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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. Sales - cost of goods sold
operating expenses
Gross margin dollars
Average Collection Turnover
underbought
2. 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
Average Collection Turnover
Multiplying Fractions
costs of goods sold
profit and loss statement
3. Beginning inventory + Purchases - Ending inventory
$252
Internal Rate of Return
cost of goods sold formula (COGS)
$6 -655.50
4. Units Sold/ (Units Sold + On Hand Inventory)
percent decrease
loss
Sell Thru %
increase=credit
5. current assets/ current liabilities
percent
Liquidity of Assets
Current Ratio
Break Even Point
6. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
Proportion
types of liabilities
netprice with a 25/10/10 series discount
Adding Fractions
7. Liabilities - capital - income
to determine equivalent single discount rate for 25/10/10 series discount
types of capital
Liquidity
increase=credit
8. Formula: GM = NS - COG; GM$ = NS$ X GM%
transportation
Of what number 16 is a 25% increase
stock turn
gross margin
9. A/b
improper
Stock to Sales Ratio
Of what number 16 is a 25% increase
Multiplying Fractions
10. Convert 3 to a percent
36%
Current Ratio
DOI
3%
11. (Retail - Cost)/ Retail
Margin %
To increase a number by a given percentage - e.g. increase 16 by 25%
income statement
book value
12. What does percent mean?
Liquidity of Assets
20%
.65
per hundred
13. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
increase=debit
588 mph
overbought
Inventory Turnover Rate
14. Overage$ = book$ - physical count$; overage% = overage$/NS$
overages
stock turn
Compound interest formula with changing rates
2.5% per month
15. Convert .36 to a percent
36%
overages
.7
Gross margin dollars
16. % of 90 days same as cash convert to payments.
Sell Thru %
78
1.304
Current Assets
17. accounts receivable/ average daily sales
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
underbought
Average Collection Turnover
DOI
18. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
profit and loss statement
shrinkage
$6 -655.50
62%
19. Convert 20 to a percent
loss
stock turn
percent
20%
20. What is the product of 3.26 and 0.4?
1.304
.65
book value
Markdown %
21. 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?
$252
shrinkage
Average Collection Turnover
shortage
22. 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
Current Ratio
Liquidity of Assets
transportation
cost of goods sold formula (COGS)
23. $ Cost/ (100%-markup%)
62%
costs of goods sold
profit
$ Retail
24. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
to determine equivalent single discount rate for 25/10/10 series discount
Dividing Fractions
DOI
588 mph
25. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
14/100
Means
Markdown %
income statement
26. Convert .4 to a percent
percent
4%
profit and loss statement
50/100
27. BOM $ Stock/ Sales for period
Stock to Sales Ratio
Retail
With cash discounts and calculating net price - when to add freight
25
28. Assets - cost of goods sold - expenses
cost of goods
gross sales
gross margin
increase=debit
29. Convert 10/11 to a percent
increase=credit
Break Even Point Formula
types of capital
90.9%
30. Total Net Sales / Total Number of Transactions
profit
Current Assets
Sales per Transaction
Liquidity
31. 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?
installment loan
588 mph
$2 -127.66
Mark Up %
32. The wholesale cost of an item (cost of goods - or COG)
2.5% per month
Retail
Current Ratio
Cost
33. Convert 70% to a decimal
Effective annual rate of interest formula
36%
.7
$ COST
34. The point at which you stop losing money.
OTB (retail)
1.304
overbought
Break Even Point
35. 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%
to determine equivalent single discount rate for 25/10/10 series discount
Margin %
.7
To increase a number by a given percentage - e.g. increase 16 by 25%
36. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
$ Retail
types of liabilities
Of what number 16 is a 25% increase
2.5% per month
37. Direct labor - factory overhead - merchandise inventory - packaging - raw material
62%
costs of goods sold
cost of goods
Average Collection Turnover
38. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
book value
OTB (retail)
$ Retail
Means
39. Convert 14% to a fraction
Liquidity
14/100
Compound interest formula with changing rates
income statement
40. Alignment of the decimals is not important
$ Retail
2.5% per month
Current Assets
when multiplying numbers that contain decimals:
41. Capital stock - owner's equity (owner's funds invested in the business)
.56
types of capital
$ Cost
income statement
42. Another way of counting part of a whole?
78
overbought
percent
gross sales
43. 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)
When Dividing With Exponents
COD
stock turn
ROG
44. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
transportation
$ Retail
588 mph
COD
45. ($ Retail x 100 / COST) - 100
Of what number 16 is a 25% increase
ROG
Mark Up %
Means
46. If freight is to be paid by the seller - the shipping terms are...
Retail
Average Collection Turnover
FOB destination
$ Cost
47. Convert 65% to a decimal
.65
Current Assets
2.5% per month
60
48. 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
$252
COD
EOM (in terms of invoice)
Gross margin %
49. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
stock turn
Quick Ratio
DOI
gross sales
50. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
Turnover
78
book value
378 63