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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. 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%
improper
gross sales
shrinkage
14/100
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.
$ COST
net sales
Break Even Point Formula
improper
3. Amount decrease (Original - New) / Original amount = decimal= convert to %
net sales
Markup
percent decrease
50/100
4. A form of closed-end credit used for purchasing durable goods such as cars
.7
installment loan
$6 -655.50
Retail
5. Commissions - fees for service - merchandise sales - rental income - royalties
$2 -127.66
Internal Rate of Return
types of incomes
15
6. cost of an item expressed per unit of measure or count.
Unit pricing
Multiplying Fractions
COD
$ COST
7. Convert 1/4 to a percent
25%
net sales
Turnover
per hundred
8. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
book value
income statement
types of capital
Gross margin %
9. Net Sales / Average Retail Value of Inventory
Liquidity of Assets
Current Assets
Inventory Turnover Rate
Cost
10. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
When Dividing With Exponents
$2 -127.66
income statement
profit and loss statement
11. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
Break Even Point Formula
90.9%
overbought
Break Even Point
12. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
The sum of a Geometric Progression
.65
net sales
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
13. Convert .36 to a percent
15
36%
125%
underbought
14. Two equivalent ratios joined by an equal sign.
50/100
15
percent
Proportion
15. Convert 41/100 to a percent
Markdown %
70%
steps in strategic planning
41%
16. 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
improper
overbought
90.9%
17. Turning assets into cash.
To increase a number by a given percentage - e.g. increase 16 by 25%
3%
Liquidity of Assets
Discounting Formula
18. The average car payment is $_ per month for _ months.
378 63
underbought
Gross margin dollars
80/100
19. 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?
$2 -127.66
steps in strategic planning
shrinkage
Multiplying Fractions
20. Wholesale cost
overbought
$ Retail
Unit pricing
cost of goods
21. Inside numbers in a ratio.
underbought
Means
60
36%
22. The recommended house payment should be no more than _% of your monthly take-home pay.
25
Quick Ratio
Internal Rate of Return
installment loan
23. Total Net Sales / Total Number of Transactions
Cost
$ Cost
1.304
Sales per Transaction
24. Convert 10/11 to a percent
To increase a number by a given percentage - e.g. increase 16 by 25%
4%
overages
90.9%
25. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
Effective annual rate of interest formula
increase=debit
588 mph
Of what number 16 is a 25% increase
26. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
16-18
3%
25%
Effective annual rate of interest formula
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
operating expenses
Extremes
EOM (in terms of invoice)
to determine equivalent single discount rate for 25/10/10 series discount
28. 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
78
Gross margin dollars
$252
29. Convert 1.25 to a percent
gross sales
125%
Of what number 16 is a 25% increase
Internal Rate of Return
30. Overage$ = book$ - physical count$; overage% = overage$/NS$
Markup
Mark Up %
overages
Sales per Transaction
31. The wholesale cost of goods plus the markup
overbought
shrinkage
Markdown %
Retail
32. 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...
types of capital
2.5% per month
.65
operating expenses
33. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
physical inventory
shortage
Liquidity
Turnover
34. (Retail - Cost)/ Retail
Markup
Internal Rate of Return
20%
Margin %
35. 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)
70%
4%
Current Ratio
stock turn
36. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
Average Collection Turnover
Compound interest formula with changing rates
Gross margin %
With cash discounts and calculating net price - when to add freight
37. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
to determine equivalent single discount rate for 25/10/10 series discount
types of incomes
Break Even Point
$6 -655.50
38. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
$ Retail
To increase a number by a given percentage - e.g. increase 16 by 25%
DOI
Gross Margin Return On Inventory Investment (GMROII)
39. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
physical inventory
To decrease a number by a given percentage - e.g. decrease 16 by 25%
steps in strategic planning
book value
40. Alignment of the decimals is not important
Stock to Sales Ratio
Current Assets
16-18
when multiplying numbers that contain decimals:
41. Convert 14% to a fraction
Margin %
types of expenses
14/100
25%
42. 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
Sell Thru %
when multiplying numbers that contain decimals:
$ Cost
profit and loss statement
43. A/b
Multiplying Fractions
Liquidity
With cash discounts and calculating net price - when to add freight
Inventory Turnover Rate
44. What is the product of 3.26 and 0.4?
Cost
gross sales
Unit pricing
1.304
45. What happens when your expenses - etc. are higher than your sales
Current Ratio
OTB (retail)
Cost
loss
46. Liabilities - capital - income
$ Markdown
increase=credit
$ Retail
Markdown %
47. 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
to determine equivalent single discount rate for 25/10/10 series discount
COD
Dividing Fractions
.7
48. Convert 80% to a fraction
DOI
80/100
loss
62%
49. S=X(1+r1)^y(1+r
transportation
netprice with a 25/10/10 series discount
Compound interest formula with changing rates
378 63
50. total fixed costs/ selling price-variable cost
Extremes
Break Even Point Formula
Means
$ COST