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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. Convert .36 to a percent
Average Collection Turnover
profit and loss statement
36%
.7
2. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
cost of goods
Retail
Extremes
types of liabilities
3. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
book value
types of assets
80/100
percent decrease
4. A/b + c/b = (a+c)/b
62%
Adding Fractions
Gross Margin Return On Inventory Investment (GMROII)
% increase or decrease
5. current assets/ current liabilities
Average Daily Sales
Extremes
80/100
Current Ratio
6. 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)
Simple interest formula
Extremes
$6 -655.50
Sales per Transaction
7. 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%
Sell Thru %
Markdown %
Average Daily Sales
to determine equivalent single discount rate for 25/10/10 series discount
8. S=X(1+r1)^y(1+r
125%
Compound interest formula with changing rates
GMROI
netprice with a 25/10/10 series discount
9. 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.
physical inventory
net sales
Sales per Transaction
41%
10. Assets - cost of goods sold - expenses
gross sales
78
Average Daily Sales
increase=debit
11. cash + receivables/ current liabilities.
GMROI
underbought
installment loan
Quick Ratio
12. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
Compound interest formula with changing rates
20%
netprice with a 25/10/10 series discount
cost of goods sold formula (COGS)
13. Beginning inventory + Purchases - Ending inventory
types of expenses
cost of goods sold formula (COGS)
Current Assets
Internal Rate of Return
14. Net Sales for period/ Avg Stock for period
Liquidity of Assets
Turnover
14/100
Sales per Transaction
15. total annual sales/365
Dividing Fractions
Average Daily Sales
stock turn
FOB destination
16. Liabilities - capital - income
netprice with a 25/10/10 series discount
Compound interest formula with changing rates
underbought
increase=credit
17. What does percent mean?
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Unit pricing
per hundred
COD
18. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
types of liabilities
Retail
% increase or decrease
stock turn
19. Convert 50% to a fraction
Effective annual rate of interest formula
Sales per Transaction
50/100
36%
20. $ RETAIL X (100 - GM %) / 100
$ COST
$ Markdown
.7
$2 -127.66
21. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
Unit pricing
cost of goods sold formula (COGS)
stock turn
ROG
22. The recommended house payment should be no more than _% of your monthly take-home pay.
25
25%
Quick Ratio
78
23. The wholesale cost of goods plus the markup
per hundred
DOI
.56
Retail
24. Outside numbers in a ratio.
Inventory Turnover Rate
steps in strategic planning
Markup
Extremes
25. Another way of counting part of a whole?
Break Even Point Formula
$252
Cost
percent
26. The average car will lose _% of its value in the first 4 years.
to determine equivalent single discount rate for 25/10/10 series discount
types of liabilities
60
when multiplying numbers that contain decimals:
27. Total Net Sales / Total Number of Transactions
loss
Liquidity
Sales per Transaction
shortage
28. % of 90 days same as cash convert to payments.
stock turn
78
gross sales
Break Even Point Formula
29. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
With cash discounts and calculating net price - when to add freight
book value
types of capital
physical inventory
30. Convert 41/100 to a percent
41%
Average Collection Turnover
Turnover
Current Assets
31. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
shrinkage
Extremes
ROG
overbought
32. Convert 10/11 to a percent
Average Collection Turnover
income statement
90.9%
Subtracting Fractions
33. 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?
Markdown %
cost of goods
$252
Cost
34. You should never take out more than a _ year mortgage.
15
profit
physical inventory
Stock to Sales Ratio
35. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
Average Daily Sales
EOM (in terms of invoice)
$6 -655.50
underbought
36. 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...
DOI
operating expenses
36%
underbought
37. Convert 80% to a fraction
80/100
.65
netprice with a 25/10/10 series discount
Inventory Turnover Rate
38. The wholesale cost of an item (cost of goods - or COG)
16-18
Gross margin %
Cost
profit
39. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
4%
increase=credit
Of what number 16 is a 25% increase
loss
40. 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
70%
Discounting Formula
ROG
costs of goods sold
41. 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?
Retail
$2 -127.66
70%
14/100
42. Units Sold/ (Units Sold + On Hand Inventory)
25%
Gross margin dollars
Sell Thru %
to determine equivalent single discount rate for 25/10/10 series discount
43. Wholesale cost
588 mph
$ COST
netprice with a 25/10/10 series discount
cost of goods
44. A team won 16 games and lost 9 games. What percent of games did the team lose?
operating expenses
types of expenses
Of what number 16 is a 25% increase
36%
45. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
Effective annual rate of interest formula
profit
Average Collection Turnover
income statement
46. GMROII = GM% x (Sales / Average Value of Inventory)
Gross Margin Return On Inventory Investment (GMROII)
FOB destination
Simple interest formula
Quick Ratio
47. 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)
overbought
Margin %
OTB (retail)
48. If freight is to be paid by the seller - the shipping terms are...
types of liabilities
cost of goods sold formula (COGS)
costs of goods sold
FOB destination
49. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
OTB (retail)
Simple interest formula
DOI
To increase a number by a given percentage - e.g. increase 16 by 25%
50. 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
Margin %
3%
steps in strategic planning
$ Retail