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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. A^m/a^n = a^(m-n)
Retail
When Dividing With Exponents
Means
DOI
2. ($ Retail x 100 / COST) - 100
125%
Mark Up %
types of expenses
Dividing Fractions
3. Loss of items due to damaged goods - stealing - etc.
cost of goods
COD
shrinkage
Inventory Turnover Rate
4. current assets/ current liabilities
installment loan
Current Ratio
Margin %
types of liabilities
5. Convert .36 to a percent
types of expenses
Cost
36%
Effective annual rate of interest formula
6. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Gross margin %
36%
588 mph
2.5% per month
7. S=X(1+r1)^y(1+r
Compound interest formula with changing rates
$ Retail
types of liabilities
to determine equivalent single discount rate for 25/10/10 series discount
8. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
4%
profit and loss statement
types of capital
income statement
9. accounts receivable/ average daily sales
36%
Average Collection Turnover
$2 -127.66
Compound interest formula with changing rates
10. Convert 65% to a decimal
.65
The sum of a Geometric Progression
steps in strategic planning
COD
11. BOM $ Stock/ Sales for period
$ Retail
When Dividing With Exponents
Stock to Sales Ratio
types of incomes
12. A/b
types of liabilities
Dividing Fractions
2.5% per month
20%
13. The average person will have _ jobs in their lifetime.
costs of goods sold
net sales
16-18
DOI
14. 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
.56
3%
gross sales
transportation
15. Convert 1.25 to a percent
types of liabilities
125%
When Dividing With Exponents
$2 -127.66
16. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
types of incomes
profit and loss statement
types of assets
17. Another way of counting part of a whole?
Markup
$6 -655.50
percent
.65
18. 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
ROG
types of expenses
increase=debit
Cost
19. 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?
To decrease a number by a given percentage - e.g. decrease 16 by 25%
GMROI
$252
types of expenses
20. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
types of capital
Effective annual rate of interest formula
installment loan
ROG
21. 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%
36%
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 determine equivalent single discount rate for 25/10/10 series discount
Of what number 16 is a 25% increase
22. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
to determine equivalent single discount rate for 25/10/10 series discount
To increase a number by a given percentage - e.g. increase 16 by 25%
income statement
Of what number 16 is a 25% increase
23. Gross Margin/ Average Inventory Cost
GMROI
profit
underbought
types of incomes
24. cost of an item expressed per unit of measure or count.
Unit pricing
stock turn
20%
To increase a number by a given percentage - e.g. increase 16 by 25%
25. What happens when your expenses - etc. are higher than your sales
installment loan
loss
4%
book value
26. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
Markup
Cost
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?
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)
types of capital
Mark Up %
Internal Rate of Return
3%
28. Amount decrease (Original - New) / Original amount = decimal= convert to %
installment loan
percent decrease
Extremes
improper
29. Convert 70% to a decimal
types of incomes
.7
OTB (retail)
Means
30. Assets - cost of goods sold - expenses
increase=debit
Average Collection Turnover
increase=credit
70%
31. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
netprice with a 25/10/10 series discount
Gross margin %
Markdown %
percent decrease
32. $ RETAIL X (100 - GM %) / 100
shrinkage
$2 -127.66
$ COST
Simple interest formula
33. Alignment of the decimals is not important
Dividing Fractions
when multiplying numbers that contain decimals:
Break Even Point
Current Ratio
34. (TY-LY)/ LY or (Plan-Actual)/
Inventory Turnover Rate
% increase or decrease
$252
588 mph
35. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
Quick Ratio
book value
FOB destination
With cash discounts and calculating net price - when to add freight
36. What does percent mean?
Current Ratio
$ COST
per hundred
60
37. Convert 41/100 to a percent
41%
25%
2.5% per month
50/100
38. % of 90 days same as cash convert to payments.
To decrease a number by a given percentage - e.g. decrease 16 by 25%
78
% increase or decrease
types of capital
39. $ Cost/ (100%-markup%)
Of what number 16 is a 25% increase
COD
net sales
$ Retail
40. 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
Margin %
Dividing Fractions
EOM (in terms of invoice)
$ Retail
41. Convert 56% to a decimal
FOB destination
Margin %
90.9%
.56
42. Liabilities - capital - income
Average Collection Turnover
41%
increase=credit
378 63
43. Rose borrowed money to buy a ring priced at $420. When she repaid the loan at the end of 3 months - the interest charge was $31.50. What was the rate of interest?
$2 -127.66
overages
2.5% per month
net sales
44. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
installment loan
.56
Gross Margin Return On Inventory Investment (GMROII)
45. Direct labor - factory overhead - merchandise inventory - packaging - raw material
Margin %
costs of goods sold
types of expenses
Gross margin dollars
46. Units Sold/ (Units Sold + On Hand Inventory)
Markdown %
stock turn
Sell Thru %
gross margin
47. Overage$ = book$ - physical count$; overage% = overage$/NS$
$ COST
EOM (in terms of invoice)
With cash discounts and calculating net price - when to add freight
overages
48. Convert 14% to a fraction
To increase a number by a given percentage - e.g. increase 16 by 25%
25%
cost of goods
14/100
49. $ Cost x (100 + Mark-up %) / 100
OTB (retail)
net sales
shrinkage
$ Retail
50. Net Sales for period/ Avg Stock for period
Turnover
62%
2.5% per month
Simple interest formula