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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. 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
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Subtracting Fractions
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
2. 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.
Stock to Sales Ratio
Average Collection Turnover
net sales
EOM (in terms of invoice)
3. (Retail - Cost)/ Retail
gross sales
Margin %
Sell Thru %
installment loan
4. Convert .4 to a percent
4%
types of liabilities
Margin %
Multiplying Fractions
5. current assets/ current liabilities
Current Ratio
1.304
book value
Means
6. A/b - c/b = a-c/b
netprice with a 25/10/10 series discount
Unit pricing
Subtracting Fractions
increase=credit
7. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
cost of goods
Mark Up %
transportation
8. You should never take out more than a _ year mortgage.
15
To increase a number by a given percentage - e.g. increase 16 by 25%
Retail
when multiplying numbers that contain decimals:
9. GMROII = GM% x (Sales / Average Value of Inventory)
Gross Margin Return On Inventory Investment (GMROII)
With cash discounts and calculating net price - when to add freight
The sum of a Geometric Progression
$6 -655.50
10. Convert 65% to a decimal
.65
$6 -655.50
Liquidity of Assets
$2 -127.66
11. Commissions - fees for service - merchandise sales - rental income - royalties
types of incomes
62%
$252
.65
12. 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?
COD
Sales per Transaction
15
$252
13. Loss of items due to damaged goods - stealing - etc.
COD
cost of goods
shrinkage
Means
14. $ RETAIL X (100 - GM %) / 100
types of liabilities
$ COST
book value
Gross margin %
15. Convert 10/11 to a percent
90.9%
3%
$ Markdown
.56
16. 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)
FOB destination
stock turn
Average Collection Turnover
36%
17. 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
costs of goods sold
book value
Break Even Point
18. 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%
Quick Ratio
Current Assets
The sum of a Geometric Progression
19. Convert 3 to a percent
$2 -127.66
3%
Proportion
$ COST
20. Beginning inventory + Purchases - Ending inventory
cost of goods sold formula (COGS)
4%
cost of goods
Inventory Turnover Rate
21. 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)
Average Collection Turnover
Simple interest formula
With cash discounts and calculating net price - when to add freight
increase=debit
22. Convert 20 to a percent
20%
Sell Thru %
steps in strategic planning
62%
23. Another way of counting part of a whole?
gross margin
Simple interest formula
percent
60
24. Direct labor - factory overhead - merchandise inventory - packaging - raw material
Sell Thru %
costs of goods sold
overages
To decrease a number by a given percentage - e.g. decrease 16 by 25%
25. accounts receivable/ average daily sales
Unit pricing
Average Collection Turnover
DOI
Subtracting Fractions
26. Net Sales / Average Retail Value of Inventory
To increase a number by a given percentage - e.g. increase 16 by 25%
gross margin
Cost
Inventory Turnover Rate
27. 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
125%
shortage
EOM (in terms of invoice)
Of what number 16 is a 25% increase
28. Convert 80% to a fraction
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
80/100
With cash discounts and calculating net price - when to add freight
book value
29. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
ROG
profit
1.304
shortage
30. % of 90 days same as cash convert to payments.
125%
78
Average Collection Turnover
Current Ratio
31. Convert .62 to a percent
The sum of a Geometric Progression
62%
Margin %
Internal Rate of Return
32. What is the product of 3.26 and 0.4?
increase=credit
to determine equivalent single discount rate for 25/10/10 series discount
1.304
4%
33. total fixed costs/ selling price-variable cost
Gross margin dollars
41%
.65
Break Even Point Formula
34. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
3%
Internal Rate of Return
types of liabilities
Average Collection Turnover
35. Units Sold/ (Units Sold + On Hand Inventory)
Sell Thru %
15
when multiplying numbers that contain decimals:
Mark Up %
36. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
When Dividing With Exponents
Cost
Break Even Point
netprice with a 25/10/10 series discount
37. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Markup
Compound interest formula with changing rates
Discounting Formula
25
38. The wholesale cost of goods plus the markup
Retail
378 63
$ Cost
per hundred
39. 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%
Discounting Formula
% increase or decrease
gross sales
to determine equivalent single discount rate for 25/10/10 series discount
40. Aka - the terminal value of an investment to which equal annual amounts will be added S=[A(R^n -1)]/R-1 Where: S=the terminal value A=the first term R=the common ratio n=the number of terms
1.304
to determine equivalent single discount rate for 25/10/10 series discount
The sum of a Geometric Progression
588 mph
41. A^m/a^n = a^(m-n)
Average Collection Turnover
types of incomes
When Dividing With Exponents
OTB (retail)
42. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
78
Cost
Of what number 16 is a 25% increase
Simple interest formula
43. He availability of your money is called _.
increase=debit
OTB (retail)
Liquidity
profit and loss statement
44. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
$ Retail
Markdown %
Effective annual rate of interest formula
41%
45. What happens when your expenses - etc. are higher than your sales
loss
To decrease a number by a given percentage - e.g. decrease 16 by 25%
To increase a number by a given percentage - e.g. increase 16 by 25%
Subtracting Fractions
46. 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%
Average Collection Turnover
Internal Rate of Return
41%
to determine equivalent single discount rate for 25/10/10 series discount
47. $ Cost x (100 + Mark-up %) / 100
Subtracting Fractions
$ Retail
Effective annual rate of interest formula
overbought
48. cash + receivables/ current liabilities.
Proportion
62%
underbought
Quick Ratio
49. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$252
Markdown %
percent decrease
$6 -655.50
50. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
book value
Inventory Turnover Rate
Simple interest formula
profit