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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 3 to a percent
125%
Average Collection Turnover
Break Even Point
3%
2. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
$252
profit
gross sales
3. current assets/ current liabilities
OTB (retail)
$252
Current Ratio
90.9%
4. Liabilities - capital - income
Current Ratio
increase=credit
Markup
stock turn
5. Net Sales for period/ Avg Stock for period
50/100
cost of goods
25
Turnover
6. When sales plans are underestimated and the stock purchases result in a low inventory
Gross margin %
Internal Rate of Return
125%
underbought
7. Overage$ = book$ - physical count$; overage% = overage$/NS$
Liquidity of Assets
EOM (in terms of invoice)
overages
Liquidity
8. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
gross margin
overages
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Internal Rate of Return
9. $ Cost/ (100%-markup%)
$ Retail
The sum of a Geometric Progression
EOM (in terms of invoice)
70%
10. $ Cost x (100 + Mark-up %) / 100
$ Retail
2.5% per month
income statement
Stock to Sales Ratio
11. A/b
costs of goods sold
80/100
Average Daily Sales
Dividing Fractions
12. Beginning inventory + Purchases - Ending inventory
Retail
Subtracting Fractions
types of incomes
cost of goods sold formula (COGS)
13. GMROII = GM% x (Sales / Average Value of Inventory)
Multiplying Fractions
.56
Gross margin %
Gross Margin Return On Inventory Investment (GMROII)
14. Net Sales / Average Retail Value of Inventory
Inventory Turnover Rate
Sell Thru %
The sum of a Geometric Progression
overages
15. 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)
Internal Rate of Return
Discounting Formula
Break Even Point
types of capital
16. 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
loss
operating expenses
50/100
17. 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)
2.5% per month
41%
physical inventory
stock turn
18. Turning assets into cash.
$2 -127.66
installment loan
Liquidity of Assets
Subtracting Fractions
19. The wholesale cost of goods plus the markup
.65
per hundred
Retail
installment loan
20. 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
Break Even Point Formula
Dividing Fractions
shrinkage
transportation
21. The wholesale cost of an item (cost of goods - or COG)
Cost
25%
.7
Gross margin %
22. 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.
Internal Rate of Return
net sales
overages
Extremes
23. Sales - cost of goods sold
To decrease a number by a given percentage - e.g. decrease 16 by 25%
.56
Means
Gross margin dollars
24. 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?
$ Cost
Cost
cost of goods sold formula (COGS)
2.5% per month
25. A form of closed-end credit used for purchasing durable goods such as cars
gross sales
installment loan
Unit pricing
Average Daily Sales
26. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
Markup
when multiplying numbers that contain decimals:
book value
Unit pricing
27. Amount decrease (Original - New) / Original amount = decimal= convert to %
underbought
Unit pricing
percent decrease
EOM (in terms of invoice)
28. Convert 70/100 to a percent
70%
25
FOB destination
50/100
29. What does percent mean?
per hundred
when multiplying numbers that contain decimals:
62%
steps in strategic planning
30. Convert 70% to a decimal
36%
Average Collection Turnover
Dividing Fractions
.7
31. Loss of items due to damaged goods - stealing - etc.
$ Retail
shrinkage
profit
transportation
32. A/b - c/b = a-c/b
Markdown %
.7
Subtracting Fractions
Effective annual rate of interest formula
33. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
Current Assets
Average Daily Sales
overbought
steps in strategic planning
34. accounts receivable/ average daily sales
Markup
Average Collection Turnover
netprice with a 25/10/10 series discount
Mark Up %
35. 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?
To increase a number by a given percentage - e.g. increase 16 by 25%
netprice with a 25/10/10 series discount
$252
To decrease a number by a given percentage - e.g. decrease 16 by 25%
36. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
Liquidity
$252
types of capital
improper
37. cost of an item expressed per unit of measure or count.
4%
Unit pricing
overages
$252
38. total fixed costs/ selling price-variable cost
$ Cost
$ Retail
Break Even Point Formula
Discounting Formula
39. The point at which you stop losing money.
16-18
Inventory Turnover Rate
Break Even Point
$ Retail
40. Convert 1.25 to a percent
Gross margin %
physical inventory
EOM (in terms of invoice)
125%
41. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
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?
income statement
ROG
42. S=X+nrX Where: X=the original sum invested r=the interest rate (as a proportion - e.g. 0.05=5%) n=the number of periods S=the sum invested after n periods (capital + interest) - e.g. invest $1000 @ 10% simple interest for 5 years = 1000+(50.101000)
OTB (retail)
increase=debit
Liquidity of Assets
Simple interest formula
43. S=X(1+r1)^y(1+r
Compound interest formula with changing rates
FOB destination
Gross margin %
When Dividing With Exponents
44. % of 90 days same as cash convert to payments.
78
41%
36%
Break Even Point
45. Convert 56% to a decimal
25%
improper
Proportion
.56
46. 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
COD
3%
Markdown %
Simple interest formula
47. 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
$2 -127.66
costs of goods sold
To decrease a number by a given percentage - e.g. decrease 16 by 25%
48. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
Inventory Turnover Rate
to determine equivalent single discount rate for 25/10/10 series discount
types of liabilities
Of what number 16 is a 25% increase
49. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
3%
Gross Margin Return On Inventory Investment (GMROII)
Markdown %
$252
50. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
Compound interest formula with changing rates
Gross margin %
physical inventory
Average Collection Turnover