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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. Convert 80% to a fraction
To increase a number by a given percentage - e.g. increase 16 by 25%
Proportion
80/100
Sell Thru %
2. What happens when your sales are higher than your expenses - etc.
profit
income statement
Discounting Formula
2.5% per month
3. The average car payment is $_ per month for _ months.
The sum of a Geometric Progression
types of liabilities
Break Even Point
378 63
4. Convert 1/4 to a percent
2.5% per month
25%
Cost
steps in strategic planning
5. 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
steps in strategic planning
Gross Margin Return On Inventory Investment (GMROII)
60
Liquidity of Assets
6. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
overbought
To decrease a number by a given percentage - e.g. decrease 16 by 25%
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Dividing Fractions
7. (Retail - Cost)/ Retail
Current Assets
The sum of a Geometric Progression
overbought
Margin %
8. Liabilities - capital - income
increase=credit
shrinkage
60
1.304
9. You should never take out more than a _ year mortgage.
Adding Fractions
15
With cash discounts and calculating net price - when to add freight
Markup
10. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
588 mph
$ Retail
78
Effective annual rate of interest formula
11. Net Sales for period/ Avg Stock for period
FOB destination
$ Markdown
to determine equivalent single discount rate for 25/10/10 series discount
Turnover
12. Units Sold/ (Units Sold + On Hand Inventory)
Markup
installment loan
Sell Thru %
increase=debit
13. cost of an item expressed per unit of measure or count.
378 63
Gross margin %
Unit pricing
When Dividing With Exponents
14. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
125%
overbought
transportation
60
15. 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?
16-18
Markdown %
increase=credit
16. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
$ Cost
cost of goods
588 mph
COD
17. Outside numbers in a ratio.
Turnover
Extremes
$2 -127.66
shortage
18. Cash on delivery; this dating is used when the vendor does not know the retailer or the retailer does not have a strong line of credit
Current Assets
COD
overbought
36%
19. Convert 3 to a percent
types of capital
3%
loss
Discounting Formula
20. $ RETAIL X (100 - GM %) / 100
Discounting Formula
50/100
$ COST
The sum of a Geometric Progression
21. Alignment of the decimals is not important
when multiplying numbers that contain decimals:
Of what number 16 is a 25% increase
To increase a number by a given percentage - e.g. increase 16 by 25%
$ COST
22. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
41%
Effective annual rate of interest formula
Sell Thru %
ROG
23. Direct labor - factory overhead - merchandise inventory - packaging - raw material
OTB (retail)
costs of goods sold
installment loan
78
24. 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%
Adding Fractions
per hundred
cost of goods sold formula (COGS)
gross sales
25. Convert 56% to a decimal
.56
Multiplying Fractions
increase=debit
Liquidity
26. What happens when your expenses - etc. are higher than your sales
Sales per Transaction
loss
OTB (retail)
20%
27. The average car will lose _% of its value in the first 4 years.
41%
$6 -655.50
60
Stock to Sales Ratio
28. He availability of your money is called _.
profit
Effective annual rate of interest formula
Liquidity
378 63
29. A form of closed-end credit used for purchasing durable goods such as cars
588 mph
3%
Internal Rate of Return
installment loan
30. Convert 70/100 to a percent
To increase a number by a given percentage - e.g. increase 16 by 25%
Dividing Fractions
36%
70%
31. Another way of counting part of a whole?
Compound interest formula with changing rates
With cash discounts and calculating net price - when to add freight
$ COST
percent
32. Assets - cost of goods sold - expenses
15
Dividing Fractions
increase=debit
$ Retail
33. Convert 20 to a percent
profit
20%
Stock to Sales Ratio
types of liabilities
34. The wholesale cost of an item (cost of goods - or COG)
Cost
To increase a number by a given percentage - e.g. increase 16 by 25%
shrinkage
steps in strategic planning
35. 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?
$ COST
When Dividing With Exponents
costs of goods sold
$252
36. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
book value
$ COST
Markdown %
Stock to Sales Ratio
37. When sales plans are underestimated and the stock purchases result in a low inventory
.56
to determine equivalent single discount rate for 25/10/10 series discount
underbought
profit and loss statement
38. 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...
20%
profit
operating expenses
loss
39. What does percent mean?
.65
per hundred
Markdown %
Extremes
40. Original retail price - Lower retail price
costs of goods sold
profit
$ Markdown
when multiplying numbers that contain decimals:
41. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
$ Cost
profit and loss statement
With cash discounts and calculating net price - when to add freight
physical inventory
42. Convert .36 to a percent
Stock to Sales Ratio
operating expenses
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
36%
43. 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)
$6 -655.50
Simple interest formula
50/100
profit
44. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
installment loan
increase=debit
shortage
COD
45. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
With cash discounts and calculating net price - when to add freight
Compound interest formula with changing rates
profit and loss statement
income statement
46. Cash or assets that can quickly be converted into cash.
$252
netprice with a 25/10/10 series discount
Current Assets
Stock to Sales Ratio
47. Net Sales / Average Retail Value of Inventory
Inventory Turnover Rate
OTB (retail)
.56
2.5% per month
48. A measure of the number of days needed to collect accounts receivable.
$2 -127.66
Unit pricing
Average Collection Turnover
netprice with a 25/10/10 series discount
49. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
book value
16-18
per hundred
20%
50. 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
improper
types of expenses
Sales per Transaction
Margin %
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