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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 + receivables/ current liabilities.
Average Daily Sales
Subtracting Fractions
$252
Quick Ratio
2. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
GMROI
types of liabilities
1.304
costs of goods sold
3. 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
Discounting Formula
Current Ratio
income statement
transportation
4. 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 margin %
20%
overbought
5. When sales plans are underestimated and the stock purchases result in a low inventory
Markdown %
$6 -655.50
underbought
Subtracting Fractions
6. (Retail - Cost)/ Retail
steps in strategic planning
types of liabilities
Sell Thru %
Margin %
7. What does percent mean?
25
per hundred
Current Assets
90.9%
8. Beginning inventory + Purchases - Ending inventory
To increase a number by a given percentage - e.g. increase 16 by 25%
loss
cost of goods sold formula (COGS)
EOM (in terms of invoice)
9. If freight is to be paid by the seller - the shipping terms are...
physical inventory
Average Collection Turnover
FOB destination
percent
10. Convert 1/4 to a percent
types of capital
16-18
25%
net sales
11. 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)
Simple interest formula
25
Internal Rate of Return
installment loan
12. Convert 56% to a decimal
.56
$252
Cost
Margin %
13. Capital stock - owner's equity (owner's funds invested in the business)
$ Retail
types of capital
Markdown %
Simple interest formula
14. A/b
steps in strategic planning
Dividing Fractions
41%
income statement
15. A/b - c/b = a-c/b
Subtracting Fractions
Mark Up %
To decrease a number by a given percentage - e.g. decrease 16 by 25%
ROG
16. Convert 1.25 to a percent
14/100
Average Collection Turnover
36%
125%
17. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
physical inventory
increase=credit
Means
25
18. Original retail price - Lower retail price
20%
$ Markdown
16-18
Sales per Transaction
19. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
percent decrease
90.9%
Of what number 16 is a 25% increase
increase=credit
20. Convert 20 to a percent
netprice with a 25/10/10 series discount
378 63
costs of goods sold
20%
21. Inside numbers in a ratio.
costs of goods sold
Means
DOI
90.9%
22. What happens when your sales are higher than your expenses - etc.
types of capital
36%
profit
With cash discounts and calculating net price - when to add freight
23. A form of closed-end credit used for purchasing durable goods such as cars
1.304
62%
profit
installment loan
24. 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
125%
Discounting Formula
profit and loss statement
With cash discounts and calculating net price - when to add freight
25. $ Cost/ (100%-markup%)
$ Retail
Markup
increase=debit
Quick Ratio
26. Assets - cost of goods sold - expenses
increase=debit
book value
Current Ratio
Gross margin %
27. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Extremes
Markdown %
when multiplying numbers that contain decimals:
To increase a number by a given percentage - e.g. increase 16 by 25%
28. The recommended house payment should be no more than _% of your monthly take-home pay.
Subtracting Fractions
25
gross sales
With cash discounts and calculating net price - when to add freight
29. What happens when your expenses - etc. are higher than your sales
Internal Rate of Return
Gross margin %
25%
loss
30. Overage$ = book$ - physical count$; overage% = overage$/NS$
Current Assets
overages
shortage
To increase a number by a given percentage - e.g. increase 16 by 25%
31. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
Mark Up %
improper
Quick Ratio
increase=debit
32. The point at which you stop losing money.
increase=debit
Discounting Formula
Break Even Point
36%
33. Convert 70% to a decimal
increase=credit
steps in strategic planning
.7
shortage
34. A/b + c/b = (a+c)/b
25
$ Cost
types of liabilities
Adding Fractions
35. Rose borrowed money to buy a ring priced at $420. When she repaid the loan at the end of 3 months - the interest charge was $31.50. What was the rate of interest?
$ Markdown
types of expenses
70%
2.5% per month
36. 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
EOM (in terms of invoice)
types of expenses
Markdown %
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
37. The average person will have _ jobs in their lifetime.
installment loan
The sum of a Geometric Progression
16-18
Inventory Turnover Rate
38. 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
588 mph
profit and loss statement
to determine equivalent single discount rate for 25/10/10 series discount
Gross Margin Return On Inventory Investment (GMROII)
39. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
2.5% per month
types of capital
$2 -127.66
Gross margin %
40. 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
70%
50/100
$ Cost
41. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
To decrease a number by a given percentage - e.g. decrease 16 by 25%
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
gross margin
$ Markdown
42. Amount decrease (Original - New) / Original amount = decimal= convert to %
percent decrease
The sum of a Geometric Progression
1.304
378 63
43. Convert .4 to a percent
4%
net sales
41%
.65
44. S=X(1+r1)^y(1+r
OTB (retail)
78
Compound interest formula with changing rates
Internal Rate of Return
45. 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.
net sales
increase=credit
types of assets
costs of goods sold
46. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
per hundred
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
percent
47. Convert 3 to a percent
Markup
3%
Quick Ratio
profit and loss statement
48. Turning assets into cash.
physical inventory
2.5% per month
62%
Liquidity of Assets
49. The wholesale cost of an item (cost of goods - or COG)
loss
15
Cost
$ Markdown
50. (TY-LY)/ LY or (Plan-Actual)/
$ Markdown
% increase or decrease
Break Even Point
gross margin