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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. A^m/a^n = a^(m-n)
installment loan
125%
When Dividing With Exponents
stock turn
2. GMROII = GM% x (Sales / Average Value of Inventory)
Liquidity
Gross Margin Return On Inventory Investment (GMROII)
41%
Compound interest formula with changing rates
3. current assets/ current liabilities
ROG
78
to determine equivalent single discount rate for 25/10/10 series discount
Current Ratio
4. 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?
Adding Fractions
$252
cost of goods
Markdown %
5. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
To decrease a number by a given percentage - e.g. decrease 16 by 25%
types of incomes
Inventory Turnover Rate
4%
6. A/b - c/b = a-c/b
16-18
$ COST
Subtracting Fractions
Stock to Sales Ratio
7. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
To increase a number by a given percentage - e.g. increase 16 by 25%
60
netprice with a 25/10/10 series discount
8. Direct labor - factory overhead - merchandise inventory - packaging - raw material
types of expenses
netprice with a 25/10/10 series discount
net sales
costs of goods sold
9. What happens when your sales are higher than your expenses - etc.
loss
41%
profit
$ Markdown
10. A form of closed-end credit used for purchasing durable goods such as cars
Internal Rate of Return
installment loan
90.9%
OTB (retail)
11. 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
Proportion
types of expenses
Adding Fractions
COD
12. Beginning inventory + Purchases - Ending inventory
cost of goods sold formula (COGS)
Of what number 16 is a 25% increase
$ COST
EOM (in terms of invoice)
13. Two equivalent ratios joined by an equal sign.
Proportion
25
Stock to Sales Ratio
DOI
14. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
With cash discounts and calculating net price - when to add freight
Liquidity of Assets
Markdown %
Mark Up %
15. Convert 3 to a percent
3%
cost of goods sold formula (COGS)
operating expenses
profit and loss statement
16. Another way of counting part of a whole?
to determine equivalent single discount rate for 25/10/10 series discount
$ COST
Break Even Point
percent
17. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
types of assets
125%
netprice with a 25/10/10 series discount
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
18. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
Break Even Point Formula
588 mph
Gross Margin Return On Inventory Investment (GMROII)
percent decrease
19. Net Sales / Average Retail Value of Inventory
Inventory Turnover Rate
percent
types of incomes
$ Markdown
20. Convert 70/100 to a percent
70%
Retail
profit
underbought
21. Convert 50% to a fraction
physical inventory
operating expenses
50/100
Gross margin %
22. Convert 1.25 to a percent
Extremes
125%
Average Daily Sales
operating expenses
23. A/b
Liquidity of Assets
Dividing Fractions
Retail
Inventory Turnover Rate
24. ($ Retail x 100 / COST) - 100
Stock to Sales Ratio
1.304
Mark Up %
Average Collection Turnover
25. Overage$ = book$ - physical count$; overage% = overage$/NS$
per hundred
The sum of a Geometric Progression
Average Collection Turnover
overages
26. The average car payment is $_ per month for _ months.
378 63
The sum of a Geometric Progression
installment loan
$ COST
27. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
steps in strategic planning
types of liabilities
profit
Break Even Point
28. Formula: GM = NS - COG; GM$ = NS$ X GM%
cost of goods
25%
gross margin
loss
29. 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.
types of assets
net sales
60
80/100
30. $ retail x (100%-markup)
Multiplying Fractions
$ Cost
improper
types of liabilities
31. Loss of items due to damaged goods - stealing - etc.
Current Assets
shrinkage
Sell Thru %
To increase a number by a given percentage - e.g. increase 16 by 25%
32. The average car will lose _% of its value in the first 4 years.
Break Even Point Formula
60
$ Markdown
loss
33. Convert .62 to a percent
.7
62%
20%
Current Ratio
34. A team won 16 games and lost 9 games. What percent of games did the team lose?
588 mph
36%
operating expenses
Break Even Point Formula
35. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
GMROI
shortage
gross margin
.56
36. He availability of your money is called _.
Liquidity
installment loan
Gross margin %
Markup
37. 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%
to determine equivalent single discount rate for 25/10/10 series discount
60
per hundred
Proportion
38. 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
78
Cost
EOM (in terms of invoice)
types of expenses
39. accounts receivable/ average daily sales
shortage
588 mph
stock turn
Average Collection Turnover
40. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
Break Even Point Formula
Sell Thru %
Of what number 16 is a 25% increase
$6 -655.50
41. total fixed costs/ selling price-variable cost
when multiplying numbers that contain decimals:
Break Even Point Formula
Sales per Transaction
125%
42. Original retail price - Lower retail price
50/100
$ Markdown
Liquidity of Assets
shrinkage
43. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
shortage
types of expenses
costs of goods sold
ROG
44. Gross Margin/ Average Inventory Cost
GMROI
Break Even Point
stock turn
Effective annual rate of interest formula
45. BOM $ Stock/ Sales for period
percent decrease
Stock to Sales Ratio
Of what number 16 is a 25% increase
costs of goods sold
46. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
OTB (retail)
.65
overbought
50/100
47. $ Cost/ (100%-markup%)
$ Retail
Break Even Point
percent
COD
48. Sales - cost of goods sold
overages
Gross margin dollars
Mark Up %
.7
49. Wholesale cost
gross margin
cost of goods
Subtracting Fractions
$ Markdown
50. 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...
Compound interest formula with changing rates
ROG
Average Daily Sales
operating expenses