SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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 65% to a decimal
Adding Fractions
Average Daily Sales
.65
36%
2. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
Retail
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
improper
3. A team won 16 games and lost 9 games. What percent of games did the team lose?
types of liabilities
16-18
36%
types of assets
4. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Effective annual rate of interest formula
netprice with a 25/10/10 series discount
profit
$ Cost
5. current assets/ current liabilities
percent
Mark Up %
Current Ratio
net sales
6. The average car will lose _% of its value in the first 4 years.
OTB (retail)
types of expenses
20%
60
7. 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
profit and loss statement
15
gross sales
types of expenses
8. 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
1.304
Turnover
16-18
EOM (in terms of invoice)
9. Overage$ = book$ - physical count$; overage% = overage$/NS$
36%
percent decrease
overages
16-18
10. Formula: GM = NS - COG; GM$ = NS$ X GM%
gross margin
Extremes
Cost
OTB (retail)
11. $ Cost/ (100%-markup%)
$6 -655.50
increase=credit
$ Retail
cost of goods
12. Direct labor - factory overhead - merchandise inventory - packaging - raw material
costs of goods sold
378 63
ROG
Simple interest formula
13. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
DOI
1.304
To increase a number by a given percentage - e.g. increase 16 by 25%
cost of goods
14. The wholesale cost of goods plus the markup
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
1.304
$6 -655.50
15. GMROII = GM% x (Sales / Average Value of Inventory)
Gross Margin Return On Inventory Investment (GMROII)
Mark Up %
steps in strategic planning
Internal Rate of Return
16. The point at which you stop losing money.
Break Even Point
$2 -127.66
4%
costs of goods sold
17. Convert 14% to a fraction
14/100
book value
$2 -127.66
62%
18. A^m/a^n = a^(m-n)
OTB (retail)
When Dividing With Exponents
50/100
$252
19. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Markup
FOB destination
OTB (retail)
Dividing Fractions
20. Convert .36 to a percent
36%
steps in strategic planning
Retail
physical inventory
21. $ RETAIL X (100 - GM %) / 100
transportation
Sales per Transaction
Margin %
$ COST
22. cash + receivables/ current liabilities.
$ COST
$ Cost
Quick Ratio
1.304
23. $ retail x (100%-markup)
Discounting Formula
$ Cost
Effective annual rate of interest formula
profit
24. Sales - cost of goods sold
Retail
Average Daily Sales
Break Even Point
Gross margin dollars
25. Commissions - fees for service - merchandise sales - rental income - royalties
70%
$ Cost
types of incomes
3%
26. total annual sales/365
Turnover
percent
net sales
Average Daily Sales
27. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
% increase or decrease
Markdown %
Unit pricing
20%
28. 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 %
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Average Daily Sales
percent
29. Cash or assets that can quickly be converted into cash.
Current Assets
.65
cost of goods sold formula (COGS)
$ Retail
30. Two equivalent ratios joined by an equal sign.
14/100
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Average Collection Turnover
Proportion
31. Net Sales for period/ Avg Stock for period
income statement
Subtracting Fractions
Turnover
to determine equivalent single discount rate for 25/10/10 series discount
32. Total Net Sales / Total Number of Transactions
Sales per Transaction
increase=credit
Mark Up %
Average Collection Turnover
33. Convert .62 to a percent
41%
62%
Mark Up %
types of incomes
34. When sales plans are underestimated and the stock purchases result in a low inventory
underbought
36%
Unit pricing
book value
35. Units Sold/ (Units Sold + On Hand Inventory)
book value
Margin %
Sell Thru %
Extremes
36. 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%
.7
Liquidity
gross sales
Average Collection Turnover
37. Convert 1.25 to a percent
Sales per Transaction
4%
125%
$ Markdown
38. cost of an item expressed per unit of measure or count.
Mark Up %
.56
Unit pricing
62%
39. A/b - c/b = a-c/b
increase=credit
Subtracting Fractions
With cash discounts and calculating net price - when to add freight
Margin %
40. The average car payment is $_ per month for _ months.
36%
profit and loss statement
378 63
When Dividing With Exponents
41. 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?
2.5% per month
When Dividing With Exponents
types of incomes
378 63
42. A/b
588 mph
types of assets
Dividing Fractions
Gross Margin Return On Inventory Investment (GMROII)
43. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
Gross margin %
$ Cost
types of assets
overbought
44. 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
$252
125%
36%
types of expenses
45. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
Break Even Point
.7
1.304
income statement
46. 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
Break Even Point Formula
steps in strategic planning
$252
47. A/b
costs of goods sold
Multiplying Fractions
$ Retail
90.9%
48. Alignment of the decimals is not important
when multiplying numbers that contain decimals:
36%
shortage
gross sales
49. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
Markdown %
$ Retail
per hundred
50. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
steps in strategic planning
Markdown %
15
improper