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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. Convert 1.25 to a percent
With cash discounts and calculating net price - when to add freight
2.5% per month
378 63
125%
2. 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%
Mark Up %
net sales
to determine equivalent single discount rate for 25/10/10 series discount
Stock to Sales Ratio
3. cost of an item expressed per unit of measure or count.
Unit pricing
cost of goods
Sell Thru %
types of expenses
4. Cash on delivery; this dating is used when the vendor does not know the retailer or the retailer does not have a strong line of credit
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Markdown %
COD
underbought
5. The average person will have _ jobs in their lifetime.
16-18
Proportion
types of assets
25
6. (Retail - Cost)/ Retail
$ Cost
overages
Margin %
Subtracting Fractions
7. Net Sales / Average Retail Value of Inventory
41%
Inventory Turnover Rate
Unit pricing
36%
8. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
to determine equivalent single discount rate for 25/10/10 series discount
Effective annual rate of interest formula
41%
50/100
9. A/b - c/b = a-c/b
Unit pricing
Margin %
Discounting Formula
Subtracting Fractions
10. Convert 41/100 to a percent
COD
80/100
percent
41%
11. What happens when your sales are higher than your expenses - etc.
4%
$6 -655.50
profit
underbought
12. 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 %
15
36%
EOM (in terms of invoice)
13. $ RETAIL X (100 - GM %) / 100
$ COST
shortage
types of expenses
Subtracting Fractions
14. Beginning inventory + Purchases - Ending inventory
14/100
cost of goods sold formula (COGS)
1.304
Break Even Point Formula
15. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
stock turn
book value
gross margin
Gross margin dollars
16. 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)
$252
Stock to Sales Ratio
588 mph
Internal Rate of Return
17. Original retail price - Lower retail price
$ Markdown
stock turn
types of expenses
Simple interest formula
18. You should never take out more than a _ year mortgage.
15
.7
when multiplying numbers that contain decimals:
Subtracting Fractions
19. Wholesale cost
$ Markdown
.7
To increase a number by a given percentage - e.g. increase 16 by 25%
cost of goods
20. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
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
Proportion
Sell Thru %
21. Units Sold/ (Units Sold + On Hand Inventory)
Extremes
ROG
Sell Thru %
588 mph
22. Net Sales for period/ Avg Stock for period
$252
Turnover
netprice with a 25/10/10 series discount
profit
23. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Turnover
Gross margin %
Average Daily Sales
60
24. The average car will lose _% of its value in the first 4 years.
60
.56
Inventory Turnover Rate
50/100
25. Convert 70/100 to a percent
70%
25
Break Even Point
4%
26. Inside numbers in a ratio.
Markdown %
% increase or decrease
Means
To decrease a number by a given percentage - e.g. decrease 16 by 25%
27. Capital stock - owner's equity (owner's funds invested in the business)
70%
$ Retail
$2 -127.66
types of capital
28. Alignment of the decimals is not important
when multiplying numbers that contain decimals:
types of liabilities
profit
stock turn
29. The point at which you stop losing money.
GMROI
Average Daily Sales
Break Even Point
per hundred
30. What is the product of 3.26 and 0.4?
125%
profit and loss statement
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
1.304
31. Total Net Sales / Total Number of Transactions
Discounting Formula
Retail
Sales per Transaction
588 mph
32. Convert 80% to a fraction
stock turn
15
80/100
The sum of a Geometric Progression
33. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
netprice with a 25/10/10 series discount
GMROI
income statement
$252
34. A form of closed-end credit used for purchasing durable goods such as cars
FOB destination
Margin %
25
installment loan
35. Formula: GM = NS - COG; GM$ = NS$ X GM%
Markdown %
78
gross margin
shrinkage
36. A/b
Average Collection Turnover
90.9%
588 mph
Multiplying Fractions
37. 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
1.304
Unit pricing
4%
transportation
38. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and 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?
percent
Markup
Current Assets
39. Turning assets into cash.
.65
2.5% per month
Liquidity of Assets
Mark Up %
40. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
14/100
$6 -655.50
installment loan
OTB (retail)
41. total annual sales/365
To increase a number by a given percentage - e.g. increase 16 by 25%
62%
to determine equivalent single discount rate for 25/10/10 series discount
Average Daily Sales
42. BOM $ Stock/ Sales for period
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Stock to Sales Ratio
FOB destination
stock turn
43. Convert 10/11 to a percent
90.9%
percent
FOB destination
.65
44. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
increase=debit
types of assets
loss
To decrease a number by a given percentage - e.g. decrease 16 by 25%
45. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
types of capital
Subtracting Fractions
overbought
net sales
46. Convert 70% to a decimal
.7
36%
ROG
types of incomes
47. A^m/a^n = a^(m-n)
78
net sales
$ COST
When Dividing With Exponents
48. 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?
Means
Cost
2.5% per month
cost of goods sold formula (COGS)
49. 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
16-18
80/100
The sum of a Geometric Progression
$ Cost
50. When sales plans are underestimated and the stock purchases result in a low inventory
16-18
underbought
steps in strategic planning
Liquidity of Assets