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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. 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?
stock turn
Internal Rate of Return
$252
90.9%
2. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
With cash discounts and calculating net price - when to add freight
588 mph
improper
increase=debit
3. 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
.56
Simple interest formula
profit and loss statement
Margin %
4. Convert 80% to a fraction
80/100
Cost
profit
percent
5. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...
book value
operating expenses
Means
Gross Margin Return On Inventory Investment (GMROII)
6. 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
The sum of a Geometric Progression
gross sales
Sales per Transaction
Discounting Formula
7. 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)
Stock to Sales Ratio
Internal Rate of Return
operating expenses
overbought
8. 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
Discounting Formula
Gross margin %
The sum of a Geometric Progression
62%
9. The average person will have _ jobs in their lifetime.
Current Assets
Unit pricing
16-18
Stock to Sales Ratio
10. A/b - c/b = a-c/b
With cash discounts and calculating net price - when to add freight
profit
Subtracting Fractions
90.9%
11. Convert .62 to a percent
net sales
When Dividing With Exponents
62%
loss
12. Convert 70/100 to a percent
41%
70%
Proportion
125%
13. What is the product of 3.26 and 0.4?
90.9%
1.304
OTB (retail)
installment loan
14. Original retail price - Lower retail price
Current Ratio
Gross margin dollars
$ Markdown
Effective annual rate of interest formula
15. 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
50/100
transportation
70%
The sum of a Geometric Progression
16. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
$6 -655.50
41%
increase=debit
17. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Internal Rate of Return
% increase or decrease
Effective annual rate of interest formula
profit
18. % of 90 days same as cash convert to payments.
78
net sales
4%
GMROI
19. Inside numbers in a ratio.
book value
operating expenses
3%
Means
20. Gross Margin/ Average Inventory Cost
overbought
GMROI
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
types of assets
21. A^m/a^n = a^(m-n)
Quick Ratio
Liquidity of Assets
When Dividing With Exponents
types of liabilities
22. Convert .36 to a percent
book value
36%
4%
15
23. Overage$ = book$ - physical count$; overage% = overage$/NS$
overages
Turnover
15
Break Even Point
24. 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
$ Retail
62%
Compound interest formula with changing rates
25. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
125%
increase=debit
shortage
types of incomes
26. What happens when your expenses - etc. are higher than your sales
income statement
loss
Markup
$252
27. Commissions - fees for service - merchandise sales - rental income - royalties
FOB destination
types of incomes
types of expenses
Subtracting Fractions
28. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
% increase or decrease
Means
types of assets
Gross Margin Return On Inventory Investment (GMROII)
29. The wholesale cost of an item (cost of goods - or COG)
when multiplying numbers that contain decimals:
income statement
Cost
gross sales
30. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
$ Cost
125%
book value
percent decrease
31. Capital stock - owner's equity (owner's funds invested in the business)
types of capital
378 63
OTB (retail)
$ Markdown
32. Units Sold/ (Units Sold + On Hand Inventory)
588 mph
Of what number 16 is a 25% increase
Sell Thru %
when multiplying numbers that contain decimals:
33. Convert 70% to a decimal
.7
.56
25%
$ COST
34. current assets/ current liabilities
4%
Cost
Current Ratio
62%
35. GMROII = GM% x (Sales / Average Value of Inventory)
.56
Gross Margin Return On Inventory Investment (GMROII)
.7
Margin %
36. Cash or assets that can quickly be converted into cash.
Current Assets
Inventory Turnover Rate
41%
25%
37. 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 increase a number by a given percentage - e.g. increase 16 by 25%
$ Markdown
Average Daily Sales
net sales
38. Beginning inventory + Purchases - Ending inventory
cost of goods sold formula (COGS)
Discounting Formula
Current Ratio
Gross Margin Return On Inventory Investment (GMROII)
39. Convert 41/100 to a percent
16-18
.65
percent
41%
40. $ Cost x (100 + Mark-up %) / 100
Liquidity of Assets
$ Retail
operating expenses
41%
41. What does percent mean?
per hundred
Proportion
shortage
Multiplying Fractions
42. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
improper
increase=credit
Markup
to determine equivalent single discount rate for 25/10/10 series discount
43. Assets - cost of goods sold - expenses
Simple interest formula
increase=debit
costs of goods sold
types of capital
44. BOM $ Stock/ Sales for period
Stock to Sales Ratio
Adding Fractions
Extremes
1.304
45. Wholesale cost
50/100
cost of goods
3%
$ Cost
46. 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)
stock turn
$2 -127.66
types of assets
16-18
47. 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
Sell Thru %
78
EOM (in terms of invoice)
Average Daily Sales
48. Convert 3 to a percent
3%
.65
When Dividing With Exponents
Liquidity
49. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
Break Even Point
Of what number 16 is a 25% increase
cost of goods sold formula (COGS)
50. Net Sales / Average Retail Value of Inventory
percent decrease
Current Ratio
book value
Inventory Turnover Rate