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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. 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...
operating expenses
percent
To increase a number by a given percentage - e.g. increase 16 by 25%
4%
2. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
netprice with a 25/10/10 series discount
GMROI
78
Average Collection Turnover
3. A form of closed-end credit used for purchasing durable goods such as cars
80/100
increase=debit
EOM (in terms of invoice)
installment loan
4. Outside numbers in a ratio.
Of what number 16 is a 25% increase
types of expenses
3%
Extremes
5. If freight is to be paid by the seller - the shipping terms are...
per hundred
$ Cost
FOB destination
Cost
6. Convert 3 to a percent
Quick Ratio
3%
cost of goods sold formula (COGS)
GMROI
7. Convert 41/100 to a percent
gross margin
Liquidity
$ Markdown
41%
8. Convert 56% to a decimal
gross sales
Quick Ratio
To decrease a number by a given percentage - e.g. decrease 16 by 25%
.56
9. 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?
Mark Up %
percent
2.5% per month
$ Markdown
10. Amount decrease (Original - New) / Original amount = decimal= convert to %
The sum of a Geometric Progression
cost of goods sold formula (COGS)
gross margin
percent decrease
11. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
Effective annual rate of interest formula
overbought
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
$ Retail
12. Inside numbers in a ratio.
Gross margin dollars
Means
Compound interest formula with changing rates
steps in strategic planning
13. Convert 50% to a fraction
50/100
Break Even Point Formula
Effective annual rate of interest formula
ROG
14. The wholesale cost of an item (cost of goods - or COG)
To increase a number by a given percentage - e.g. increase 16 by 25%
increase=debit
Cost
378 63
15. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
operating expenses
.7
588 mph
Gross Margin Return On Inventory Investment (GMROII)
16. What does percent mean?
Sales per Transaction
netprice with a 25/10/10 series discount
per hundred
Multiplying Fractions
17. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
1.304
income statement
$ Retail
.56
18. Convert 80% to a fraction
78
36%
4%
80/100
19. Another way of counting part of a whole?
Simple interest formula
operating expenses
percent
25
20. A/b + c/b = (a+c)/b
Adding Fractions
gross margin
Margin %
Break Even Point Formula
21. A team won 16 games and lost 9 games. What percent of games did the team lose?
$ Cost
41%
Gross margin %
36%
22. A/b
types of assets
To increase a number by a given percentage - e.g. increase 16 by 25%
income statement
Dividing Fractions
23. Convert .62 to a percent
net sales
types of expenses
62%
book value
24. (TY-LY)/ LY or (Plan-Actual)/
% increase or decrease
Subtracting Fractions
Liquidity
4%
25. 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
62%
profit
$ Retail
profit and loss statement
26. 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)
Of what number 16 is a 25% increase
Internal Rate of Return
Effective annual rate of interest formula
COD
27. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
OTB (retail)
125%
With cash discounts and calculating net price - when to add freight
ROG
28. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
25%
Compound interest formula with changing rates
book value
3%
29. What is the product of 3.26 and 0.4?
Break Even Point
1.304
2.5% per month
GMROI
30. The average person will have _ jobs in their lifetime.
To decrease a number by a given percentage - e.g. decrease 16 by 25%
16-18
378 63
Effective annual rate of interest formula
31. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
types of liabilities
overages
income statement
improper
32. 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
Liquidity of Assets
profit and loss statement
78
33. A/b - c/b = a-c/b
90.9%
Subtracting Fractions
transportation
Cost
34. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
types of incomes
$6 -655.50
gross margin
GMROI
35. Sales - cost of goods sold
588 mph
3%
16-18
Gross margin dollars
36. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Sell Thru %
net sales
Markdown %
Turnover
37. Convert 70/100 to a percent
steps in strategic planning
16-18
70%
Cost
38. Convert .36 to a percent
Liquidity
DOI
36%
to determine equivalent single discount rate for 25/10/10 series discount
39. Convert 1/4 to a percent
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
25%
Extremes
Gross margin dollars
40. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
The sum of a Geometric Progression
Cost
$ COST
41. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
profit
improper
$252
underbought
42. current assets/ current liabilities
to determine equivalent single discount rate for 25/10/10 series discount
Current Ratio
FOB destination
$ Retail
43. When sales plans are underestimated and the stock purchases result in a low inventory
underbought
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Turnover
Cost
44. The point at which you stop losing money.
ROG
62%
stock turn
Break Even Point
45. 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
$252
COD
Internal Rate of Return
Stock to Sales Ratio
46. Convert 14% to a fraction
Average Collection Turnover
installment loan
14/100
overbought
47. 1. develop a vision statement for the company - 2. scan the internal and external environments - 3. determine issues critical to the company - 4. select the problem to be solved - 5. determine the specific strategy to achieve the solution - 6. identi
steps in strategic planning
FOB destination
Current Assets
gross margin
48. cash + receivables/ current liabilities.
Quick Ratio
improper
$ Retail
Average Collection Turnover
49. 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%
gross sales
types of liabilities
Liquidity of Assets
Sell Thru %
50. 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
The sum of a Geometric Progression
80/100
transportation
EOM (in terms of invoice)