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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. Units Sold/ (Units Sold + On Hand Inventory)
increase=debit
15
Sell Thru %
types of expenses
2. Convert .36 to a percent
$ Retail
36%
Current Ratio
Sales per Transaction
3. 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.
Break Even Point Formula
$2 -127.66
25%
net sales
4. A/b
Dividing Fractions
$ Cost
Effective annual rate of interest formula
types of incomes
5. 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)
$2 -127.66
Gross Margin Return On Inventory Investment (GMROII)
GMROI
Internal Rate of Return
6. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
20%
125%
DOI
Simple interest formula
7. Total Net Sales / Total Number of Transactions
Sales per Transaction
16-18
Stock to Sales Ratio
Proportion
8. Sales - cost of goods sold
$2 -127.66
Turnover
overbought
Gross margin dollars
9. 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%
Cost
588 mph
to determine equivalent single discount rate for 25/10/10 series discount
50/100
10. 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
Unit pricing
EOM (in terms of invoice)
COD
Simple interest formula
11. total annual sales/365
Average Daily Sales
profit
Adding Fractions
types of capital
12. (Retail - Cost)/ Retail
Average Collection Turnover
Margin %
ROG
profit and loss statement
13. $ RETAIL X (100 - GM %) / 100
Proportion
$ COST
Unit pricing
16-18
14. The average car payment is $_ per month for _ months.
14/100
378 63
types of expenses
EOM (in terms of invoice)
15. $ Cost x (100 + Mark-up %) / 100
Dividing Fractions
OTB (retail)
Current Assets
$ Retail
16. The average person will have _ jobs in their lifetime.
FOB destination
Effective annual rate of interest formula
16-18
EOM (in terms of invoice)
17. Convert .62 to a percent
36%
62%
per hundred
78
18. A measure of the number of days needed to collect accounts receivable.
378 63
25
Liquidity
Average Collection Turnover
19. GMROII = GM% x (Sales / Average Value of Inventory)
cost of goods sold formula (COGS)
Gross Margin Return On Inventory Investment (GMROII)
types of liabilities
14/100
20. Wholesale cost
DOI
cost of goods
gross sales
With cash discounts and calculating net price - when to add freight
21. The point at which you stop losing money.
Effective annual rate of interest formula
Break Even Point
OTB (retail)
Retail
22. Convert 50% to a fraction
Compound interest formula with changing rates
gross sales
50/100
book value
23. Another way of counting part of a whole?
Means
when multiplying numbers that contain decimals:
percent
Current Assets
24. Capital stock - owner's equity (owner's funds invested in the business)
To decrease a number by a given percentage - e.g. decrease 16 by 25%
50/100
types of capital
shrinkage
25. Overage$ = book$ - physical count$; overage% = overage$/NS$
$6 -655.50
overages
Liquidity of Assets
80/100
26. A/b + c/b = (a+c)/b
Adding Fractions
Quick Ratio
GMROI
Markdown %
27. Convert 80% to a fraction
to determine equivalent single discount rate for 25/10/10 series discount
36%
gross margin
80/100
28. If freight is to be paid by the seller - the shipping terms are...
Liquidity
FOB destination
Quick Ratio
$ Retail
29. What happens when your expenses - etc. are higher than your sales
loss
Inventory Turnover Rate
Markdown %
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
30. cash + receivables/ current liabilities.
Quick Ratio
Means
to determine equivalent single discount rate for 25/10/10 series discount
Adding Fractions
31. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
$ Cost
$2 -127.66
Markup
62%
32. Alignment of the decimals is not important
1.304
Effective annual rate of interest formula
when multiplying numbers that contain decimals:
Sales per Transaction
33. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
gross sales
$6 -655.50
Proportion
378 63
34. Convert 3 to a percent
1.304
Gross Margin Return On Inventory Investment (GMROII)
3%
16-18
35. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
To increase a number by a given percentage - e.g. increase 16 by 25%
types of liabilities
OTB (retail)
588 mph
36. (TY-LY)/ LY or (Plan-Actual)/
Gross margin dollars
stock turn
Internal Rate of Return
% increase or decrease
37. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Gross margin %
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Adding Fractions
$ COST
38. 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?
per hundred
book value
$2 -127.66
2.5% per month
39. A formal document that is used for a variety of functions within a retail business; it provides a big picture look at the succinct expression of the sales - markup - and profit for a business
profit and loss statement
Unit pricing
Break Even Point Formula
Current Ratio
40. BOM $ Stock/ Sales for period
Gross margin %
$ Markdown
Liquidity of Assets
Stock to Sales Ratio
41. Assets - cost of goods sold - expenses
36%
15
Markdown %
increase=debit
42. A/b
Sales per Transaction
Multiplying Fractions
60
Subtracting Fractions
43. Amount decrease (Original - New) / Original amount = decimal= convert to %
percent decrease
Proportion
% increase or decrease
With cash discounts and calculating net price - when to add freight
44. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
.56
To decrease a number by a given percentage - e.g. decrease 16 by 25%
OTB (retail)
Dividing Fractions
45. 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)
80/100
36%
$ Markdown
stock turn
46. % of 90 days same as cash convert to payments.
transportation
Internal Rate of Return
Current Ratio
78
47. Gross Margin/ Average Inventory Cost
types of liabilities
Average Collection Turnover
GMROI
Gross margin dollars
48. Convert 1/4 to a percent
25%
78
cost of goods
DOI
49. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
25%
gross margin
Effective annual rate of interest formula
operating expenses
50. What is the product of 3.26 and 0.4?
1.304
80/100
Liquidity
$252
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