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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. What happens when your expenses - etc. are higher than your sales
Of what number 16 is a 25% increase
Compound interest formula with changing rates
loss
Sales per Transaction
2. 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?
60
$252
profit and loss statement
2.5% per month
3. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
36%
Average Collection Turnover
Extremes
4. The average car payment is $_ per month for _ months.
.65
378 63
gross sales
60
5. Convert .36 to a percent
overbought
Multiplying Fractions
OTB (retail)
36%
6. Direct labor - factory overhead - merchandise inventory - packaging - raw material
costs of goods sold
Of what number 16 is a 25% increase
installment loan
80/100
7. A/b + c/b = (a+c)/b
25%
COD
overbought
Adding Fractions
8. Inside numbers in a ratio.
Means
FOB destination
Unit pricing
Markup
9. $ Cost/ (100%-markup%)
Break Even Point
Adding Fractions
Compound interest formula with changing rates
$ Retail
10. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
When Dividing With Exponents
Margin %
types of liabilities
The sum of a Geometric Progression
11. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
types of assets
Gross Margin Return On Inventory Investment (GMROII)
Retail
12. $ Cost x (100 + Mark-up %) / 100
Markdown %
Current Assets
shrinkage
$ Retail
13. The wholesale cost of goods plus the markup
Retail
When Dividing With Exponents
62%
gross sales
14. Amount decrease (Original - New) / Original amount = decimal= convert to %
percent decrease
588 mph
GMROI
Turnover
15. Net Sales for period/ Avg Stock for period
COD
Turnover
36%
.7
16. Capital stock - owner's equity (owner's funds invested in the business)
14/100
types of capital
20%
50/100
17. 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.
loss
shortage
1.304
net sales
18. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Gross margin %
125%
types of expenses
to determine equivalent single discount rate for 25/10/10 series discount
19. 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
profit and loss statement
Average Daily Sales
Stock to Sales Ratio
20. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
overages
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
.56
588 mph
21. Convert 1.25 to a percent
Internal Rate of Return
4%
25%
125%
22. The average person will have _ jobs in their lifetime.
16-18
COD
Gross Margin Return On Inventory Investment (GMROII)
20%
23. What does percent mean?
per hundred
With cash discounts and calculating net price - when to add freight
ROG
Margin %
24. % of 90 days same as cash convert to payments.
Average Daily Sales
2.5% per month
Quick Ratio
78
25. Wholesale cost
cost of goods
Dividing Fractions
profit
types of assets
26. Gross Margin/ Average Inventory Cost
GMROI
gross margin
Dividing Fractions
ROG
27. The recommended house payment should be no more than _% of your monthly take-home pay.
Discounting Formula
To increase a number by a given percentage - e.g. increase 16 by 25%
25
DOI
28. Cash or assets that can quickly be converted into cash.
Means
15
Markup
Current Assets
29. Net Sales / Average Retail Value of Inventory
Unit pricing
Inventory Turnover Rate
When Dividing With Exponents
378 63
30. cash + receivables/ current liabilities.
378 63
income statement
When Dividing With Exponents
Quick Ratio
31. Convert 56% to a decimal
to determine equivalent single discount rate for 25/10/10 series discount
3%
.56
Average Daily Sales
32. Loss of items due to damaged goods - stealing - etc.
netprice with a 25/10/10 series discount
62%
Cost
shrinkage
33. Convert .62 to a percent
ROG
.56
62%
OTB (retail)
34. 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
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
$2 -127.66
gross sales
35. Convert 80% to a fraction
80/100
types of assets
2.5% per month
3%
36. current assets/ current liabilities
588 mph
25
Effective annual rate of interest formula
Current Ratio
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%
ROG
Inventory Turnover Rate
to determine equivalent single discount rate for 25/10/10 series discount
profit and loss statement
38. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
net sales
125%
GMROI
improper
39. Beginning inventory + Purchases - Ending inventory
types of capital
types of liabilities
physical inventory
cost of goods sold formula (COGS)
40. 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
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Gross Margin Return On Inventory Investment (GMROII)
Inventory Turnover Rate
41. Commissions - fees for service - merchandise sales - rental income - royalties
3%
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
gross sales
types of incomes
42. He availability of your money is called _.
improper
Discounting Formula
shrinkage
Liquidity
43. Assets - cost of goods sold - expenses
increase=debit
Gross Margin Return On Inventory Investment (GMROII)
cost of goods sold formula (COGS)
net sales
44. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
Average Collection Turnover
.56
To increase a number by a given percentage - e.g. increase 16 by 25%
Simple interest formula
45. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
Subtracting Fractions
per hundred
income statement
$2 -127.66
46. Turning assets into cash.
$252
Break Even Point Formula
Liquidity of Assets
80/100
47. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
16-18
profit and loss statement
Of what number 16 is a 25% increase
book value
48. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
90.9%
COD
operating expenses
Markdown %
49. (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
Liquidity of Assets
60
Gross margin dollars
50. Another way of counting part of a whole?
15
Average Collection Turnover
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
percent