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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. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
per hundred
Means
Sell Thru %
Gross margin %
2. Cash or assets that can quickly be converted into cash.
cost of goods
per hundred
Current Assets
FOB destination
3. Direct labor - factory overhead - merchandise inventory - packaging - raw material
Adding Fractions
COD
costs of goods sold
loss
4. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
types of expenses
Current Ratio
improper
.65
5. A team won 16 games and lost 9 games. What percent of games did the team lose?
Simple interest formula
types of expenses
36%
percent decrease
6. A^m/a^n = a^(m-n)
net sales
When Dividing With Exponents
41%
Mark Up %
7. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
2.5% per month
70%
To decrease a number by a given percentage - e.g. decrease 16 by 25%
$ COST
8. % of 90 days same as cash convert to payments.
.7
20%
Break Even Point
78
9. You should never take out more than a _ year mortgage.
shortage
improper
15
Markup
10. Convert 70% to a decimal
.7
profit and loss statement
per hundred
Unit pricing
11. He availability of your money is called _.
cost of goods
EOM (in terms of invoice)
Liquidity
increase=debit
12. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
3%
income statement
overbought
book value
13. The wholesale cost of goods plus the markup
.65
Multiplying Fractions
transportation
Retail
14. 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
increase=debit
DOI
transportation
15. 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
The sum of a Geometric Progression
types of incomes
net sales
16. (TY-LY)/ LY or (Plan-Actual)/
Of what number 16 is a 25% increase
shrinkage
$ Markdown
% increase or decrease
17. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
Effective annual rate of interest formula
Average Collection Turnover
With cash discounts and calculating net price - when to add freight
Gross margin %
18. total annual sales/365
Average Daily Sales
36%
Margin %
The sum of a Geometric Progression
19. A formal document that is used for a variety of functions within a retail business; it provides a big picture look at the succinct expression of the sales - markup - and profit for a business
profit and loss statement
Gross margin dollars
15
types of expenses
20. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
25
percent decrease
$6 -655.50
shortage
21. total fixed costs/ selling price-variable cost
Means
Effective annual rate of interest formula
Markup
Break Even Point Formula
22. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
The sum of a Geometric Progression
steps in strategic planning
Turnover
netprice with a 25/10/10 series discount
23. The point at which you stop losing money.
COD
Break Even Point
$2 -127.66
Retail
24. A/b
Dividing Fractions
125%
Average Collection Turnover
Current Assets
25. A/b - c/b = a-c/b
Subtracting Fractions
Compound interest formula with changing rates
Effective annual rate of interest formula
gross sales
26. 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
$ Retail
$ Cost
27. Liabilities - capital - income
gross sales
14/100
increase=credit
Proportion
28. 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?
loss
types of incomes
$2 -127.66
percent decrease
29. Convert 65% to a decimal
Quick Ratio
Current Assets
Dividing Fractions
.65
30. The average car payment is $_ per month for _ months.
Current Ratio
378 63
stock turn
Average Collection Turnover
31. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
stock turn
Proportion
income statement
GMROI
32. Convert .4 to a percent
To decrease a number by a given percentage - e.g. decrease 16 by 25%
shortage
4%
80/100
33. Formula: GM = NS - COG; GM$ = NS$ X GM%
% increase or decrease
gross margin
types of capital
To decrease a number by a given percentage - e.g. decrease 16 by 25%
34. Capital stock - owner's equity (owner's funds invested in the business)
Gross Margin Return On Inventory Investment (GMROII)
41%
percent decrease
types of capital
35. The average person will have _ jobs in their lifetime.
16-18
41%
Cost
To increase a number by a given percentage - e.g. increase 16 by 25%
36. What is the product of 3.26 and 0.4?
1.304
overbought
Average Collection Turnover
Sales per Transaction
37. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
78
types of assets
Current Ratio
book value
38. Gross Margin/ Average Inventory Cost
Liquidity
25%
GMROI
Simple interest formula
39. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Markdown %
increase=credit
25
profit
40. 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
$252
net sales
.65
41. Net Sales for period/ Avg Stock for period
Turnover
$ Cost
Subtracting Fractions
Simple interest formula
42. A measure of the number of days needed to collect accounts receivable.
Adding Fractions
per hundred
Average Collection Turnover
Extremes
43. Convert 80% to a fraction
Quick Ratio
ROG
80/100
$6 -655.50
44. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
Effective annual rate of interest formula
types of assets
DOI
Markdown %
45. Convert .62 to a percent
percent decrease
62%
Current Assets
4%
46. Amount decrease (Original - New) / Original amount = decimal= convert to %
costs of goods sold
$ Cost
percent decrease
$ COST
47. Convert 50% to a fraction
41%
50/100
$ Markdown
Liquidity
48. 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?
$ Retail
Discounting Formula
Current Assets
$252
49. 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
Current Ratio
increase=debit
Discounting Formula
.7
50. Convert 56% to a decimal
Compound interest formula with changing rates
installment loan
% increase or decrease
.56