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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 person will have _ jobs in their lifetime.
To increase a number by a given percentage - e.g. increase 16 by 25%
types of liabilities
$ Cost
16-18
2. 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)
increase=credit
$6 -655.50
Internal Rate of Return
overages
3. 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%
$ COST
to determine equivalent single discount rate for 25/10/10 series discount
Average Collection Turnover
The sum of a Geometric Progression
4. 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...
operating expenses
installment loan
To decrease a number by a given percentage - e.g. decrease 16 by 25%
book value
5. Loss of items due to damaged goods - stealing - etc.
when multiplying numbers that contain decimals:
4%
shrinkage
90.9%
6. 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
transportation
Average Daily Sales
cost of goods sold formula (COGS)
Multiplying Fractions
7. If freight is to be paid by the seller - the shipping terms are...
$ Retail
overages
loss
FOB destination
8. The recommended house payment should be no more than _% of your monthly take-home pay.
25
80/100
15
Discounting Formula
9. $ Cost x (100 + Mark-up %) / 100
$ Retail
COD
70%
Turnover
10. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
book value
ROG
gross sales
Compound interest formula with changing rates
11. Overage$ = book$ - physical count$; overage% = overage$/NS$
overages
125%
profit and loss statement
gross margin
12. Total Net Sales / Total Number of Transactions
improper
$ Retail
transportation
Sales per Transaction
13. 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
62%
Internal Rate of Return
profit and loss statement
14. Commissions - fees for service - merchandise sales - rental income - royalties
types of incomes
book value
Inventory Turnover Rate
Dividing Fractions
15. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
percent decrease
$ Markdown
Of what number 16 is a 25% increase
DOI
16. Net Sales / Average Retail Value of Inventory
36%
cost of goods
Inventory Turnover Rate
$ Markdown
17. Convert 70/100 to a percent
shrinkage
Current Assets
70%
$ Retail
18. total annual sales/365
overbought
when multiplying numbers that contain decimals:
78
Average Daily Sales
19. 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
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
types of expenses
Gross Margin Return On Inventory Investment (GMROII)
Average Daily Sales
20. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
operating expenses
types of assets
2.5% per month
GMROI
21. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Effective annual rate of interest formula
Proportion
Discounting Formula
Multiplying Fractions
22. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
types of liabilities
net sales
FOB destination
41%
23. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
net sales
Multiplying Fractions
Average Daily Sales
To decrease a number by a given percentage - e.g. decrease 16 by 25%
24. (TY-LY)/ LY or (Plan-Actual)/
loss
$2 -127.66
netprice with a 25/10/10 series discount
% increase or decrease
25. Convert 80% to a fraction
36%
80/100
Average Collection Turnover
Liquidity
26. ($ Retail x 100 / COST) - 100
To decrease a number by a given percentage - e.g. decrease 16 by 25%
4%
80/100
Mark Up %
27. 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
Quick Ratio
1.304
The sum of a Geometric Progression
when multiplying numbers that contain decimals:
28. $ Cost/ (100%-markup%)
$ Retail
underbought
types of expenses
25%
29. What is the product of 3.26 and 0.4?
1.304
gross margin
36%
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
30. A form of closed-end credit used for purchasing durable goods such as cars
transportation
.65
COD
installment loan
31. Gross Margin/ Average Inventory Cost
Margin %
GMROI
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Liquidity
32. 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?
36%
$252
costs of goods sold
Dividing Fractions
33. S=X(1+r1)^y(1+r
FOB destination
Liquidity of Assets
Compound interest formula with changing rates
$6 -655.50
34. Assets - cost of goods sold - expenses
increase=debit
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Break Even Point Formula
percent
35. The average car will lose _% of its value in the first 4 years.
60
14/100
Mark Up %
per hundred
36. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
physical inventory
Average Collection Turnover
Discounting Formula
With cash discounts and calculating net price - when to add freight
37. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
underbought
income statement
Sales per Transaction
shortage
38. Wholesale cost
Cost
Dividing Fractions
shrinkage
cost of goods
39. The wholesale cost of goods plus the markup
types of liabilities
Extremes
Markup
Retail
40. Units Sold/ (Units Sold + On Hand Inventory)
Liquidity of Assets
netprice with a 25/10/10 series discount
Sell Thru %
25
41. Convert 14% to a fraction
14/100
shortage
.65
Average Daily Sales
42. $ retail x (100%-markup)
$ Cost
profit and loss statement
increase=debit
Compound interest formula with changing rates
43. Convert .36 to a percent
When Dividing With Exponents
36%
80/100
COD
44. Sales - cost of goods sold
Margin %
2.5% per month
Average Collection Turnover
Gross margin dollars
45. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
operating expenses
Of what number 16 is a 25% increase
Effective annual rate of interest formula
overbought
46. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
588 mph
With cash discounts and calculating net price - when to add freight
Average Collection Turnover
36%
47. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
stock turn
Of what number 16 is a 25% increase
% increase or decrease
25
48. $ RETAIL X (100 - GM %) / 100
80/100
Mark Up %
to determine equivalent single discount rate for 25/10/10 series discount
$ COST
49. total fixed costs/ selling price-variable cost
Cost
Stock to Sales Ratio
Mark Up %
Break Even Point Formula
50. 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%
25%
gross sales
Unit pricing
Average Daily Sales
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