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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. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
physical inventory
FOB destination
Effective annual rate of interest formula
When Dividing With Exponents
2. 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
$ Retail
profit and loss statement
16-18
transportation
3. Convert 65% to a decimal
Current Ratio
increase=debit
.65
Average Collection Turnover
4. Convert 14% to a fraction
Effective annual rate of interest formula
Current Ratio
3%
14/100
5. Convert 56% to a decimal
.56
$ Cost
improper
Compound interest formula with changing rates
6. Another way of counting part of a whole?
Unit pricing
net sales
stock turn
percent
7. total fixed costs/ selling price-variable cost
Dividing Fractions
Break Even Point Formula
Gross margin dollars
588 mph
8. Assets - cost of goods sold - expenses
increase=debit
to determine equivalent single discount rate for 25/10/10 series discount
ROG
4%
9. cost of an item expressed per unit of measure or count.
Unit pricing
transportation
types of assets
profit and loss statement
10. (Retail - Cost)/ Retail
Margin %
Stock to Sales Ratio
14/100
.7
11. Net Sales for period/ Avg Stock for period
book value
types of liabilities
Turnover
$ Cost
12. If freight is to be paid by the seller - the shipping terms are...
Quick Ratio
2.5% per month
Stock to Sales Ratio
FOB destination
13. total annual sales/365
Internal Rate of Return
steps in strategic planning
1.304
Average Daily Sales
14. 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
cost of goods
16-18
When Dividing With Exponents
The sum of a Geometric Progression
15. Convert 1/4 to a percent
cost of goods
25%
50/100
Gross margin %
16. 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)
Break Even Point Formula
types of expenses
transportation
17. 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?
To increase a number by a given percentage - e.g. increase 16 by 25%
$2 -127.66
588 mph
1.304
18. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
cost of goods
steps in strategic planning
Retail
Gross margin %
19. Formula: GM = NS - COG; GM$ = NS$ X GM%
types of capital
Quick Ratio
gross margin
underbought
20. A/b
Multiplying Fractions
Gross Margin Return On Inventory Investment (GMROII)
4%
physical inventory
21. cash + receivables/ current liabilities.
Sell Thru %
Multiplying Fractions
Quick Ratio
costs of goods sold
22. 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%
% increase or decrease
to determine equivalent single discount rate for 25/10/10 series discount
.56
per hundred
23. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Margin %
Markdown %
loss
profit
24. Convert 70% to a decimal
Subtracting Fractions
Means
.7
25
25. $ Cost x (100 + Mark-up %) / 100
overbought
Mark Up %
$ Retail
income statement
26. % of 90 days same as cash convert to payments.
overages
78
Margin %
types of assets
27. ($ Retail x 100 / COST) - 100
Mark Up %
36%
Markup
% increase or decrease
28. Convert 70/100 to a percent
25%
Break Even Point Formula
70%
36%
29. 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)
Internal Rate of Return
Extremes
36%
Break Even Point
30. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
378 63
To decrease a number by a given percentage - e.g. decrease 16 by 25%
operating expenses
gross margin
31. BOM $ Stock/ Sales for period
.7
$ Cost
Stock to Sales Ratio
Retail
32. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
To increase a number by a given percentage - e.g. increase 16 by 25%
The sum of a Geometric Progression
shortage
gross margin
33. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
cost of goods sold formula (COGS)
per hundred
ROG
Discounting Formula
34. Convert 20 to a percent
Means
cost of goods
types of liabilities
20%
35. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
installment loan
types of capital
With cash discounts and calculating net price - when to add freight
net sales
36. Loss of items due to damaged goods - stealing - etc.
Markup
15
shrinkage
.7
37. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
shrinkage
$ Retail
Of what number 16 is a 25% increase
Liquidity
38. What does percent mean?
Average Collection Turnover
per hundred
when multiplying numbers that contain decimals:
25
39. Sales - cost of goods sold
15
Gross margin dollars
Cost
$252
40. 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
Unit pricing
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Discounting Formula
41. What happens when your sales are higher than your expenses - etc.
36%
profit
transportation
588 mph
42. Original retail price - Lower retail price
$ Markdown
Liquidity of Assets
$ Cost
4%
43. 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.
Internal Rate of Return
net sales
1.304
$ Retail
44. Cash or assets that can quickly be converted into cash.
.7
shrinkage
Unit pricing
Current Assets
45. Liabilities - capital - income
Average Daily Sales
cost of goods
increase=credit
Markup
46. Wholesale cost
cost of goods
transportation
378 63
4%
47. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Markup
profit and loss statement
types of expenses
Compound interest formula with changing rates
48. When sales plans are underestimated and the stock purchases result in a low inventory
.65
underbought
Compound interest formula with changing rates
to determine equivalent single discount rate for 25/10/10 series discount
49. Convert .4 to a percent
Means
4%
loss
36%
50. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
Current Ratio
588 mph
15
Quick Ratio