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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. If freight is to be paid by the seller - the shipping terms are...
operating expenses
netprice with a 25/10/10 series discount
FOB destination
36%
2. Total Net Sales / Total Number of Transactions
Sales per Transaction
types of liabilities
.65
Gross Margin Return On Inventory Investment (GMROII)
3. $ RETAIL X (100 - GM %) / 100
$ COST
Dividing Fractions
cost of goods
ROG
4. The point at which you stop losing money.
physical inventory
operating expenses
installment loan
Break Even Point
5. 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
percent
4%
Cost
6. ($ Retail x 100 / COST) - 100
cost of goods
Mark Up %
per hundred
15
7. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Markup
profit and loss statement
Compound interest formula with changing rates
8. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
book value
With cash discounts and calculating net price - when to add freight
Gross margin %
Unit pricing
9. Units Sold/ (Units Sold + On Hand Inventory)
To increase a number by a given percentage - e.g. increase 16 by 25%
Sell Thru %
25
$ COST
10. The average person will have _ jobs in their lifetime.
Means
16-18
Proportion
1.304
11. The average car will lose _% of its value in the first 4 years.
GMROI
increase=credit
60
Proportion
12. % of 90 days same as cash convert to payments.
78
increase=credit
EOM (in terms of invoice)
.65
13. $ Cost x (100 + Mark-up %) / 100
$ Retail
With cash discounts and calculating net price - when to add freight
Markup
FOB destination
14. 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?
Liquidity of Assets
25
$252
Dividing Fractions
15. 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...
Inventory Turnover Rate
steps in strategic planning
$ Markdown
operating expenses
16. Convert 70/100 to a percent
.56
when multiplying numbers that contain decimals:
percent decrease
70%
17. Convert .36 to a percent
1.304
36%
2.5% per month
4%
18. Convert 3 to a percent
improper
Markup
3%
Discounting Formula
19. Convert .4 to a percent
4%
improper
41%
Adding Fractions
20. current assets/ current liabilities
62%
Current Ratio
$ COST
36%
21. 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
steps in strategic planning
Multiplying Fractions
profit and loss statement
$6 -655.50
22. Convert 70% to a decimal
increase=debit
To decrease a number by a given percentage - e.g. decrease 16 by 25%
$2 -127.66
.7
23. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
2.5% per month
Average Daily Sales
To increase a number by a given percentage - e.g. increase 16 by 25%
$ Retail
24. 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
Discounting Formula
Extremes
Stock to Sales Ratio
installment loan
25. Convert 1/4 to a percent
profit and loss statement
3%
25%
Sell Thru %
26. 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
transportation
Extremes
ROG
Proportion
27. 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
Adding Fractions
COD
shortage
income statement
28. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
per hundred
Dividing Fractions
When Dividing With Exponents
To decrease a number by a given percentage - e.g. decrease 16 by 25%
29. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
$ Retail
profit and loss statement
book value
netprice with a 25/10/10 series discount
30. 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 $1000 @ 10% simple interest for 5 years = 1000+(50.101000)
16-18
Simple interest formula
Gross margin dollars
physical inventory
31. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
gross sales
% increase or decrease
36%
$ Retail
32. GMROII = GM% x (Sales / Average Value of Inventory)
gross margin
Gross Margin Return On Inventory Investment (GMROII)
$ Markdown
25%
33. The wholesale cost of goods plus the markup
$ COST
Retail
improper
20%
34. Commissions - fees for service - merchandise sales - rental income - royalties
90.9%
types of incomes
588 mph
Stock to Sales Ratio
35. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
installment loan
70%
Subtracting Fractions
income statement
36. Outside numbers in a ratio.
types of expenses
types of assets
Extremes
15
37. (Retail - Cost)/ Retail
Compound interest formula with changing rates
Margin %
Current Ratio
25
38. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
62%
OTB (retail)
gross margin
FOB destination
39. A/b
80/100
125%
$ Retail
Multiplying Fractions
40. Net Sales / Average Retail Value of Inventory
$ Retail
Inventory Turnover Rate
20%
cost of goods sold formula (COGS)
41. You should never take out more than a _ year mortgage.
Mark Up %
$ Retail
15
transportation
42. 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.
increase=debit
transportation
net sales
shrinkage
43. 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%
$ Markdown
income statement
Average Collection Turnover
to determine equivalent single discount rate for 25/10/10 series discount
44. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
$252
Of what number 16 is a 25% increase
gross margin
60
45. Convert 14% to a fraction
25
14/100
underbought
costs of goods sold
46. 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
Gross margin dollars
percent decrease
The sum of a Geometric Progression
Dividing Fractions
47. Direct labor - factory overhead - merchandise inventory - packaging - raw material
.56
costs of goods sold
$ Markdown
types of expenses
48. S=X(1+r1)^y(1+r
Compound interest formula with changing rates
4%
Extremes
Mark Up %
49. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
25%
cost of goods sold formula (COGS)
types of liabilities
With cash discounts and calculating net price - when to add freight
50. Convert .62 to a percent
62%
.56
increase=credit
Current Ratio