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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. 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
36%
underbought
With cash discounts and calculating net price - when to add freight
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?
$252
FOB destination
net sales
GMROI
3. cash + receivables/ current liabilities.
Gross Margin Return On Inventory Investment (GMROII)
Quick Ratio
Turnover
OTB (retail)
4. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
Liquidity
Current Ratio
Stock to Sales Ratio
improper
5. GMROII = GM% x (Sales / Average Value of Inventory)
book value
Gross Margin Return On Inventory Investment (GMROII)
25%
underbought
6. ($ Retail x 100 / COST) - 100
90.9%
% increase or decrease
Mark Up %
41%
7. Convert 50% to a fraction
80/100
36%
50/100
70%
8. 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
loss
EOM (in terms of invoice)
overbought
Quick Ratio
9. 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
types of expenses
ROG
cost of goods
Quick Ratio
10. total annual sales/365
Average Daily Sales
FOB destination
types of liabilities
GMROI
11. Convert 3 to a percent
physical inventory
3%
Current Assets
90.9%
12. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
Quick Ratio
.7
To increase a number by a given percentage - e.g. increase 16 by 25%
Retail
13. Convert .36 to a percent
36%
operating expenses
Discounting Formula
Multiplying Fractions
14. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
loss
steps in strategic planning
netprice with a 25/10/10 series discount
overbought
15. Actual retail sales; the retail price at which one tiem is sold is combined with the retail prices of all the items that are sold to become the net sales amount.
4%
net sales
3%
netprice with a 25/10/10 series discount
16. Assets - cost of goods sold - expenses
Liquidity of Assets
Current Ratio
increase=debit
Stock to Sales Ratio
17. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
Break Even Point
gross sales
78
types of expenses
18. Convert 14% to a fraction
14/100
improper
DOI
Effective annual rate of interest formula
19. What is the product of 3.26 and 0.4?
Subtracting Fractions
1.304
Gross Margin Return On Inventory Investment (GMROII)
78
20. The average car payment is $_ per month for _ months.
when multiplying numbers that contain decimals:
improper
378 63
Of what number 16 is a 25% increase
21. The recommended house payment should be no more than _% of your monthly take-home pay.
physical inventory
2.5% per month
Markup
25
22. Convert 1.25 to a percent
125%
stock turn
when multiplying numbers that contain decimals:
increase=debit
23. Gross Margin/ Average Inventory Cost
Of what number 16 is a 25% increase
.65
15
GMROI
24. total fixed costs/ selling price-variable cost
Extremes
Break Even Point Formula
installment loan
shrinkage
25. What does percent mean?
$2 -127.66
DOI
per hundred
gross margin
26. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
types of assets
4%
25%
80/100
27. 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)
$ Retail
Extremes
Internal Rate of Return
$ Markdown
28. A form of closed-end credit used for purchasing durable goods such as cars
16-18
.56
Of what number 16 is a 25% increase
installment loan
29. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
Effective annual rate of interest formula
125%
book value
Turnover
30. He availability of your money is called _.
physical inventory
Liquidity
Simple interest formula
types of incomes
31. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
income statement
EOM (in terms of invoice)
125%
2.5% per month
32. (TY-LY)/ LY or (Plan-Actual)/
% increase or decrease
cost of goods
.56
Adding Fractions
33. Outside numbers in a ratio.
Markup
4%
Quick Ratio
Extremes
34. Original retail price - Lower retail price
$ Retail
To increase a number by a given percentage - e.g. increase 16 by 25%
Liquidity of Assets
$ Markdown
35. You should never take out more than a _ year mortgage.
transportation
DOI
loss
15
36. Overage$ = book$ - physical count$; overage% = overage$/NS$
overages
cost of goods
The sum of a Geometric Progression
Turnover
37. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
1.304
physical inventory
transportation
Simple interest formula
38. $ Cost x (100 + Mark-up %) / 100
$ Retail
62%
588 mph
physical inventory
39. 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
COD
OTB (retail)
FOB destination
378 63
40. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
increase=credit
overbought
net sales
78
41. BOM $ Stock/ Sales for period
Unit pricing
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Stock to Sales Ratio
Proportion
42. Sales - cost of goods sold
60
36%
Gross margin dollars
netprice with a 25/10/10 series discount
43. 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?
$2 -127.66
percent
overbought
50/100
44. current assets/ current liabilities
ROG
Current Ratio
Subtracting Fractions
.65
45. $ RETAIL X (100 - GM %) / 100
$ COST
gross sales
36%
increase=debit
46. $ retail x (100%-markup)
$ Markdown
to determine equivalent single discount rate for 25/10/10 series discount
$ Cost
Markdown %
47. Capital stock - owner's equity (owner's funds invested in the business)
Quick Ratio
COD
types of capital
4%
48. What happens when your expenses - etc. are higher than your sales
To increase a number by a given percentage - e.g. increase 16 by 25%
15
loss
DOI
49. Convert 70/100 to a percent
stock turn
70%
Effective annual rate of interest formula
To decrease a number by a given percentage - e.g. decrease 16 by 25%
50. Loss of items due to damaged goods - stealing - etc.
shrinkage
Margin %
Current Ratio
profit and loss statement