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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. Convert 1/4 to a percent
25%
% increase or decrease
overages
2.5% per month
2. If freight is to be paid by the seller - the shipping terms are...
4%
operating expenses
FOB destination
improper
3. Beginning inventory + Purchases - Ending inventory
Liquidity
to determine equivalent single discount rate for 25/10/10 series discount
cost of goods sold formula (COGS)
Current Assets
4. $ retail x (100%-markup)
$ Cost
shrinkage
Break Even Point
operating expenses
5. Convert 20 to a percent
20%
Gross Margin Return On Inventory Investment (GMROII)
Multiplying Fractions
GMROI
6. Wholesale cost
378 63
cost of goods
Compound interest formula with changing rates
$6 -655.50
7. The average person will have _ jobs in their lifetime.
16-18
income statement
types of capital
Average Daily Sales
8. Convert 65% to a decimal
$6 -655.50
shrinkage
ROG
.65
9. Net Sales for period/ Avg Stock for period
Turnover
increase=debit
Break Even Point
14/100
10. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
DOI
book value
Compound interest formula with changing rates
Average Daily Sales
11. Two equivalent ratios joined by an equal sign.
Proportion
.56
OTB (retail)
Extremes
12. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
Liquidity
to determine equivalent single discount rate for 25/10/10 series discount
shortage
cost of goods sold formula (COGS)
13. Assets - cost of goods sold - expenses
underbought
Break Even Point
increase=debit
Simple interest formula
14. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Current Assets
Markdown %
588 mph
62%
15. Convert 3 to a percent
3%
improper
Markdown %
$252
16. Commissions - fees for service - merchandise sales - rental income - royalties
Markdown %
types of incomes
With cash discounts and calculating net price - when to add freight
60
17. Outside numbers in a ratio.
types of capital
Extremes
shrinkage
With cash discounts and calculating net price - when to add freight
18. Alignment of the decimals is not important
when multiplying numbers that contain decimals:
Average Daily Sales
increase=credit
EOM (in terms of invoice)
19. total fixed costs/ selling price-variable cost
378 63
physical inventory
Break Even Point Formula
percent decrease
20. (Retail - Cost)/ Retail
Margin %
Subtracting Fractions
Quick Ratio
125%
21. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
378 63
Sales per Transaction
types of liabilities
costs of goods sold
22. ($ Retail x 100 / COST) - 100
Retail
36%
70%
Mark Up %
23. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
% increase or decrease
overbought
Discounting Formula
gross sales
24. 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
EOM (in terms of invoice)
loss
3%
underbought
25. Original retail price - Lower retail price
increase=credit
Break Even Point Formula
Adding Fractions
$ Markdown
26. He availability of your money is called _.
Unit pricing
Effective annual rate of interest formula
Liquidity
improper
27. cost of an item expressed per unit of measure or count.
Subtracting Fractions
Sell Thru %
gross margin
Unit pricing
28. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
.7
$ Retail
income statement
.65
29. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
installment loan
netprice with a 25/10/10 series discount
Average Daily Sales
physical inventory
30. Overage$ = book$ - physical count$; overage% = overage$/NS$
20%
50/100
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
overages
31. Convert 80% to a fraction
net sales
Compound interest formula with changing rates
loss
80/100
32. When sales plans are underestimated and the stock purchases result in a low inventory
shortage
underbought
$2 -127.66
Compound interest formula with changing rates
33. You should never take out more than a _ year mortgage.
overages
15
cost of goods
To decrease a number by a given percentage - e.g. decrease 16 by 25%
34. S=X(1+r1)^y(1+r
$ Cost
cost of goods
Markdown %
Compound interest formula with changing rates
35. A/b - c/b = a-c/b
15
OTB (retail)
Subtracting Fractions
Average Daily Sales
36. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Liquidity of Assets
COD
improper
37. To take advantage of the 6% cash discount - a retailer made a $2 -000 partial payment during the discount period. How much was the retailer credited for the $2 -000 partial payment?
GMROI
DOI
2.5% per month
$2 -127.66
38. cash + receivables/ current liabilities.
$ Cost
Proportion
Quick Ratio
book value
39. Loss of items due to damaged goods - stealing - etc.
net sales
Current Assets
2.5% per month
shrinkage
40. 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.
Gross margin dollars
20%
Multiplying Fractions
net sales
41. Convert 1.25 to a percent
20%
125%
36%
25%
42. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
costs of goods sold
types of capital
physical inventory
Gross Margin Return On Inventory Investment (GMROII)
43. A/b
Subtracting Fractions
percent
increase=credit
Dividing Fractions
44. Gross Margin/ Average Inventory Cost
GMROI
50/100
14/100
Current Ratio
45. $ Cost x (100 + Mark-up %) / 100
$ Retail
Gross margin dollars
Sales per Transaction
GMROI
46. Convert 56% to a decimal
To increase a number by a given percentage - e.g. increase 16 by 25%
90.9%
Simple interest formula
.56
47. A measure of the number of days needed to collect accounts receivable.
Gross margin %
income statement
Simple interest formula
Average Collection Turnover
48. Convert .4 to a percent
Break Even Point
gross sales
588 mph
4%
49. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Gross margin %
16-18
ROG
types of assets
50. Convert 10/11 to a percent
Simple interest formula
90.9%
physical inventory
improper
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