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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. The average car will lose _% of its value in the first 4 years.
Adding Fractions
The sum of a Geometric Progression
25%
60
2. Convert .62 to a percent
62%
$ Cost
78
$6 -655.50
3. 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
To increase a number by a given percentage - e.g. increase 16 by 25%
profit and loss statement
378 63
41%
4. Total Net Sales / Total Number of Transactions
16-18
Current Assets
1.304
Sales per Transaction
5. Capital stock - owner's equity (owner's funds invested in the business)
Break Even Point Formula
types of capital
80/100
41%
6. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
15
Turnover
types of assets
Retail
7. 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
installment loan
$ COST
Turnover
COD
8. 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
The sum of a Geometric Progression
Gross margin %
588 mph
cost of goods
9. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
Extremes
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Means
Liquidity
10. A/b
Multiplying Fractions
3%
cost of goods sold formula (COGS)
shrinkage
11. You should never take out more than a _ year mortgage.
$6 -655.50
Gross margin dollars
net sales
15
12. Another way of counting part of a whole?
physical inventory
Current Ratio
types of liabilities
percent
13. Sales - cost of goods sold
Average Daily Sales
Gross margin dollars
Proportion
36%
14. Convert 20 to a percent
percent
Gross margin %
Unit pricing
20%
15. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
2.5% per month
4%
41%
shortage
16. Convert .36 to a percent
Discounting Formula
36%
70%
Unit pricing
17. 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...
78
To increase a number by a given percentage - e.g. increase 16 by 25%
shrinkage
operating expenses
18. cash + receivables/ current liabilities.
OTB (retail)
.56
70%
Quick Ratio
19. 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.
net sales
Internal Rate of Return
Multiplying Fractions
ROG
20. 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%
loss
Average Collection Turnover
gross sales
25
21. 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%
to determine equivalent single discount rate for 25/10/10 series discount
15
Markdown %
Internal Rate of Return
22. Beginning inventory + Purchases - Ending inventory
increase=debit
36%
profit and loss statement
cost of goods sold formula (COGS)
23. 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)
Gross Margin Return On Inventory Investment (GMROII)
Markup
To increase a number by a given percentage - e.g. increase 16 by 25%
stock turn
24. 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?
Sales per Transaction
Dividing Fractions
$252
ROG
25. If freight is to be paid by the seller - the shipping terms are...
FOB destination
types of assets
Proportion
Effective annual rate of interest formula
26. current assets/ current liabilities
78
$ Retail
Current Ratio
Average Collection Turnover
27. total fixed costs/ selling price-variable cost
25
EOM (in terms of invoice)
Break Even Point Formula
improper
28. (Retail - Cost)/ Retail
4%
$ Retail
Margin %
With cash discounts and calculating net price - when to add freight
29. Commissions - fees for service - merchandise sales - rental income - royalties
stock turn
$ COST
underbought
types of incomes
30. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
physical inventory
COD
installment loan
Gross margin %
31. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
78
steps in strategic planning
installment loan
32. 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)
Multiplying Fractions
Retail
net sales
Internal Rate of Return
33. 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
Proportion
Discounting Formula
$ Retail
Extremes
34. Alignment of the decimals is not important
when multiplying numbers that contain decimals:
increase=debit
$6 -655.50
Extremes
35. Original retail price - Lower retail price
income statement
GMROI
to determine equivalent single discount rate for 25/10/10 series discount
$ Markdown
36. Wholesale cost
cost of goods
4%
EOM (in terms of invoice)
$2 -127.66
37. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
70%
When Dividing With Exponents
$6 -655.50
41%
38. Inside numbers in a ratio.
Means
Effective annual rate of interest formula
Gross margin dollars
improper
39. The point at which you stop losing money.
Break Even Point
per hundred
increase=debit
62%
40. Assets - cost of goods sold - expenses
increase=debit
ROG
Turnover
Cost
41. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
4%
Subtracting Fractions
profit and loss statement
42. A^m/a^n = a^(m-n)
When Dividing With Exponents
90.9%
profit
Markup
43. accounts receivable/ average daily sales
Sales per Transaction
Average Collection Turnover
Current Assets
cost of goods
44. Units Sold/ (Units Sold + On Hand Inventory)
Proportion
ROG
$ Retail
Sell Thru %
45. Convert 1.25 to a percent
125%
$6 -655.50
Subtracting Fractions
Discounting Formula
46. A/b - c/b = a-c/b
Subtracting Fractions
percent decrease
Markup
50/100
47. Liabilities - capital - income
EOM (in terms of invoice)
increase=credit
14/100
To decrease a number by a given percentage - e.g. decrease 16 by 25%
48. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
Internal Rate of Return
Average Collection Turnover
To increase a number by a given percentage - e.g. increase 16 by 25%
installment loan
49. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
netprice with a 25/10/10 series discount
80/100
Sell Thru %
costs of goods sold
50. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
Quick Ratio
overbought
loss
income statement