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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. You should never take out more than a _ year mortgage.
25
15
$2 -127.66
Average Collection Turnover
2. Two equivalent ratios joined by an equal sign.
netprice with a 25/10/10 series discount
costs of goods sold
Proportion
Markup
3. Net Sales for period/ Avg Stock for period
378 63
Gross margin dollars
Turnover
Unit pricing
4. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
when multiplying numbers that contain decimals:
36%
types of liabilities
ROG
5. Beginning inventory + Purchases - Ending inventory
Turnover
cost of goods sold formula (COGS)
Simple interest formula
.7
6. Net Sales / Average Retail Value of Inventory
36%
60
Extremes
Inventory Turnover Rate
7. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Markup
overbought
2.5% per month
78
8. When sales plans are underestimated and the stock purchases result in a low inventory
operating expenses
improper
underbought
types of capital
9. If freight is to be paid by the seller - the shipping terms are...
Sales per Transaction
Adding Fractions
$252
FOB destination
10. Outside numbers in a ratio.
Current Ratio
Average Collection Turnover
Average Collection Turnover
Extremes
11. Overage$ = book$ - physical count$; overage% = overage$/NS$
378 63
78
Average Daily Sales
overages
12. Convert 20 to a percent
36%
Break Even Point
588 mph
20%
13. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
1.304
With cash discounts and calculating net price - when to add freight
netprice with a 25/10/10 series discount
Average Collection Turnover
14. % of 90 days same as cash convert to payments.
$252
Compound interest formula with changing rates
60
78
15. current assets/ current liabilities
The sum of a Geometric Progression
$ Markdown
Current Ratio
GMROI
16. Convert 10/11 to a percent
improper
$ Retail
90.9%
Break Even Point
17. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
Stock to Sales Ratio
ROG
Of what number 16 is a 25% increase
book value
18. What happens when your sales are higher than your expenses - etc.
profit
When Dividing With Exponents
.7
types of assets
19. Convert .62 to a percent
62%
Of what number 16 is a 25% increase
With cash discounts and calculating net price - when to add freight
ROG
20. Cash or assets that can quickly be converted into cash.
Current Assets
To decrease a number by a given percentage - e.g. decrease 16 by 25%
types of liabilities
cost of goods
21. Convert 80% to a fraction
Proportion
78
Liquidity
80/100
22. Convert 65% to a decimal
.65
DOI
types of expenses
types of incomes
23. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
Average Daily Sales
percent decrease
16-18
To decrease a number by a given percentage - e.g. decrease 16 by 25%
24. 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)
types of assets
Internal Rate of Return
62%
types of incomes
25. GMROII = GM% x (Sales / Average Value of Inventory)
1.304
25
90.9%
Gross Margin Return On Inventory Investment (GMROII)
26. A form of closed-end credit used for purchasing durable goods such as cars
FOB destination
types of assets
25%
installment loan
27. 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
1.304
Unit pricing
types of capital
28. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Proportion
Break Even Point Formula
14/100
29. 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
$252
GMROI
78
steps in strategic planning
30. Convert 70% to a decimal
.7
Current Assets
70%
when multiplying numbers that contain decimals:
31. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
To increase a number by a given percentage - e.g. increase 16 by 25%
Margin %
62%
32. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
14/100
shrinkage
Simple interest formula
33. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
improper
transportation
overbought
Liquidity
34. Convert 3 to a percent
3%
increase=credit
Proportion
With cash discounts and calculating net price - when to add freight
35. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
Break Even Point Formula
physical inventory
Average Daily Sales
underbought
36. The average car will lose _% of its value in the first 4 years.
60
overages
types of expenses
netprice with a 25/10/10 series discount
37. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
overages
DOI
Of what number 16 is a 25% increase
Sales per Transaction
38. A measure of the number of days needed to collect accounts receivable.
Dividing Fractions
36%
increase=debit
Average Collection Turnover
39. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
transportation
OTB (retail)
588 mph
Multiplying Fractions
40. Sales - cost of goods sold
shrinkage
50/100
Gross margin dollars
types of incomes
41. Convert 14% to a fraction
Sales per Transaction
physical inventory
Mark Up %
14/100
42. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
physical inventory
Subtracting Fractions
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
income statement
43. 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
% increase or decrease
Dividing Fractions
$2 -127.66
44. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
15
Of what number 16 is a 25% increase
Average Daily Sales
overbought
45. The average person will have _ jobs in their lifetime.
overbought
16-18
types of assets
60
46. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
book value
$252
profit
.7
47. Direct labor - factory overhead - merchandise inventory - packaging - raw material
$ Retail
3%
Liquidity
costs of goods sold
48. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
types of assets
DOI
$ COST
25%
49. A/b
shortage
costs of goods sold
$252
Multiplying Fractions
50. Alignment of the decimals is not important
cost of goods
shrinkage
when multiplying numbers that contain decimals:
EOM (in terms of invoice)