SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. Convert 50% to a fraction
types of expenses
Liquidity of Assets
when multiplying numbers that contain decimals:
50/100
2. current assets/ current liabilities
Current Ratio
transportation
costs of goods sold
$252
3. What happens when your sales are higher than your expenses - etc.
profit
Adding Fractions
36%
Liquidity of Assets
4. A/b + c/b = (a+c)/b
Current Assets
Adding Fractions
COD
Internal Rate of Return
5. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
physical inventory
ROG
20%
25%
6. Convert 41/100 to a percent
Gross margin %
OTB (retail)
1.304
41%
7. A team won 16 games and lost 9 games. What percent of games did the team lose?
cost of goods sold formula (COGS)
15
36%
Effective annual rate of interest formula
8. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
improper
OTB (retail)
physical inventory
% increase or decrease
9. Gross Margin/ Average Inventory Cost
Break Even Point
GMROI
FOB destination
per hundred
10. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Cost
4%
percent
Gross margin %
11. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
Markdown %
DOI
shrinkage
income statement
12. A/b
50/100
80/100
Average Collection Turnover
Multiplying Fractions
13. Formula: GM = NS - COG; GM$ = NS$ X GM%
DOI
gross margin
4%
operating expenses
14. Inside numbers in a ratio.
Means
underbought
percent
.65
15. 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.
588 mph
net sales
netprice with a 25/10/10 series discount
.56
16. 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
$ Retail
Markup
transportation
Extremes
17. When sales plans are underestimated and the stock purchases result in a low inventory
$2 -127.66
3%
underbought
gross sales
18. Convert 3 to a percent
profit
Dividing Fractions
$ COST
3%
19. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
When Dividing With Exponents
80/100
Cost
improper
20. Capital stock - owner's equity (owner's funds invested in the business)
DOI
Internal Rate of Return
Inventory Turnover Rate
types of capital
21. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
$ Markdown
types of incomes
Effective annual rate of interest formula
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
22. Commissions - fees for service - merchandise sales - rental income - royalties
types of incomes
15
percent decrease
Adding Fractions
23. Assets - cost of goods sold - expenses
Effective annual rate of interest formula
GMROI
increase=debit
Average Collection Turnover
24. 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
Quick Ratio
60
Gross margin dollars
types of expenses
25. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
Margin %
Discounting Formula
book value
Subtracting Fractions
26. Convert .4 to a percent
$252
62%
4%
Gross Margin Return On Inventory Investment (GMROII)
27. GMROII = GM% x (Sales / Average Value of Inventory)
To decrease a number by a given percentage - e.g. decrease 16 by 25%
378 63
Effective annual rate of interest formula
Gross Margin Return On Inventory Investment (GMROII)
28. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
Means
shortage
increase=credit
to determine equivalent single discount rate for 25/10/10 series discount
29. The wholesale cost of an item (cost of goods - or COG)
36%
types of expenses
Cost
Quick Ratio
30. Outside numbers in a ratio.
Extremes
2.5% per month
types of capital
$ Cost
31. % of 90 days same as cash convert to payments.
Discounting Formula
operating expenses
Break Even Point
78
32. Sales - cost of goods sold
.7
Internal Rate of Return
types of liabilities
Gross margin dollars
33. 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
Current Assets
to determine equivalent single discount rate for 25/10/10 series discount
profit and loss statement
36%
34. Original retail price - Lower retail price
With cash discounts and calculating net price - when to add freight
78
$ Markdown
Markup
35. He availability of your money is called _.
Means
Sell Thru %
Liquidity
EOM (in terms of invoice)
36. 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
to determine equivalent single discount rate for 25/10/10 series discount
stock turn
70%
37. Convert 80% to a fraction
operating expenses
Inventory Turnover Rate
per hundred
80/100
38. Convert 1.25 to a percent
125%
underbought
$ Cost
EOM (in terms of invoice)
39. A/b
gross sales
78
steps in strategic planning
Dividing Fractions
40. What happens when your expenses - etc. are higher than your sales
Average Daily Sales
$6 -655.50
overbought
loss
41. Convert 14% to a fraction
Gross Margin Return On Inventory Investment (GMROII)
Compound interest formula with changing rates
14/100
Markdown %
42. Units Sold/ (Units Sold + On Hand Inventory)
Sell Thru %
378 63
90.9%
14/100
43. Alignment of the decimals is not important
20%
when multiplying numbers that contain decimals:
Multiplying Fractions
overbought
44. Convert 56% to a decimal
.56
improper
.7
When Dividing With Exponents
45. ($ Retail x 100 / COST) - 100
Mark Up %
gross sales
To increase a number by a given percentage - e.g. increase 16 by 25%
types of capital
46. total fixed costs/ selling price-variable cost
% increase or decrease
Break Even Point Formula
types of incomes
378 63
47. A measure of the number of days needed to collect accounts receivable.
50/100
to determine equivalent single discount rate for 25/10/10 series discount
Average Collection Turnover
COD
48. A/b - c/b = a-c/b
16-18
book value
Subtracting Fractions
Markup
49. Beginning inventory + Purchases - Ending inventory
Means
Of what number 16 is a 25% increase
Average Collection Turnover
cost of goods sold formula (COGS)
50. 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
netprice with a 25/10/10 series discount
Dividing Fractions
Break Even Point
COD