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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.
60
$ Cost
Margin %
Subtracting Fractions
2. S=X(1+r1)^y(1+r
Multiplying Fractions
cost of goods sold formula (COGS)
Compound interest formula with changing rates
Turnover
3. Loss of items due to damaged goods - stealing - etc.
shrinkage
Quick Ratio
stock turn
types of capital
4. 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
profit
when multiplying numbers that contain decimals:
profit and loss statement
Proportion
5. He availability of your money is called _.
Turnover
Liquidity
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Average Collection Turnover
6. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
When Dividing With Exponents
shrinkage
shortage
62%
7. The recommended house payment should be no more than _% of your monthly take-home pay.
Proportion
steps in strategic planning
25
Liquidity
8. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
Discounting Formula
physical inventory
shortage
Markdown %
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
types of assets
To decrease a number by a given percentage - e.g. decrease 16 by 25%
20%
gross sales
10. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
90.9%
increase=credit
types of incomes
DOI
11. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
50/100
netprice with a 25/10/10 series discount
62%
types of capital
12. A/b
$ Markdown
$6 -655.50
Dividing Fractions
income statement
13. 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 increase a number by a given percentage - e.g. increase 16 by 25%
Multiplying Fractions
$ COST
COD
14. Direct labor - factory overhead - merchandise inventory - packaging - raw material
loss
costs of goods sold
FOB destination
Internal Rate of Return
15. total annual sales/365
Quick Ratio
Gross margin %
installment loan
Average Daily Sales
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
Proportion
increase=credit
GMROI
17. cash + receivables/ current liabilities.
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Quick Ratio
2.5% per month
Markup
18. cost of an item expressed per unit of measure or count.
Unit pricing
percent decrease
when multiplying numbers that contain decimals:
.56
19. When sales plans are underestimated and the stock purchases result in a low inventory
$ Cost
Markdown %
underbought
improper
20. Convert 10/11 to a percent
percent decrease
EOM (in terms of invoice)
90.9%
installment loan
21. (TY-LY)/ LY or (Plan-Actual)/
OTB (retail)
stock turn
ROG
% increase or decrease
22. (Retail - Cost)/ Retail
Simple interest formula
Margin %
Current Ratio
.65
23. A form of closed-end credit used for purchasing durable goods such as cars
70%
Means
installment loan
When Dividing With Exponents
24. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
income statement
Subtracting Fractions
operating expenses
Proportion
25. Commissions - fees for service - merchandise sales - rental income - royalties
125%
$252
types of incomes
Proportion
26. 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
Subtracting Fractions
Discounting Formula
Current Assets
27. BOM $ Stock/ Sales for period
COD
41%
Stock to Sales Ratio
15
28. Inside numbers in a ratio.
EOM (in terms of invoice)
Means
$ Cost
book value
29. What happens when your expenses - etc. are higher than your sales
loss
Dividing Fractions
$ COST
net sales
30. % of 90 days same as cash convert to payments.
improper
The sum of a Geometric Progression
transportation
78
31. Wholesale cost
% increase or decrease
cost of goods
With cash discounts and calculating net price - when to add freight
overages
32. Beginning inventory + Purchases - Ending inventory
Cost
cost of goods sold formula (COGS)
Subtracting Fractions
70%
33. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
types of liabilities
% increase or decrease
GMROI
Effective annual rate of interest formula
34. Turning assets into cash.
Liquidity of Assets
gross sales
when multiplying numbers that contain decimals:
Dividing Fractions
35. 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
378 63
Means
Gross margin %
Discounting Formula
36. Another way of counting part of a whole?
EOM (in terms of invoice)
80/100
Extremes
percent
37. Assets - cost of goods sold - expenses
increase=debit
cost of goods sold formula (COGS)
14/100
Sell Thru %
38. Liabilities - capital - income
increase=credit
78
steps in strategic planning
Quick Ratio
39. 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
Effective annual rate of interest formula
EOM (in terms of invoice)
Liquidity of Assets
% increase or decrease
40. What is the product of 3.26 and 0.4?
COD
1.304
Markup
improper
41. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
types of assets
Markdown %
operating expenses
shortage
42. Convert 80% to a fraction
80/100
Effective annual rate of interest formula
Adding Fractions
COD
43. Convert 50% to a fraction
Adding Fractions
50/100
Subtracting Fractions
stock turn
44. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
improper
profit and loss statement
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Liquidity
45. Overage$ = book$ - physical count$; overage% = overage$/NS$
overages
Average Collection Turnover
Simple interest formula
1.304
46. 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
types of expenses
Liquidity
Extremes
steps in strategic planning
47. 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
36%
transportation
types of capital
shrinkage
48. You should never take out more than a _ year mortgage.
70%
Proportion
$6 -655.50
15
49. Units Sold/ (Units Sold + On Hand Inventory)
Current Assets
types of liabilities
.56
Sell Thru %
50. What happens when your sales are higher than your expenses - etc.
Break Even Point Formula
125%
$6 -655.50
profit