail
profit
Markup
47. (TY-LY)/ LY or (Plan-Actual)/
% increase or decrease
Simple interest formula
70%
.7
48. Convert 41/100 to a percent
Liquidity
41%
Current Ratio
Sell Thru %
49. What is the product of 3.26 and 0.4?
1.304
when multiplying numbers that contain decimals:
Dividing Fractions
20%
50. cash + receivables/ current liabilities.
Of what number 16 is a 25% increase
Margin %
Quick Ratio
The sum of a Geometric Progression