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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. 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)
Simple interest formula
Average Collection Turnover
types of capital
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
2. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
1.304
DOI
Gross margin dollars
Sell Thru %
3. Convert 70/100 to a percent
net sales
70%
Cost
Break Even Point Formula
4. Wholesale cost
70%
profit and loss statement
cost of goods
gross margin
5. The average car payment is $_ per month for _ months.
$2 -127.66
378 63
ROG
15
6. Sales - cost of goods sold
types of assets
Unit pricing
gross sales
Gross margin dollars
7. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
EOM (in terms of invoice)
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?
$ COST
8. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
improper
Average Collection Turnover
16-18
To decrease a number by a given percentage - e.g. decrease 16 by 25%
9. A/b - c/b = a-c/b
percent
Internal Rate of Return
Subtracting Fractions
Mark Up %
10. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
book value
Of what number 16 is a 25% increase
$6 -655.50
profit
11. Outside numbers in a ratio.
profit and loss statement
Extremes
shrinkage
90.9%
12. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
COD
net sales
Markup
41%
13. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
GMROI
62%
types of incomes
Markdown %
14. Commissions - fees for service - merchandise sales - rental income - royalties
netprice with a 25/10/10 series discount
types of capital
types of incomes
increase=credit
15. 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%
With cash discounts and calculating net price - when to add freight
Proportion
to determine equivalent single discount rate for 25/10/10 series discount
Average Daily Sales
16. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
Retail
costs of goods sold
stock turn
17. Inside numbers in a ratio.
stock turn
20%
Means
$ Retail
18. What is the product of 3.26 and 0.4?
Cost
Mark Up %
cost of goods sold formula (COGS)
1.304
19. Another way of counting part of a whole?
percent
installment loan
Compound interest formula with changing rates
Quick Ratio
20. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
costs of goods sold
ROG
$ Retail
Adding Fractions
21. The wholesale cost of goods plus the markup
Means
Retail
overbought
Break Even Point Formula
22. Cash or assets that can quickly be converted into cash.
overbought
Cost
Current Assets
steps in strategic planning
23. What does percent mean?
Compound interest formula with changing rates
per hundred
2.5% per month
Markdown %
24. Convert 3 to a percent
3%
Current Assets
Discounting Formula
$252
25. Two equivalent ratios joined by an equal sign.
With cash discounts and calculating net price - when to add freight
Average Daily Sales
Proportion
50/100
26. Convert 14% to a fraction
types of liabilities
14/100
COD
3%
27. total annual sales/365
underbought
costs of goods sold
Markdown %
Average Daily Sales
28. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
Gross margin %
$6 -655.50
80/100
14/100
29. 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.
net sales
588 mph
Cost
steps in strategic planning
30. The point at which you stop losing money.
installment loan
Liquidity
Break Even Point
$2 -127.66
31. $ Cost x (100 + Mark-up %) / 100
25
stock turn
$ Retail
Compound interest formula with changing rates
32. 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?
$ Cost
$252
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
types of incomes
33. total fixed costs/ selling price-variable cost
Break Even Point Formula
$ Cost
overbought
Current Ratio
34. cost of an item expressed per unit of measure or count.
overbought
588 mph
Unit pricing
installment loan
35. $ RETAIL X (100 - GM %) / 100
$ COST
Liquidity
Proportion
125%
36. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
Sell Thru %
.65
To increase a number by a given percentage - e.g. increase 16 by 25%
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
37. A form of closed-end credit used for purchasing durable goods such as cars
installment loan
operating expenses
16-18
loss
38. % of 90 days same as cash convert to payments.
78
profit
When Dividing With Exponents
62%
39. When sales plans are underestimated and the stock purchases result in a low inventory
underbought
Of what number 16 is a 25% increase
Extremes
per hundred
40. He availability of your money is called _.
$ Cost
Liquidity
types of incomes
Mark Up %
41. accounts receivable/ average daily sales
costs of goods sold
Average Collection Turnover
Turnover
$ Retail
42. Net Sales for period/ Avg Stock for period
Turnover
20%
Effective annual rate of interest formula
costs of goods sold
43. Units Sold/ (Units Sold + On Hand Inventory)
Effective annual rate of interest formula
types of incomes
378 63
Sell Thru %
44. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
physical inventory
3%
improper
Cost
45. Liabilities - capital - income
percent
installment loan
70%
increase=credit
46. Assets - cost of goods sold - expenses
increase=debit
Effective annual rate of interest formula
Sell Thru %
COD
47. current assets/ current liabilities
ROG
$2 -127.66
Current Ratio
types of incomes
48. GMROII = GM% x (Sales / Average Value of Inventory)
cost of goods sold formula (COGS)
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Gross Margin Return On Inventory Investment (GMROII)
$252
49. Convert .36 to a percent
costs of goods sold
36%
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?
50. Original retail price - Lower retail price
loss
costs of goods sold
$ Markdown
16-18