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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. Convert 20 to a percent
20%
Quick Ratio
Stock to Sales Ratio
Gross Margin Return On Inventory Investment (GMROII)
2. Outside numbers in a ratio.
.7
types of liabilities
Extremes
stock turn
3. Gross Margin/ Average Inventory Cost
Turnover
operating expenses
41%
GMROI
4. Another way of counting part of a whole?
percent
Inventory Turnover Rate
Markup
$ Cost
5. ($ Retail x 100 / COST) - 100
Current Assets
types of capital
gross margin
Mark Up %
6. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
profit and loss statement
Mark Up %
types of incomes
overbought
7. Convert 14% to a fraction
Subtracting Fractions
ROG
14/100
80/100
8. (Retail - Cost)/ Retail
shrinkage
Margin %
Average Collection Turnover
types of capital
9. What happens when your expenses - etc. are higher than your sales
loss
per hundred
types of incomes
36%
10. Convert 65% to a decimal
Liquidity of Assets
50/100
.65
Markup
11. total annual sales/365
improper
Average Daily Sales
types of incomes
Extremes
12. Convert .4 to a percent
.56
50/100
4%
When Dividing With Exponents
13. current assets/ current liabilities
$ Retail
$ Cost
Current Ratio
percent
14. Turning assets into cash.
Subtracting Fractions
Break Even Point
Liquidity of Assets
types of assets
15. Formula: GM = NS - COG; GM$ = NS$ X GM%
gross margin
1.304
Liquidity
$ Retail
16. Convert 41/100 to a percent
Markdown %
41%
3%
When Dividing With Exponents
17. Net Sales / Average Retail Value of Inventory
Inventory Turnover Rate
.7
20%
types of incomes
18. 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?
$6 -655.50
$2 -127.66
gross margin
90.9%
19. $ RETAIL X (100 - GM %) / 100
$ COST
Internal Rate of Return
16-18
Break Even Point
20. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
COD
Adding Fractions
book value
3%
21. A/b - c/b = a-c/b
$ Retail
Subtracting Fractions
To increase a number by a given percentage - e.g. increase 16 by 25%
$6 -655.50
22. Cash or assets that can quickly be converted into cash.
Current Assets
FOB destination
Inventory Turnover Rate
costs of goods sold
23. When sales plans are underestimated and the stock purchases result in a low inventory
book value
14/100
underbought
.56
24. total fixed costs/ selling price-variable cost
EOM (in terms of invoice)
Compound interest formula with changing rates
Break Even Point Formula
Quick Ratio
25. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
Unit pricing
types of incomes
% increase or decrease
types of assets
26. Sales - cost of goods sold
$ Markdown
Gross margin dollars
$2 -127.66
Sell Thru %
27. % of 90 days same as cash convert to payments.
78
25
36%
Markup
28. Convert 56% to a decimal
Cost
.56
increase=debit
$ Retail
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
types of assets
41%
Current Assets
30. Net Sales for period/ Avg Stock for period
improper
Average Collection Turnover
25
Turnover
31. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
netprice with a 25/10/10 series discount
Retail
Subtracting Fractions
16-18
32. Overage$ = book$ - physical count$; overage% = overage$/NS$
.7
16-18
overages
GMROI
33. BOM $ Stock/ Sales for period
Current Ratio
net sales
income statement
Stock to Sales Ratio
34. The average car will lose _% of its value in the first 4 years.
Adding Fractions
Effective annual rate of interest formula
62%
60
35. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
Liquidity of Assets
gross sales
$6 -655.50
profit and loss statement
36. Assets - cost of goods sold - expenses
profit
book value
increase=debit
3%
37. Original retail price - Lower retail price
book value
net sales
90.9%
$ Markdown
38. 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
Discounting Formula
when multiplying numbers that contain decimals:
netprice with a 25/10/10 series discount
Subtracting Fractions
39. Amount decrease (Original - New) / Original amount = decimal= convert to %
Average Collection Turnover
.7
62%
percent decrease
40. S=X(1+r1)^y(1+r
Proportion
profit and loss statement
Compound interest formula with changing rates
improper
41. 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%
installment loan
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?
42. You should never take out more than a _ year mortgage.
increase=debit
16-18
Turnover
15
43. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
increase=credit
To increase a number by a given percentage - e.g. increase 16 by 25%
Current Assets
overbought
44. A measure of the number of days needed to collect accounts receivable.
gross sales
378 63
Adding Fractions
Average Collection Turnover
45. What is the product of 3.26 and 0.4?
1.304
125%
Cost
78
46. 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%
Liquidity of Assets
per hundred
to determine equivalent single discount rate for 25/10/10 series discount
Multiplying Fractions
47. 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
installment loan
types of liabilities
types of expenses
$2 -127.66
48. End of month; dating starts with the end of the month and the invoice is to be paid within the specified number of days after the end of the month in which goods are invoiced; ex: 8/10 EOM - n/90
60
EOM (in terms of invoice)
Markup
Proportion
49. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
378 63
.56
Proportion
gross sales
50. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
gross sales
types of liabilities
book value
types of incomes