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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. % of 90 days same as cash convert to payments.
Average Daily Sales
The sum of a Geometric Progression
78
types of expenses
2. Convert .36 to a percent
Internal Rate of Return
Means
The sum of a Geometric Progression
36%
3. Sales - cost of goods sold
steps in strategic planning
Gross margin dollars
Proportion
36%
4. What does percent mean?
types of liabilities
per hundred
To increase a number by a given percentage - e.g. increase 16 by 25%
Sell Thru %
5. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
transportation
GMROI
588 mph
$ Retail
6. Capital stock - owner's equity (owner's funds invested in the business)
Break Even Point Formula
Cost
types of liabilities
types of capital
7. 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.
25
net sales
90.9%
$ Retail
8. Commissions - fees for service - merchandise sales - rental income - royalties
ROG
378 63
$6 -655.50
types of incomes
9. 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?
378 63
Average Daily Sales
when multiplying numbers that contain decimals:
2.5% per month
10. If freight is to be paid by the seller - the shipping terms are...
588 mph
4%
types of assets
FOB destination
11. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
Subtracting Fractions
$ COST
$6 -655.50
cost of goods sold formula (COGS)
12. GMROII = GM% x (Sales / Average Value of Inventory)
Gross Margin Return On Inventory Investment (GMROII)
Current Assets
1.304
types of expenses
13. current assets/ current liabilities
Gross Margin Return On Inventory Investment (GMROII)
378 63
Current Ratio
Current Assets
14. Wholesale cost
shortage
cost of goods
Effective annual rate of interest formula
netprice with a 25/10/10 series discount
15. $ Cost/ (100%-markup%)
per hundred
shrinkage
Means
$ Retail
16. The average person will have _ jobs in their lifetime.
90.9%
15
Break Even Point Formula
16-18
17. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
net sales
Markdown %
overbought
Dividing Fractions
18. A/b
DOI
16-18
to determine equivalent single discount rate for 25/10/10 series discount
Multiplying Fractions
19. What happens when your expenses - etc. are higher than your sales
loss
When Dividing With Exponents
Break Even Point
588 mph
20. 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)
2.5% per month
Internal Rate of Return
when multiplying numbers that contain decimals:
profit and loss statement
21. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
20%
improper
shortage
Quick Ratio
22. 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
Compound interest formula with changing rates
Break Even Point Formula
16-18
Discounting Formula
23. The point at which you stop losing money.
Break Even Point
cost of goods sold formula (COGS)
$ Markdown
When Dividing With Exponents
24. The average car payment is $_ per month for _ months.
378 63
per hundred
Break Even Point Formula
Retail
25. Two equivalent ratios joined by an equal sign.
Compound interest formula with changing rates
Proportion
Subtracting Fractions
Simple interest formula
26. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
Extremes
physical inventory
when multiplying numbers that contain decimals:
costs of goods sold
27. Convert 20 to a percent
20%
With cash discounts and calculating net price - when to add freight
profit
$ Retail
28. Liabilities - capital - income
GMROI
steps in strategic planning
20%
increase=credit
29. Convert 1/4 to a percent
60
Simple 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?
25%
30. Assets - cost of goods sold - expenses
$ COST
Average Collection Turnover
increase=debit
Markdown %
31. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Effective annual rate of interest formula
types of incomes
Markup
4%
32. 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
Means
Quick Ratio
The sum of a Geometric Progression
$ Cost
33. 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
To increase a number by a given percentage - e.g. increase 16 by 25%
Cost
Gross margin dollars
EOM (in terms of invoice)
34. Convert 3 to a percent
shortage
70%
50/100
3%
35. Convert 1.25 to a percent
125%
$ Retail
operating expenses
FOB destination
36. Beginning inventory + Purchases - Ending inventory
Unit pricing
cost of goods sold formula (COGS)
Means
Gross margin %
37. Convert 80% to a fraction
4%
shrinkage
80/100
16-18
38. Gross Margin/ Average Inventory Cost
78
Subtracting Fractions
Proportion
GMROI
39. When sales plans are underestimated and the stock purchases result in a low inventory
Margin %
increase=credit
Internal Rate of Return
underbought
40. Convert 50% to a fraction
Discounting Formula
shrinkage
50/100
Dividing Fractions
41. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Means
types of assets
60
Of what number 16 is a 25% increase
42. Convert 70/100 to a percent
70%
36%
physical inventory
3%
43. Another way of counting part of a whole?
4%
Break Even Point Formula
percent
$ Retail
44. Overage$ = book$ - physical count$; overage% = overage$/NS$
588 mph
transportation
overages
62%
45. Convert 10/11 to a percent
net sales
cost of goods sold formula (COGS)
25%
90.9%
46. A/b + c/b = (a+c)/b
Adding Fractions
Means
Markdown %
installment loan
47. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
ROG
Subtracting Fractions
shortage
installment loan
48. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Means
Break Even Point
Gross margin %
$ COST
49. Net Sales / Average Retail Value of Inventory
15
Extremes
Inventory Turnover Rate
income statement
50. Convert .4 to a percent
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
4%
types of assets
types of liabilities