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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. Original retail price - Lower retail price
70%
increase=debit
Liquidity
$ Markdown
2. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
To decrease a number by a given percentage - e.g. decrease 16 by 25%
36%
Proportion
3. Convert 65% to a decimal
types of assets
types of capital
.65
25%
4. 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.
when multiplying numbers that contain decimals:
transportation
Current Assets
net sales
5. ($ Retail x 100 / COST) - 100
steps in strategic planning
DOI
loss
Mark Up %
6. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
Gross margin %
overages
25%
7. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...
cost of goods sold formula (COGS)
Current Assets
operating expenses
types of incomes
8. Formula: GM = NS - COG; GM$ = NS$ X GM%
Adding Fractions
types of expenses
gross margin
percent
9. What happens when your expenses - etc. are higher than your sales
378 63
profit and loss statement
gross margin
loss
10. 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
Turnover
costs of goods sold
types of expenses
% increase or decrease
11. 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
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
41%
Sell Thru %
12. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
OTB (retail)
underbought
DOI
Gross margin dollars
13. Convert .62 to a percent
types of expenses
14/100
62%
The sum of a Geometric Progression
14. Convert 70% to a decimal
.7
Break Even Point Formula
physical inventory
improper
15. Another way of counting part of a whole?
percent
Extremes
1.304
increase=debit
16. What happens when your sales are higher than your expenses - etc.
Of what number 16 is a 25% increase
Margin %
Average Daily Sales
profit
17. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
15
To increase a number by a given percentage - e.g. increase 16 by 25%
80/100
Mark Up %
18. To take advantage of the 6% cash discount - a retailer made a $2 -000 partial payment during the discount period. How much was the retailer credited for the $2 -000 partial payment?
15
2.5% per month
$2 -127.66
To decrease a number by a given percentage - e.g. decrease 16 by 25%
19. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Retail
Markdown %
percent
Current Ratio
20. Inside numbers in a ratio.
costs of goods sold
Means
The sum of a Geometric Progression
EOM (in terms of invoice)
21. Convert 80% to a fraction
Retail
transportation
When Dividing With Exponents
80/100
22. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
DOI
physical inventory
4%
23. Gross Margin/ Average Inventory Cost
4%
per hundred
GMROI
Cost
24. What does percent mean?
when multiplying numbers that contain decimals:
Mark Up %
costs of goods sold
per hundred
25. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
3%
Markup
Inventory Turnover Rate
types of liabilities
26. The average car will lose _% of its value in the first 4 years.
profit
60
loss
DOI
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
EOM (in terms of invoice)
Current Ratio
increase=credit
41%
28. Convert 1/4 to a percent
loss
25%
90.9%
improper
29. Capital stock - owner's equity (owner's funds invested in the business)
profit
types of capital
To increase a number by a given percentage - e.g. increase 16 by 25%
Inventory Turnover Rate
30. Convert .4 to a percent
gross sales
4%
$ Retail
Liquidity of Assets
31. S=X(1+r1)^y(1+r
Liquidity
$6 -655.50
Current Assets
Compound interest formula with changing rates
32. BOM $ Stock/ Sales for period
Stock to Sales Ratio
With cash discounts and calculating net price - when to add freight
DOI
physical inventory
33. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
shortage
Effective annual rate of interest formula
Inventory Turnover Rate
Unit pricing
34. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
Sales per Transaction
types of assets
book value
$6 -655.50
35. (TY-LY)/ LY or (Plan-Actual)/
% increase or decrease
Markdown %
$6 -655.50
25
36. Net Sales / Average Retail Value of Inventory
70%
Inventory Turnover Rate
25
underbought
37. % of 90 days same as cash convert to payments.
percent
78
Proportion
profit and loss statement
38. Convert 41/100 to a percent
41%
Quick Ratio
$ Retail
Markup
39. 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)
Effective annual rate of interest formula
when multiplying numbers that contain decimals:
Internal Rate of Return
netprice with a 25/10/10 series discount
40. cost of an item expressed per unit of measure or count.
shrinkage
Unit pricing
To increase a number by a given percentage - e.g. increase 16 by 25%
overbought
41. (Retail - Cost)/ Retail
income statement
types of liabilities
Margin %
profit and loss statement
42. total annual sales/365
When Dividing With Exponents
operating expenses
Average Daily Sales
overages
43. A/b
$ COST
Stock to Sales Ratio
36%
Dividing Fractions
44. accounts receivable/ average daily sales
Average Collection Turnover
increase=credit
Average Daily Sales
Current Assets
45. Convert 20 to a percent
25%
overbought
types of incomes
20%
46. 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
1.304
percent
percent decrease
47. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
Margin %
profit and loss statement
netprice with a 25/10/10 series discount
$252
48. A^m/a^n = a^(m-n)
50/100
60
When Dividing With Exponents
gross sales
49. 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
Liquidity of Assets
Gross margin %
profit and loss statement
Extremes
50. Alignment of the decimals is not important
588 mph
Liquidity
when multiplying numbers that contain decimals:
25