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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 value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
$252
book value
% increase or decrease
improper
2. Use compliments - Step 1 Find compliments 25% = 100-25%= 75% - 10%= 90% - 10%=90% Step 2 Multiple Compliments 75%x90%x90% .75x.90x.90= .6075 Step 3 Convert to Percentage .6075= 60.75% Step 4 Compliment it 100%-60.75%= 39.35%
to determine equivalent single discount rate for 25/10/10 series discount
ROG
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Turnover
3. Wholesale cost
Unit pricing
378 63
16-18
cost of goods
4. The point at which you stop losing money.
improper
Adding Fractions
With cash discounts and calculating net price - when to add freight
Break Even Point
5. ($ Retail x 100 / COST) - 100
shortage
Gross Margin Return On Inventory Investment (GMROII)
Turnover
Mark Up %
6. Convert 70% to a decimal
.7
increase=credit
shortage
$252
7. What happens when your expenses - etc. are higher than your sales
loss
41%
types of capital
costs of goods sold
8. 1. develop a vision statement for the company - 2. scan the internal and external environments - 3. determine issues critical to the company - 4. select the problem to be solved - 5. determine the specific strategy to achieve the solution - 6. identi
costs of goods sold
loss
types of expenses
steps in strategic planning
9. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
DOI
Multiplying Fractions
gross sales
36%
10. $ RETAIL X (100 - GM %) / 100
70%
80/100
14/100
$ COST
11. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
Gross Margin Return On Inventory Investment (GMROII)
types of assets
Liquidity
Retail
12. Amount decrease (Original - New) / Original amount = decimal= convert to %
increase=credit
.7
Gross margin %
percent decrease
13. Assets - cost of goods sold - expenses
OTB (retail)
Gross Margin Return On Inventory Investment (GMROII)
Sales per Transaction
increase=debit
14. What happens when your sales are higher than your expenses - etc.
profit
Stock to Sales Ratio
overages
$ Retail
15. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Gross margin %
14/100
Retail
Internal Rate of Return
16. The wholesale cost of goods plus the markup
62%
increase=debit
per hundred
Retail
17. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
percent
$6 -655.50
Break Even Point
25
18. 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)
profit
overages
Internal Rate of Return
Markup
19. Convert 10/11 to a percent
$ Retail
Average Collection Turnover
90.9%
16-18
20. X=S*[1/(1+r)^n] Where: S=the sum to be received after n time periods X=the present value of that sum r=the rate of return (as a proportion) n=the number of time periods - r - rate - is sometimes called cost of capital
Mark Up %
Discounting Formula
Liquidity
3%
21. 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)
15
Simple interest formula
gross sales
Break Even Point
22. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
OTB (retail)
stock turn
.7
Quick Ratio
23. (TY-LY)/ LY or (Plan-Actual)/
% increase or decrease
EOM (in terms of invoice)
profit and loss statement
Inventory Turnover Rate
24. Net Sales / Average Retail Value of Inventory
Liquidity of Assets
Inventory Turnover Rate
Proportion
Of what number 16 is a 25% increase
25. Inside numbers in a ratio.
types of expenses
15
types of incomes
Means
26. The average car payment is $_ per month for _ months.
378 63
.7
60
Proportion
27. 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?
gross sales
$252
588 mph
Dividing Fractions
28. A/b + c/b = (a+c)/b
When Dividing With Exponents
Adding Fractions
588 mph
Average Collection Turnover
29. Convert .36 to a percent
profit and loss statement
Markup
cost of goods sold formula (COGS)
36%
30. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
To decrease a number by a given percentage - e.g. decrease 16 by 25%
costs of goods sold
Effective annual rate of interest formula
netprice with a 25/10/10 series discount
31. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Of what number 16 is a 25% increase
Gross Margin Return On Inventory Investment (GMROII)
book value
shortage
32. Convert 1.25 to a percent
$ Retail
125%
Break Even Point
when multiplying numbers that contain decimals:
33. Capital stock - owner's equity (owner's funds invested in the business)
Simple interest formula
gross margin
Internal Rate of Return
types of capital
34. Outside numbers in a ratio.
types of incomes
cost of goods sold formula (COGS)
Extremes
types of capital
35. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
stock turn
80/100
types of liabilities
improper
36. Loss of items due to damaged goods - stealing - etc.
gross margin
Effective annual rate of interest formula
36%
shrinkage
37. Turning assets into cash.
Stock to Sales Ratio
gross margin
Quick Ratio
Liquidity of Assets
38. GMROII = GM% x (Sales / Average Value of Inventory)
shrinkage
Adding Fractions
FOB destination
Gross Margin Return On Inventory Investment (GMROII)
39. Convert 56% to a decimal
GMROI
stock turn
.56
$ Retail
40. The cost of moving from the vendor's warehouse (loading dock) to the retail warehouse or store (loading dock) - may also include insurance to cover the merchandise while in transit
Average Collection Turnover
netprice with a 25/10/10 series discount
transportation
16-18
41. He availability of your money is called _.
Proportion
25
Liquidity
COD
42. total fixed costs/ selling price-variable cost
Break Even Point Formula
to determine equivalent single discount rate for 25/10/10 series discount
types of assets
80/100
43. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
improper
Adding Fractions
profit
increase=credit
44. % of 90 days same as cash convert to payments.
78
Gross Margin Return On Inventory Investment (GMROII)
Turnover
25%
45. accounts receivable/ average daily sales
Liquidity of Assets
Average Collection Turnover
Margin %
improper
46. Convert 80% to a fraction
60
80/100
$ Retail
to determine equivalent single discount rate for 25/10/10 series discount
47. 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
378 63
$6 -655.50
Break Even Point
EOM (in terms of invoice)
48. Gross Margin/ Average Inventory Cost
Markdown %
62%
Dividing Fractions
GMROI
49. What is the product of 3.26 and 0.4?
1.304
$ Retail
Current Ratio
cost of goods
50. 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.
Compound interest formula with changing rates
net sales
$252
COD