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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. 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
net sales
COD
Average Collection Turnover
% increase or decrease
2. 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)
netprice with a 25/10/10 series discount
Inventory Turnover Rate
stock turn
With cash discounts and calculating net price - when to add freight
3. Amount decrease (Original - New) / Original amount = decimal= convert to %
percent decrease
% increase or decrease
Quick Ratio
$ Retail
4. Turning assets into cash.
Compound interest formula with changing rates
Liquidity of Assets
shortage
$6 -655.50
5. Beginning inventory + Purchases - Ending inventory
Of what number 16 is a 25% increase
types of assets
cost of goods sold formula (COGS)
588 mph
6. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
62%
$2 -127.66
income statement
Markup
7. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
To increase a number by a given percentage - e.g. increase 16 by 25%
gross sales
Turnover
90.9%
8. If freight is to be paid by the seller - the shipping terms are...
78
3%
per hundred
FOB destination
9. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
Turnover
improper
125%
78
10. Convert 10/11 to a percent
operating expenses
Unit pricing
90.9%
per hundred
11. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
36%
Discounting Formula
Turnover
$6 -655.50
12. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
Break Even Point
Markdown %
With cash discounts and calculating net price - when to add freight
70%
13. Convert 56% to a decimal
physical inventory
.56
3%
$2 -127.66
14. Convert .36 to a percent
net sales
steps in strategic planning
$ Cost
36%
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)
GMROI
Internal Rate of Return
To decrease a number by a given percentage - e.g. decrease 16 by 25%
shortage
16. Convert 14% to a fraction
$ Retail
14/100
profit
FOB destination
17. Commissions - fees for service - merchandise sales - rental income - royalties
Unit pricing
Extremes
types of incomes
Means
18. Cash or assets that can quickly be converted into cash.
Current Assets
$6 -655.50
% increase or decrease
increase=debit
19. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
percent decrease
costs of goods sold
Current 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?
20. 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...
Simple interest formula
operating expenses
.7
Current Ratio
21. (TY-LY)/ LY or (Plan-Actual)/
25
% increase or decrease
Quick Ratio
FOB destination
22. Units Sold/ (Units Sold + On Hand Inventory)
Sell Thru %
Average Collection Turnover
14/100
36%
23. The average car payment is $_ per month for _ months.
Sales per Transaction
Adding Fractions
378 63
to determine equivalent single discount rate for 25/10/10 series discount
24. What does percent mean?
per hundred
Average Collection Turnover
Average Collection Turnover
41%
25. A/b
Quick Ratio
Mark Up %
loss
Multiplying Fractions
26. The wholesale cost of goods plus the markup
Dividing Fractions
types of assets
Retail
Markup
27. (Retail - Cost)/ Retail
Of what number 16 is a 25% increase
Turnover
DOI
Margin %
28. What is the product of 3.26 and 0.4?
Margin %
1.304
types of expenses
36%
29. 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.
loss
net sales
book value
Simple interest formula
30. cash + receivables/ current liabilities.
Quick Ratio
steps in strategic planning
588 mph
$2 -127.66
31. A/b - c/b = a-c/b
types of liabilities
Discounting Formula
Subtracting Fractions
EOM (in terms of invoice)
32. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
types of incomes
Markdown %
EOM (in terms of invoice)
3%
33. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
Multiplying Fractions
types of assets
income statement
when multiplying numbers that contain decimals:
34. A team won 16 games and lost 9 games. What percent of games did the team lose?
income statement
2.5% per month
operating expenses
36%
35. The point at which you stop losing money.
Break Even Point
Markup
Gross margin %
Compound interest formula with changing rates
36. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
80/100
Gross margin dollars
Of what number 16 is a 25% increase
Inventory Turnover Rate
37. A form of closed-end credit used for purchasing durable goods such as cars
Sell Thru %
installment loan
With cash discounts and calculating net price - when to add freight
netprice with a 25/10/10 series discount
38. The average person will have _ jobs in their lifetime.
improper
16-18
90.9%
gross margin
39. Original retail price - Lower retail price
GMROI
$ Markdown
$ Retail
16-18
40. 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?
Multiplying Fractions
Sales per Transaction
$2 -127.66
Gross margin %
41. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Effective annual rate of interest formula
25
2.5% per month
Average Collection Turnover
42. Gross Margin/ Average Inventory Cost
90.9%
profit and loss statement
GMROI
Average Daily Sales
43. total annual sales/365
78
when multiplying numbers that contain decimals:
cost of goods sold formula (COGS)
Average Daily Sales
44. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
15
DOI
types of liabilities
Dividing Fractions
45. 1. develop a vision statement for the company - 2. scan the internal and external environments - 3. determine issues critical to the company - 4. select the problem to be solved - 5. determine the specific strategy to achieve the solution - 6. identi
steps in strategic planning
.56
125%
14/100
46. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
ROG
Quick Ratio
Gross margin %
15
47. cost of an item expressed per unit of measure or count.
Unit pricing
increase=debit
shrinkage
Average Daily Sales
48. Net Sales / Average Retail Value of Inventory
net sales
Stock to Sales Ratio
25
Inventory Turnover Rate
49. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
percent
.65
36%
shortage
50. accounts receivable/ average daily sales
gross margin
Average Collection Turnover
60
physical inventory