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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. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
loss
Inventory Turnover Rate
Multiplying Fractions
2. Net Sales / Average Retail Value of Inventory
Sales per Transaction
62%
Inventory Turnover Rate
OTB (retail)
3. $ RETAIL X (100 - GM %) / 100
types of assets
COD
.7
$ COST
4. A^m/a^n = a^(m-n)
book value
$6 -655.50
percent
When Dividing With Exponents
5. 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
25%
378 63
41%
The sum of a Geometric Progression
6. 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)
$ Retail
increase=debit
stock turn
Simple interest formula
7. A/b - c/b = a-c/b
78
Subtracting Fractions
36%
physical inventory
8. What happens when your sales are higher than your expenses - etc.
increase=credit
stock turn
loss
profit
9. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
To increase a number by a given percentage - e.g. increase 16 by 25%
$ Markdown
Extremes
cost of goods
10. Overage$ = book$ - physical count$; overage% = overage$/NS$
Margin %
percent
overages
Of what number 16 is a 25% increase
11. Advertising - bad debt expense - conributions and donations - depreciation - educational expense - insurance - interest expense - licenses - office supplies - postage - rent - repairs - salaries and wages - supplies - taxes - travel and transportatio
costs of goods sold
overbought
types of expenses
.56
12. The wholesale cost of goods plus the markup
$ COST
The sum of a Geometric Progression
netprice with a 25/10/10 series discount
Retail
13. Convert 14% to a fraction
50/100
gross margin
income statement
14/100
14. accounts receivable/ average daily sales
Average Collection Turnover
Markup
% increase or decrease
EOM (in terms of invoice)
15. Original retail price - Lower retail price
Effective annual rate of interest formula
Retail
588 mph
$ Markdown
16. $ Cost/ (100%-markup%)
$ Cost
Multiplying Fractions
COD
$ Retail
17. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
To increase a number by a given percentage - e.g. increase 16 by 25%
ROG
Dividing Fractions
types of liabilities
18. 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?
Effective annual rate of interest formula
$252
Liquidity
3%
19. 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)
36%
Mark Up %
14/100
20. A/b
Multiplying Fractions
Inventory Turnover Rate
stock turn
2.5% per month
21. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
378 63
shrinkage
Turnover
Markdown %
22. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
percent
FOB destination
netprice with a 25/10/10 series discount
With cash discounts and calculating net price - when to add freight
23. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
types of capital
378 63
shortage
DOI
24. Direct labor - factory overhead - merchandise inventory - packaging - raw material
50/100
$ Retail
When Dividing With Exponents
costs of goods sold
25. The average car will lose _% of its value in the first 4 years.
Unit pricing
Gross margin dollars
60
Mark Up %
26. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
Gross margin dollars
book value
Margin %
gross sales
27. Capital stock - owner's equity (owner's funds invested in the business)
ROG
Liquidity
types of capital
$6 -655.50
28. Net Sales for period/ Avg Stock for period
increase=credit
Stock to Sales Ratio
Turnover
36%
29. Convert 1.25 to a percent
% increase or decrease
125%
Sales per Transaction
4%
30. BOM $ Stock/ Sales for period
When Dividing With Exponents
Sell Thru %
Stock to Sales Ratio
Cost
31. 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%
Multiplying Fractions
588 mph
to determine equivalent single discount rate for 25/10/10 series discount
shrinkage
32. A/b
when multiplying numbers that contain decimals:
OTB (retail)
Dividing Fractions
Internal Rate of Return
33. What is the product of 3.26 and 0.4?
increase=credit
operating expenses
1.304
Break Even Point
34. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
Turnover
steps in strategic planning
588 mph
types of expenses
35. (Retail - Cost)/ Retail
$ Retail
overbought
OTB (retail)
Margin %
36. Convert .36 to a percent
types of expenses
to determine equivalent single discount rate for 25/10/10 series discount
36%
1.304
37. The average person will have _ jobs in their lifetime.
Break Even Point Formula
4%
16-18
$ Retail
38. 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%
Of what number 16 is a 25% increase
gross sales
% increase or decrease
profit and loss statement
39. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
transportation
Margin %
types of assets
Internal Rate of Return
40. 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?
15
$2 -127.66
Unit pricing
ROG
41. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
Dividing Fractions
physical inventory
Unit pricing
Gross margin %
42. Convert .62 to a percent
cost of goods
Unit pricing
Margin %
62%
43. Formula: GM = NS - COG; GM$ = NS$ X GM%
3%
Quick Ratio
OTB (retail)
gross margin
44. You should never take out more than a _ year mortgage.
15
Proportion
Average Daily Sales
Markdown %
45. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
GMROI
overbought
Of what number 16 is a 25% increase
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
46. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
41%
Gross margin %
improper
gross sales
47. 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)
GMROI
types of capital
types of liabilities
Internal Rate of Return
48. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
62%
Markup
net sales
4%
49. total annual sales/365
.56
2.5% per month
Sell Thru %
Average Daily Sales
50. A team won 16 games and lost 9 games. What percent of games did the team lose?
Current Ratio
36%
stock turn
GMROI