SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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 wholesale cost of goods plus the markup
$2 -127.66
Retail
when multiplying numbers that contain decimals:
78
2. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
36%
25%
588 mph
$6 -655.50
3. A/b + c/b = (a+c)/b
Adding Fractions
physical inventory
Break Even Point Formula
80/100
4. Assets - cost of goods sold - expenses
$2 -127.66
Gross Margin Return On Inventory Investment (GMROII)
increase=debit
The sum of a Geometric Progression
5. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
to determine equivalent single discount rate for 25/10/10 series discount
gross margin
80/100
overbought
6. Convert 50% to a fraction
Subtracting Fractions
When Dividing With Exponents
14/100
50/100
7. current assets/ current liabilities
costs of goods sold
Current Ratio
36%
Unit pricing
8. Liabilities - capital - income
Means
Average Collection Turnover
62%
increase=credit
9. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
netprice with a 25/10/10 series discount
types of incomes
To decrease a number by a given percentage - e.g. decrease 16 by 25%
.7
10. 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
transportation
shrinkage
588 mph
per hundred
11. He availability of your money is called _.
Liquidity
book value
increase=debit
Turnover
12. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
transportation
types of capital
book value
13. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
book value
COD
overages
Markup
14. What does percent mean?
Gross margin dollars
Average Daily Sales
per hundred
GMROI
15. Outside numbers in a ratio.
80/100
Extremes
.65
Average Collection Turnover
16. Capital stock - owner's equity (owner's funds invested in the business)
2.5% per month
types of capital
per hundred
Markup
17. Convert 70/100 to a percent
16-18
Unit pricing
70%
2.5% per month
18. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
2.5% per month
overages
25
types of assets
19. The wholesale cost of an item (cost of goods - or COG)
Average Collection Turnover
$252
Cost
To increase a number by a given percentage - e.g. increase 16 by 25%
20. Convert 1/4 to a percent
25%
FOB destination
overbought
To increase a number by a given percentage - e.g. increase 16 by 25%
21. total annual sales/365
stock turn
Adding Fractions
Average Daily Sales
per hundred
22. (Retail - Cost)/ Retail
to determine equivalent single discount rate for 25/10/10 series discount
% increase or decrease
.7
Margin %
23. The average person will have _ jobs in their lifetime.
Turnover
70%
16-18
cost of goods
24. cost of an item expressed per unit of measure or count.
3%
14/100
Of what number 16 is a 25% increase
Unit pricing
25. S=X(1+r1)^y(1+r
15
Compound interest formula with changing rates
percent
Break Even Point
26. What happens when your sales are higher than your expenses - etc.
profit
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
378 63
Current Assets
27. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
book value
The sum of a Geometric Progression
steps in strategic planning
physical inventory
28. Advertising - bad debt expense - conributions and donations - depreciation - educational expense - insurance - interest expense - licenses - office supplies - postage - rent - repairs - salaries and wages - supplies - taxes - travel and transportatio
Of what number 16 is a 25% increase
types of expenses
Subtracting Fractions
Stock to Sales Ratio
29. ($ Retail x 100 / COST) - 100
50/100
$2 -127.66
percent decrease
Mark Up %
30. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
.7
Effective annual rate of interest formula
The sum of a Geometric Progression
Adding Fractions
31. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
Average Collection Turnover
GMROI
20%
32. A formal document that is used for a variety of functions within a retail business; it provides a big picture look at the succinct expression of the sales - markup - and profit for a business
Quick Ratio
Subtracting Fractions
GMROI
profit and loss statement
33. Convert 14% to a fraction
costs of goods sold
.56
14/100
transportation
34. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
Mark Up %
Break Even Point
stock turn
Subtracting Fractions
35. $ retail x (100%-markup)
Simple interest formula
increase=debit
$ Cost
netprice with a 25/10/10 series discount
36. Convert 70% to a decimal
Means
588 mph
OTB (retail)
.7
37. 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
installment loan
50/100
overbought
Discounting Formula
38. 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
50/100
Average Collection Turnover
increase=credit
39. Convert .62 to a percent
62%
80/100
shortage
overbought
40. You should never take out more than a _ year mortgage.
Simple interest formula
costs of goods sold
15
Liquidity of Assets
41. total fixed costs/ selling price-variable cost
GMROI
stock turn
increase=credit
Break Even Point Formula
42. A team won 16 games and lost 9 games. What percent of games did the team lose?
when multiplying numbers that contain decimals:
36%
net sales
per hundred
43. 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%
improper
% increase or decrease
gross sales
Cost
44. $ Cost/ (100%-markup%)
36%
Sell Thru %
$ Retail
14/100
45. 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
50/100
90.9%
EOM (in terms of invoice)
Markdown %
46. Units Sold/ (Units Sold + On Hand Inventory)
Gross margin %
% increase or decrease
Sell Thru %
increase=credit
47. If freight is to be paid by the seller - the shipping terms are...
FOB destination
to determine equivalent single discount rate for 25/10/10 series discount
Unit pricing
Markup
48. 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%
25%
90.9%
$ Cost
to determine equivalent single discount rate for 25/10/10 series discount
49. Convert 10/11 to a percent
Quick Ratio
Gross margin %
15
90.9%
50. Convert 1.25 to a percent
gross sales
gross margin
$ Retail
125%