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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. The recommended house payment should be no more than _% of your monthly take-home pay.
25
Sell Thru %
Means
Break Even Point Formula
2. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
profit and loss statement
Unit pricing
588 mph
Simple interest formula
3. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
$ Markdown
types of assets
FOB destination
profit
4. $ retail x (100%-markup)
$ Cost
Liquidity
Gross margin dollars
Turnover
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%
cost of goods
$ Retail
overbought
6. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
loss
physical inventory
to determine equivalent single discount rate for 25/10/10 series discount
types of liabilities
7. 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
Break Even Point Formula
Compound interest formula with changing rates
types of expenses
41%
8. % of 90 days same as cash convert to payments.
78
3%
types of assets
$2 -127.66
9. Original retail price - Lower retail price
$ Markdown
Unit pricing
To increase a number by a given percentage - e.g. increase 16 by 25%
overages
10. A^m/a^n = a^(m-n)
To decrease a number by a given percentage - e.g. decrease 16 by 25%
When Dividing With Exponents
$ COST
net sales
11. Rose borrowed money to buy a ring priced at $420. When she repaid the loan at the end of 3 months - the interest charge was $31.50. What was the rate of interest?
Break Even Point Formula
2.5% per month
shrinkage
.65
12. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
$ Retail
shortage
improper
Effective annual rate of interest formula
13. 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%
$ Retail
GMROI
gross sales
With cash discounts and calculating net price - when to add freight
14. 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)
Internal Rate of Return
$ Cost
$ Markdown
Simple interest formula
15. What is the product of 3.26 and 0.4?
Internal Rate of Return
profit and loss statement
increase=credit
1.304
16. Convert 1.25 to a percent
GMROI
125%
60
increase=debit
17. Net Sales / Average Retail Value of Inventory
Inventory Turnover Rate
overages
$2 -127.66
41%
18. Capital stock - owner's equity (owner's funds invested in the business)
GMROI
increase=credit
36%
types of capital
19. 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
The sum of a Geometric Progression
installment loan
Extremes
.7
20. 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
$ COST
Of what number 16 is a 25% increase
EOM (in terms of invoice)
378 63
21. Two equivalent ratios joined by an equal sign.
Proportion
Markup
1.304
90.9%
22. Loss of items due to damaged goods - stealing - etc.
Margin %
to determine equivalent single discount rate for 25/10/10 series discount
shrinkage
25%
23. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
Simple interest formula
To decrease a number by a given percentage - e.g. decrease 16 by 25%
$6 -655.50
25
24. (TY-LY)/ LY or (Plan-Actual)/
Multiplying Fractions
increase=debit
Mark Up %
% increase or decrease
25. Inside numbers in a ratio.
Sales per Transaction
Means
Extremes
Mark Up %
26. You should never take out more than a _ year mortgage.
15
Cost
Inventory Turnover Rate
$ Cost
27. A team won 16 games and lost 9 games. What percent of games did the team lose?
steps in strategic planning
36%
Of what number 16 is a 25% increase
.7
28. The wholesale cost of goods plus the markup
cost of goods
types of liabilities
Retail
25
29. current assets/ current liabilities
70%
types of assets
cost of goods sold formula (COGS)
Current Ratio
30. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
Proportion
DOI
percent
To decrease a number by a given percentage - e.g. decrease 16 by 25%
31. The wholesale cost of an item (cost of goods - or COG)
588 mph
types of liabilities
when multiplying numbers that contain decimals:
Cost
32. Net Sales for period/ Avg Stock for period
profit
Turnover
Markup
gross sales
33. Another way of counting part of a whole?
percent
Retail
stock turn
Break Even Point
34. 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
The sum of a Geometric Progression
62%
$ Cost
COD
35. What does percent mean?
Proportion
80/100
per hundred
Discounting Formula
36. If freight is to be paid by the seller - the shipping terms are...
FOB destination
Cost
increase=credit
$6 -655.50
37. Sales - cost of goods sold
Gross margin dollars
Markup
62%
income statement
38. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
25%
netprice with a 25/10/10 series discount
378 63
Extremes
39. 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...
60
per hundred
70%
operating expenses
40. The average car will lose _% of its value in the first 4 years.
90.9%
60
$ Cost
25%
41. When sales plans are underestimated and the stock purchases result in a low inventory
4%
installment loan
To decrease a number by a given percentage - e.g. decrease 16 by 25%
underbought
42. 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
Margin %
Mark Up %
book value
43. A/b
types of assets
improper
Multiplying Fractions
Turnover
44. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
$2 -127.66
1.304
ROG
Cost
45. 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
Sales per Transaction
Extremes
percent
46. Commissions - fees for service - merchandise sales - rental income - royalties
Margin %
.65
3%
types of incomes
47. The point at which you stop losing money.
15
types of capital
Break Even Point
overages
48. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Gross Margin Return On Inventory Investment (GMROII)
% increase or decrease
Inventory Turnover Rate
Markup
49. Convert 41/100 to a percent
Compound interest formula with changing rates
41%
Gross margin %
book value
50. $ Cost/ (100%-markup%)
$ Cost
50/100
To increase a number by a given percentage - e.g. increase 16 by 25%
$ Retail