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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. total annual sales/365
3%
Of what number 16 is a 25% increase
overbought
Average Daily Sales
2. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
GMROI
60
Gross margin %
Liquidity of Assets
3. Assets - cost of goods sold - expenses
types of capital
To increase a number by a given percentage - e.g. increase 16 by 25%
increase=debit
Current Ratio
4. A/b
Multiplying Fractions
cost of goods
shrinkage
ROG
5. Inside numbers in a ratio.
Retail
$ Retail
Quick Ratio
Means
6. The wholesale cost of an item (cost of goods - or COG)
increase=debit
Cost
% increase or decrease
Unit pricing
7. 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...
70%
operating expenses
physical inventory
50/100
8. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
Retail
operating expenses
physical inventory
50/100
9. 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
per hundred
.65
$ Cost
10. $ retail x (100%-markup)
Extremes
Gross margin %
Internal Rate of Return
$ Cost
11. 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%
14/100
Current Ratio
to determine equivalent single discount rate for 25/10/10 series discount
Markdown %
12. 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)
.65
net sales
Average Daily Sales
stock turn
13. The average car will lose _% of its value in the first 4 years.
1.304
Break Even Point Formula
Sell Thru %
60
14. BOM $ Stock/ Sales for period
increase=debit
Stock to Sales Ratio
$ Retail
DOI
15. What does percent mean?
per hundred
Average Collection Turnover
50/100
DOI
16. Convert 3 to a percent
Gross Margin Return On Inventory Investment (GMROII)
3%
Retail
To decrease a number by a given percentage - e.g. decrease 16 by 25%
17. 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
COD
transportation
percent
when multiplying numbers that contain decimals:
18. Capital stock - owner's equity (owner's funds invested in the business)
shrinkage
types of capital
Average Collection Turnover
36%
19. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
types of assets
36%
62%
70%
20. 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)
Sell Thru %
$ Cost
Internal Rate of Return
overbought
21. Direct labor - factory overhead - merchandise inventory - packaging - raw material
costs of goods sold
increase=debit
% increase or decrease
$2 -127.66
22. Total Net Sales / Total Number of Transactions
Sales per Transaction
when multiplying numbers that contain decimals:
378 63
$6 -655.50
23. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
.7
gross sales
Discounting Formula
income statement
24. Convert 1.25 to a percent
loss
With cash discounts and calculating net price - when to add freight
125%
25%
25. A team won 16 games and lost 9 games. What percent of games did the team lose?
Effective annual rate of interest formula
36%
Gross Margin Return On Inventory Investment (GMROII)
shrinkage
26. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
OTB (retail)
Average Collection Turnover
1.304
Quick Ratio
27. Another way of counting part of a whole?
$ Cost
Liquidity of Assets
Internal Rate of Return
percent
28. The cost of moving from the vendor's warehouse (loading dock) to the retail warehouse or store (loading dock) - may also include insurance to cover the merchandise while in transit
to determine equivalent single discount rate for 25/10/10 series discount
transportation
Of what number 16 is a 25% increase
70%
29. GMROII = GM% x (Sales / Average Value of Inventory)
Adding Fractions
Gross Margin Return On Inventory Investment (GMROII)
The sum of a Geometric Progression
Current Ratio
30. Outside numbers in a ratio.
Extremes
$ Retail
36%
Inventory Turnover Rate
31. Units Sold/ (Units Sold + On Hand Inventory)
Sell Thru %
underbought
profit
$ Cost
32. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
1.304
OTB (retail)
$252
types of liabilities
33. The point at which you stop losing money.
overbought
Break Even Point
stock turn
operating expenses
34. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
when multiplying numbers that contain decimals:
COD
Effective annual rate of interest formula
Of what number 16 is a 25% increase
35. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
increase=credit
gross sales
ROG
90.9%
36. Amount decrease (Original - New) / Original amount = decimal= convert to %
90.9%
36%
percent decrease
14/100
37. Original retail price - Lower retail price
to determine equivalent single discount rate for 25/10/10 series discount
62%
$ Markdown
shrinkage
38. Two equivalent ratios joined by an equal sign.
Proportion
$ COST
.65
14/100
39. Net Sales / Average Retail Value of Inventory
41%
Gross margin %
Markdown %
Inventory Turnover Rate
40. 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
net sales
increase=debit
types of incomes
41. 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
per hundred
Average Daily Sales
Average Collection Turnover
42. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Extremes
Effective annual rate of interest formula
16-18
Markdown %
43. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
cost of goods sold formula (COGS)
Unit pricing
Retail
improper
44. A measure of the number of days needed to collect accounts receivable.
Of what number 16 is a 25% increase
Stock to Sales Ratio
loss
Average Collection Turnover
45. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
The sum of a Geometric Progression
Gross Margin Return On Inventory Investment (GMROII)
Average Collection Turnover
To decrease a number by a given percentage - e.g. decrease 16 by 25%
46. 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?
loss
$2 -127.66
Gross margin dollars
types of capital
47. Convert 70% to a decimal
50/100
Liquidity
$ Markdown
.7
48. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
Break Even Point Formula
To increase a number by a given percentage - e.g. increase 16 by 25%
types of expenses
20%
49. Cash or assets that can quickly be converted into cash.
Current Assets
To increase a number by a given percentage - e.g. increase 16 by 25%
70%
netprice with a 25/10/10 series discount
50. Turning assets into cash.
Liquidity of Assets
Current Assets
70%
Break Even Point