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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. Assets - cost of goods sold - expenses
steps in strategic planning
profit and loss statement
FOB destination
increase=debit
2. Total Net Sales / Total Number of Transactions
Cost
Sales per Transaction
improper
book value
3. Convert 65% to a decimal
20%
Gross margin dollars
To decrease a number by a given percentage - e.g. decrease 16 by 25%
.65
4. 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
Markdown %
types of expenses
FOB destination
Average Daily Sales
5. Convert 41/100 to a percent
41%
Gross margin dollars
netprice with a 25/10/10 series discount
gross sales
6. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
book value
Markdown %
per hundred
underbought
7. Convert 1/4 to a percent
book value
Compound interest formula with changing rates
ROG
25%
8. Convert 3 to a percent
Gross margin dollars
profit and loss statement
EOM (in terms of invoice)
3%
9. 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)
physical inventory
Simple interest formula
Liquidity of Assets
$ Cost
10. Turning assets into cash.
Proportion
80/100
Liquidity of Assets
stock turn
11. 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?
Current Assets
80/100
$252
.56
12. A/b - c/b = a-c/b
$2 -127.66
steps in strategic planning
Subtracting Fractions
COD
13. $ RETAIL X (100 - GM %) / 100
types of assets
profit
$ COST
Compound interest formula with changing rates
14. The wholesale cost of an item (cost of goods - or COG)
$2 -127.66
Quick Ratio
percent decrease
Cost
15. Convert .36 to a percent
Means
ROG
physical inventory
36%
16. Loss of items due to damaged goods - stealing - etc.
shrinkage
Current Assets
Multiplying Fractions
types of liabilities
17. 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
Discounting Formula
transportation
costs of goods sold
percent
18. A/b + c/b = (a+c)/b
Adding Fractions
$ Cost
Gross margin %
Sell Thru %
19. A/b
Average Collection Turnover
stock turn
Multiplying Fractions
percent
20. cost of an item expressed per unit of measure or count.
50/100
book value
Unit pricing
3%
21. total annual sales/365
Markup
Stock to Sales Ratio
underbought
Average Daily Sales
22. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
OTB (retail)
Subtracting Fractions
types of assets
overages
23. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
physical inventory
Simple interest formula
$ COST
EOM (in terms of invoice)
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?
types of expenses
Gross margin %
2.5% per month
cost of goods
25. 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
Means
operating expenses
1.304
26. X=S*[1/(1+r)^n] Where: S=the sum to be received after n time periods X=the present value of that sum r=the rate of return (as a proportion) n=the number of time periods - r - rate - is sometimes called cost of capital
With cash discounts and calculating net price - when to add freight
70%
types of assets
Discounting Formula
27. cash + receivables/ current liabilities.
gross sales
shortage
$ Markdown
Quick Ratio
28. A measure of the number of days needed to collect accounts receivable.
increase=credit
Margin %
588 mph
Average Collection Turnover
29. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
Subtracting Fractions
Discounting Formula
25%
588 mph
30. 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
increase=debit
The sum of a Geometric Progression
profit and loss statement
To decrease a number by a given percentage - e.g. decrease 16 by 25%
31. S=X(1+r1)^y(1+r
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Compound interest formula with changing rates
book value
to determine equivalent single discount rate for 25/10/10 series discount
32. Convert 14% to a fraction
ROG
25%
$6 -655.50
14/100
33. If freight is to be paid by the seller - the shipping terms are...
FOB destination
25
ROG
shortage
34. Net Sales / Average Retail Value of Inventory
Cost
Gross Margin Return On Inventory Investment (GMROII)
Inventory Turnover Rate
3%
35. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
income statement
per hundred
DOI
Gross margin dollars
36. Convert 50% to a fraction
41%
50/100
ROG
types of expenses
37. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
stock turn
DOI
To decrease a number by a given percentage - e.g. decrease 16 by 25%
gross margin
38. Convert 56% to a decimal
Break Even Point Formula
Internal Rate of Return
.56
steps in strategic planning
39. accounts receivable/ average daily sales
steps in strategic planning
2.5% per month
$ Retail
Average Collection Turnover
40. The average car will lose _% of its value in the first 4 years.
70%
types of liabilities
60
Current Ratio
41. A team won 16 games and lost 9 games. What percent of games did the team lose?
Proportion
36%
$6 -655.50
overbought
42. Outside numbers in a ratio.
Extremes
Means
Gross Margin Return On Inventory Investment (GMROII)
Stock to Sales Ratio
43. ($ Retail x 100 / COST) - 100
25
gross sales
Adding Fractions
Mark Up %
44. 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)
25
stock turn
Multiplying Fractions
Discounting Formula
45. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Dividing Fractions
Average Collection Turnover
Markup
62%
46. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
profit
$ Markdown
steps in strategic planning
47. GMROII = GM% x (Sales / Average Value of Inventory)
when multiplying numbers that contain decimals:
41%
70%
Gross Margin Return On Inventory Investment (GMROII)
48. Convert 10/11 to a percent
increase=credit
90.9%
.7
Average Daily Sales
49. Another way of counting part of a whole?
OTB (retail)
when multiplying numbers that contain decimals:
Average Collection Turnover
percent
50. Convert 80% to a fraction
80/100
378 63
.56
Average Daily Sales