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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. When sales plans are underestimated and the stock purchases result in a low inventory
book value
Adding Fractions
Markup
underbought
2. accounts receivable/ average daily sales
Average Collection Turnover
When Dividing With Exponents
36%
$252
3. Amount decrease (Original - New) / Original amount = decimal= convert to %
GMROI
percent decrease
FOB destination
To decrease a number by a given percentage - e.g. decrease 16 by 25%
4. Convert 50% to a fraction
50/100
Liquidity
gross margin
$ Retail
5. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
GMROI
netprice with a 25/10/10 series discount
To increase a number by a given percentage - e.g. increase 16 by 25%
ROG
6. Inside numbers in a ratio.
Means
Markup
OTB (retail)
Compound interest formula with changing rates
7. $ Cost x (100 + Mark-up %) / 100
Adding Fractions
Discounting Formula
Liquidity of Assets
$ Retail
8. Overage$ = book$ - physical count$; overage% = overage$/NS$
ROG
Discounting Formula
overages
36%
9. total annual sales/365
EOM (in terms of invoice)
Of what number 16 is a 25% increase
Average Daily Sales
installment loan
10. Liabilities - capital - income
Compound interest formula with changing rates
increase=credit
Gross margin %
percent
11. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
14/100
DOI
Quick Ratio
operating expenses
12. What does percent mean?
Break Even Point
$2 -127.66
.56
per hundred
13. Alignment of the decimals is not important
Sell Thru %
when multiplying numbers that contain decimals:
% increase or decrease
gross margin
14. Convert 1/4 to a percent
transportation
378 63
Internal Rate of Return
25%
15. What happens when your expenses - etc. are higher than your sales
loss
types of liabilities
3%
$6 -655.50
16. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
netprice with a 25/10/10 series discount
When Dividing With Exponents
Proportion
types of assets
17. A/b - c/b = a-c/b
ROG
25%
operating expenses
Subtracting Fractions
18. Two equivalent ratios joined by an equal sign.
Proportion
$ COST
$ Retail
cost of goods sold formula (COGS)
19. Direct labor - factory overhead - merchandise inventory - packaging - raw material
types of expenses
EOM (in terms of invoice)
costs of goods sold
14/100
20. Another way of counting part of a whole?
profit and loss statement
Dividing Fractions
588 mph
percent
21. Convert .36 to a percent
percent
50/100
loss
36%
22. current assets/ current liabilities
OTB (retail)
Current Ratio
% increase or decrease
Current Assets
23. Capital stock - owner's equity (owner's funds invested in the business)
cost of goods sold formula (COGS)
$ Cost
To increase a number by a given percentage - e.g. increase 16 by 25%
types of capital
24. Convert .4 to a percent
types of incomes
4%
25
loss
25. A^m/a^n = a^(m-n)
1.304
operating expenses
When Dividing With Exponents
Current Assets
26. $ Cost/ (100%-markup%)
Retail
$ Retail
.56
60
27. Commissions - fees for service - merchandise sales - rental income - royalties
1.304
types of incomes
Means
.65
28. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
cost of goods sold formula (COGS)
Effective annual rate of interest formula
80/100
Adding Fractions
29. The average person will have _ jobs in their lifetime.
16-18
41%
$ Retail
60
30. ($ Retail x 100 / COST) - 100
Quick Ratio
Mark Up %
80/100
GMROI
31. 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?
$252
FOB destination
OTB (retail)
% increase or decrease
32. 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?
$2 -127.66
25
Internal Rate of Return
Current Ratio
33. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
When Dividing With Exponents
Discounting Formula
types of liabilities
Average Collection Turnover
34. cash + receivables/ current liabilities.
$ Retail
Quick Ratio
Stock to Sales Ratio
cost of goods
35. Total Net Sales / Total Number of Transactions
Sales per Transaction
$ Retail
percent
Sell Thru %
36. The wholesale cost of goods plus the markup
Retail
cost of goods
Liquidity of Assets
Break Even Point Formula
37. 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
FOB destination
Current Ratio
70%
38. Formula: GM = NS - COG; GM$ = NS$ X GM%
Markup
Liquidity of Assets
Quick Ratio
gross margin
39. 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
$6 -655.50
588 mph
Discounting Formula
125%
40. A/b
Internal Rate of Return
Current Assets
% increase or decrease
Multiplying Fractions
41. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
stock turn
Sales per Transaction
.56
types of liabilities
42. Convert 14% to a fraction
Compound interest formula with changing rates
The sum of a Geometric Progression
14/100
Adding Fractions
43. A team won 16 games and lost 9 games. What percent of games did the team lose?
Gross margin dollars
Compound interest formula with changing rates
20%
36%
44. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
cost of goods sold formula (COGS)
steps in strategic planning
Gross margin %
income statement
45. 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
Quick Ratio
50/100
types of expenses
overages
46. The wholesale cost of an item (cost of goods - or COG)
41%
$ Retail
Cost
Average Collection Turnover
47. A/b
Inventory Turnover Rate
Dividing Fractions
DOI
Current Ratio
48. Cash or assets that can quickly be converted into cash.
gross margin
Current Assets
FOB destination
operating expenses
49. $ RETAIL X (100 - GM %) / 100
$ COST
Subtracting Fractions
Liquidity of Assets
Unit pricing
50. GMROII = GM% x (Sales / Average Value of Inventory)
Gross Margin Return On Inventory Investment (GMROII)
overbought
.65
70%