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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. Total Net Sales / Total Number of Transactions
Sales per Transaction
netprice with a 25/10/10 series discount
ROG
increase=debit
2. 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.
net sales
Sales per Transaction
With cash discounts and calculating net price - when to add freight
% increase or decrease
3. current assets/ current liabilities
Average Collection Turnover
Current Ratio
cost of goods
income statement
4. total annual sales/365
overages
Average Daily Sales
Gross Margin Return On Inventory Investment (GMROII)
588 mph
5. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
types of incomes
When Dividing With Exponents
Markdown %
netprice with a 25/10/10 series discount
6. When sales plans are underestimated and the stock purchases result in a low inventory
Break Even Point Formula
$252
cost of goods
underbought
7. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
income statement
14/100
percent
The sum of a Geometric Progression
8. A/b - c/b = a-c/b
3%
Dividing Fractions
Subtracting Fractions
$252
9. He availability of your money is called _.
Liquidity
Effective annual rate of interest formula
Adding Fractions
physical inventory
10. Net Sales for period/ Avg Stock for period
Turnover
improper
15
Cost
11. $ RETAIL X (100 - GM %) / 100
$ COST
Subtracting Fractions
70%
netprice with a 25/10/10 series discount
12. The average person will have _ jobs in their lifetime.
income statement
16-18
profit and loss statement
netprice with a 25/10/10 series discount
13. S=X(1+r1)^y(1+r
net sales
378 63
Means
Compound interest formula with changing rates
14. % of 90 days same as cash convert to payments.
78
With cash discounts and calculating net price - when to add freight
Mark Up %
$ COST
15. (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
increase=credit
Discounting Formula
GMROI
16. 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?
increase=debit
378 63
The sum of a Geometric Progression
$2 -127.66
17. (Retail - Cost)/ Retail
cost of goods
Margin %
36%
Break Even Point
18. What happens when your sales are higher than your expenses - etc.
overbought
netprice with a 25/10/10 series discount
$2 -127.66
profit
19. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
profit and loss statement
To increase a number by a given percentage - e.g. increase 16 by 25%
cost of goods
physical inventory
20. Original retail price - Lower retail price
$ Markdown
Gross Margin Return On Inventory Investment (GMROII)
overages
underbought
21. Convert 70% to a decimal
.7
Discounting Formula
Markdown %
25%
22. Loss of items due to damaged goods - stealing - etc.
Dividing Fractions
shrinkage
book value
Sales per Transaction
23. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
Mark Up %
shortage
to determine equivalent single discount rate for 25/10/10 series discount
Effective annual rate of interest formula
24. Net Sales / Average Retail Value of Inventory
profit and loss statement
ROG
1.304
Inventory Turnover Rate
25. 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
Unit pricing
14/100
Break Even Point
steps in strategic planning
26. Two equivalent ratios joined by an equal sign.
types of expenses
Liquidity of Assets
Proportion
Average Collection Turnover
27. 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)
Means
Simple interest formula
Proportion
1.304
28. 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?
Extremes
2.5% per month
Quick Ratio
Dividing Fractions
29. 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
% increase or decrease
net sales
Markup
30. What happens when your expenses - etc. are higher than your sales
DOI
cost of goods
loss
$ COST
31. The point at which you stop losing money.
.65
20%
Break Even Point
Adding Fractions
32. Assets - cost of goods sold - expenses
Gross Margin Return On Inventory Investment (GMROII)
increase=debit
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
overages
33. Convert 50% to a fraction
588 mph
50/100
Current Ratio
gross sales
34. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Markdown %
Adding Fractions
COD
Current Assets
35. Commissions - fees for service - merchandise sales - rental income - royalties
Adding Fractions
physical inventory
types of incomes
costs of goods sold
36. Convert 41/100 to a percent
125%
Liquidity of Assets
41%
types of expenses
37. A/b
ROG
4%
Multiplying Fractions
gross margin
38. accounts receivable/ average daily sales
588 mph
operating expenses
Average Collection Turnover
transportation
39. Direct labor - factory overhead - merchandise inventory - packaging - raw material
Effective annual rate of interest formula
Gross margin %
costs of goods sold
Inventory Turnover Rate
40. Convert .62 to a percent
25
62%
16-18
income statement
41. Convert 3 to a percent
installment loan
COD
3%
% increase or decrease
42. Wholesale cost
Liquidity of Assets
cost of goods
Mark Up %
operating expenses
43. Convert 56% to a decimal
Break Even Point
.56
Simple interest formula
To decrease a number by a given percentage - e.g. decrease 16 by 25%
44. Turning assets into cash.
Effective annual rate of interest formula
With cash discounts and calculating net price - when to add freight
Adding Fractions
Liquidity of Assets
45. A team won 16 games and lost 9 games. What percent of games did the team lose?
Adding Fractions
36%
profit
$ Markdown
46. cost of an item expressed per unit of measure or count.
Stock to Sales Ratio
$ Cost
Sales per Transaction
Unit pricing
47. 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
Dividing Fractions
DOI
income statement
48. Units Sold/ (Units Sold + On Hand Inventory)
Sell Thru %
2.5% per month
types of liabilities
ROG
49. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
types of liabilities
when multiplying numbers that contain decimals:
overages
$6 -655.50
50. A^m/a^n = a^(m-n)
When Dividing With Exponents
$ COST
4%
Average Collection Turnover
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