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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. 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%
to determine equivalent single discount rate for 25/10/10 series discount
gross margin
Retail
net sales
2. Units Sold/ (Units Sold + On Hand Inventory)
Extremes
50/100
increase=debit
Sell Thru %
3. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Retail
Markdown %
Break Even Point
4%
4. 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
Discounting Formula
Current Ratio
To increase a number by a given percentage - e.g. increase 16 by 25%
.7
5. (TY-LY)/ LY or (Plan-Actual)/
Average Collection Turnover
% increase or decrease
25
78
6. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
percent
To decrease a number by a given percentage - e.g. decrease 16 by 25%
cost of goods
income statement
7. 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?
$252
ROG
transportation
cost of goods sold formula (COGS)
8. (Retail - Cost)/ Retail
EOM (in terms of invoice)
$6 -655.50
loss
Margin %
9. A/b - c/b = a-c/b
Subtracting Fractions
shrinkage
Average Collection Turnover
types of capital
10. A team won 16 games and lost 9 games. What percent of games did the team lose?
to determine equivalent single discount rate for 25/10/10 series discount
net sales
Break Even Point Formula
36%
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
EOM (in terms of invoice)
$ Cost
Adding Fractions
types of capital
12. A/b
Discounting Formula
steps in strategic planning
70%
Dividing Fractions
13. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
Compound interest formula with changing rates
shortage
With cash discounts and calculating net price - when to add freight
125%
14. Convert 41/100 to a percent
GMROI
41%
types of liabilities
Proportion
15. The average car will lose _% of its value in the first 4 years.
operating expenses
60
25
COD
16. The average person will have _ jobs in their lifetime.
Effective annual rate of interest formula
16-18
62%
To increase a number by a given percentage - e.g. increase 16 by 25%
17. Convert .36 to a percent
EOM (in terms of invoice)
.56
Subtracting Fractions
36%
18. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
70%
Discounting Formula
Stock to Sales Ratio
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
19. Convert 65% to a decimal
.65
Average Daily Sales
steps in strategic planning
DOI
20. 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)
.7
Simple interest formula
OTB (retail)
profit
21. If freight is to be paid by the seller - the shipping terms are...
FOB destination
The sum of a Geometric Progression
costs of goods sold
3%
22. The wholesale cost of an item (cost of goods - or COG)
$252
percent
25
Cost
23. The recommended house payment should be no more than _% of your monthly take-home pay.
25
125%
588 mph
41%
24. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
$ Retail
cost of goods
GMROI
25. 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
Subtracting Fractions
transportation
25%
percent
26. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
stock turn
$ Retail
cost of goods sold formula (COGS)
Of what number 16 is a 25% increase
27. 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)
stock turn
operating expenses
profit
Liquidity of Assets
28. cost of an item expressed per unit of measure or count.
62%
installment loan
Unit pricing
14/100
29. Convert 3 to a percent
income statement
shrinkage
gross margin
3%
30. Convert 1.25 to a percent
1.304
125%
3%
Discounting Formula
31. Convert 50% to a fraction
Gross margin %
50/100
Quick Ratio
25
32. Wholesale cost
Gross margin %
cost of goods
25%
To decrease a number by a given percentage - e.g. decrease 16 by 25%
33. Loss of items due to damaged goods - stealing - etc.
shrinkage
Break Even Point Formula
With cash discounts and calculating net price - when to add freight
14/100
34. What happens when your expenses - etc. are higher than your sales
25
loss
income statement
when multiplying numbers that contain decimals:
35. $ Cost x (100 + Mark-up %) / 100
Markup
.7
$ Retail
types of expenses
36. Convert 1/4 to a percent
Discounting Formula
125%
physical inventory
25%
37. Outside numbers in a ratio.
Extremes
% increase or decrease
Gross margin %
62%
38. 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)
Internal Rate of Return
Effective annual rate of interest formula
installment loan
shrinkage
39. Commissions - fees for service - merchandise sales - rental income - royalties
Unit pricing
types of incomes
The sum of a Geometric Progression
increase=credit
40. The wholesale cost of goods plus the markup
$6 -655.50
Retail
36%
Average Collection Turnover
41. Convert 10/11 to a percent
90.9%
improper
$6 -655.50
Effective annual rate of interest formula
42. Convert 70/100 to a percent
25
15
70%
Average Collection Turnover
43. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Average Collection Turnover
1.304
steps in strategic planning
Gross margin %
44. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
2.5% per month
Liquidity of Assets
14/100
45. Advertising - bad debt expense - conributions and donations - depreciation - educational expense - insurance - interest expense - licenses - office supplies - postage - rent - repairs - salaries and wages - supplies - taxes - travel and transportatio
Gross margin dollars
loss
80/100
types of expenses
46. total annual sales/365
Average Daily Sales
FOB destination
Current Ratio
25%
47. Formula: GM = NS - COG; GM$ = NS$ X GM%
15
gross margin
62%
Average Collection Turnover
48. 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
The sum of a Geometric Progression
profit and loss statement
$252
netprice with a 25/10/10 series discount
49. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
shortage
gross margin
types of incomes
Markup
50. S=X(1+r1)^y(1+r
3%
Mark Up %
Compound interest formula with changing rates
Sell Thru %