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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 4 years - $5 -000 will grow to how much if it earns 10% interest?
80/100
$6 -655.50
Compound interest formula with changing rates
shortage
2. current assets/ current liabilities
$ Retail
Current Ratio
Retail
588 mph
3. The average person will have _ jobs in their lifetime.
50/100
62%
profit
16-18
4. (Retail - Cost)/ Retail
cost of goods
Margin %
gross sales
50/100
5. 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
14/100
types of assets
steps in strategic planning
Average Collection Turnover
6. Direct labor - factory overhead - merchandise inventory - packaging - raw material
2.5% per month
installment loan
Means
costs of goods sold
7. 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%
.7
4%
25%
to determine equivalent single discount rate for 25/10/10 series discount
8. Wholesale cost
cost of goods
to determine equivalent single discount rate for 25/10/10 series discount
20%
percent decrease
9. Net Sales / Average Retail Value of Inventory
Means
Inventory Turnover Rate
percent decrease
36%
10. Convert .62 to a percent
transportation
loss
Stock to Sales Ratio
62%
11. Commissions - fees for service - merchandise sales - rental income - royalties
types of capital
operating expenses
installment loan
types of incomes
12. If freight is to be paid by the seller - the shipping terms are...
FOB destination
Extremes
installment loan
125%
13. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Retail
COD
percent
14. 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
Effective annual rate of interest formula
profit and loss statement
Extremes
cost of goods sold formula (COGS)
15. A form of closed-end credit used for purchasing durable goods such as cars
Liquidity
$ Markdown
installment loan
1.304
16. A/b
types of capital
Adding Fractions
Dividing Fractions
Retail
17. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
Sales per Transaction
types of assets
The sum of a Geometric Progression
$ Cost
18. 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 $31.50. What was the rate of interest?
2.5% per month
Effective annual rate of interest formula
types of incomes
.65
19. A^m/a^n = a^(m-n)
When Dividing With Exponents
Internal Rate of Return
Inventory Turnover Rate
Liquidity of Assets
20. S=X(1+r1)^y(1+r
shortage
Quick Ratio
Compound interest formula with changing rates
DOI
21. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
Unit pricing
Of what number 16 is a 25% increase
book value
Liquidity
22. Formula: GM = NS - COG; GM$ = NS$ X GM%
increase=debit
gross margin
62%
to determine equivalent single discount rate for 25/10/10 series discount
23. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
to determine equivalent single discount rate for 25/10/10 series discount
improper
Gross margin %
Adding Fractions
24. What does percent mean?
Turnover
Discounting Formula
per hundred
Gross margin dollars
25. A/b - c/b = a-c/b
Subtracting Fractions
Turnover
Dividing Fractions
Gross Margin Return On Inventory Investment (GMROII)
26. 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)
stock turn
36%
Simple interest formula
41%
27. Convert 70/100 to a percent
378 63
70%
Inventory Turnover Rate
Gross margin %
28. A team won 16 games and lost 9 games. What percent of games did the team lose?
41%
installment loan
36%
types of expenses
29. Convert 56% to a decimal
.56
stock turn
overbought
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
30. Beginning inventory + Purchases - Ending inventory
cost of goods sold formula (COGS)
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Simple interest formula
Current Assets
31. A measure of the number of days needed to collect accounts receivable.
$6 -655.50
COD
Average Collection Turnover
netprice with a 25/10/10 series discount
32. Convert .36 to a percent
.7
36%
Markup
Internal Rate of Return
33. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Of what number 16 is a 25% increase
Unit pricing
378 63
Subtracting Fractions
34. Convert 80% to a fraction
80/100
types of expenses
60
physical inventory
35. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
36%
Effective annual rate of interest formula
net sales
book value
36. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
Stock to Sales Ratio
netprice with a 25/10/10 series discount
$2 -127.66
Means
37. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
Sales per Transaction
DOI
profit and loss statement
physical inventory
38. cash + receivables/ current liabilities.
ROG
41%
90.9%
Quick Ratio
39. What is the product of 3.26 and 0.4?
increase=debit
$ Retail
1.304
gross sales
40. $ RETAIL X (100 - GM %) / 100
$ COST
41%
GMROI
.7
41. 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)
Average Collection Turnover
overbought
Internal Rate of Return
underbought
42. Loss of items due to damaged goods - stealing - etc.
14/100
shortage
$6 -655.50
shrinkage
43. Inside numbers in a ratio.
Means
Multiplying Fractions
36%
installment loan
44. What happens when your expenses - etc. are higher than your sales
% increase or decrease
Liquidity of Assets
loss
profit
45. cost of an item expressed per unit of measure or count.
20%
Stock to Sales Ratio
Turnover
Unit pricing
46. Convert 70% to a decimal
.7
installment loan
Break Even Point Formula
$2 -127.66
47. Capital stock - owner's equity (owner's funds invested in the business)
378 63
types of capital
Turnover
types of assets
48. 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
COD
income statement
shrinkage
cost of goods
49. 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
Adding Fractions
14/100
EOM (in terms of invoice)
$ Markdown
50. Two equivalent ratios joined by an equal sign.
Liquidity
Current Assets
COD
Proportion