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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. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
Turnover
Mark Up %
ROG
shortage
2. 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?
improper
$2 -127.66
Mark Up %
Means
3. The recommended house payment should be no more than _% of your monthly take-home pay.
netprice with a 25/10/10 series discount
OTB (retail)
Current Assets
25
4. cost of an item expressed per unit of measure or count.
36%
Liquidity of Assets
Effective annual rate of interest formula
Unit pricing
5. 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
20%
Proportion
profit and loss statement
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
6. A/b
% increase or decrease
Dividing Fractions
.7
Markup
7. $ RETAIL X (100 - GM %) / 100
types of incomes
gross margin
4%
$ COST
8. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Inventory Turnover Rate
netprice with a 25/10/10 series discount
Effective annual rate of interest formula
78
9. Beginning inventory + Purchases - Ending inventory
3%
Liquidity
1.304
cost of goods sold formula (COGS)
10. Two equivalent ratios joined by an equal sign.
Adding Fractions
Proportion
underbought
book value
11. A/b - c/b = a-c/b
Of what number 16 is a 25% increase
25
Subtracting Fractions
To increase a number by a given percentage - e.g. increase 16 by 25%
12. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
Markdown %
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
DOI
13. Convert 14% to a fraction
loss
cost of goods sold formula (COGS)
14/100
% increase or decrease
14. total annual sales/365
DOI
80/100
Current Assets
Average Daily Sales
15. 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
Compound interest formula with changing rates
when multiplying numbers that contain decimals:
60
transportation
16. Convert .62 to a percent
cost of goods sold formula (COGS)
overages
62%
Extremes
17. Original retail price - Lower retail price
$ Markdown
4%
14/100
15
18. What does percent mean?
OTB (retail)
per hundred
Simple interest formula
Unit pricing
19. If freight is to be paid by the seller - the shipping terms are...
60
transportation
588 mph
FOB destination
20. When sales plans are underestimated and the stock purchases result in a low inventory
percent
underbought
costs of goods sold
To decrease a number by a given percentage - e.g. decrease 16 by 25%
21. Convert 70/100 to a percent
Liquidity of Assets
70%
36%
Discounting Formula
22. Convert 10/11 to a percent
types of assets
90.9%
stock turn
gross margin
23. $ Cost x (100 + Mark-up %) / 100
$ Retail
increase=credit
Proportion
16-18
24. The average car will lose _% of its value in the first 4 years.
80/100
60
125%
$ Markdown
25. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
Effective annual rate of interest formula
netprice with a 25/10/10 series discount
$ Retail
When Dividing With Exponents
26. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
.56
Markdown %
overages
Extremes
27. ($ Retail x 100 / COST) - 100
The sum of a Geometric Progression
Subtracting Fractions
Mark Up %
2.5% per month
28. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
Effective annual rate of interest formula
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Break Even Point Formula
Of what number 16 is a 25% increase
29. Convert .36 to a percent
Liquidity
To increase a number by a given percentage - e.g. increase 16 by 25%
Stock to Sales Ratio
36%
30. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Margin %
Average Daily Sales
Gross margin %
Dividing Fractions
31. The wholesale cost of an item (cost of goods - or COG)
EOM (in terms of invoice)
When Dividing With Exponents
net sales
Cost
32. Convert 56% to a decimal
underbought
profit
ROG
.56
33. The average car payment is $_ per month for _ months.
.65
book value
GMROI
378 63
34. Convert 1/4 to a percent
income statement
Dividing Fractions
1.304
25%
35. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
78
$6 -655.50
Subtracting Fractions
Unit pricing
36. Convert 20 to a percent
Multiplying Fractions
OTB (retail)
EOM (in terms of invoice)
20%
37. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
Current Assets
book value
15
41%
38. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
20%
Markup
$2 -127.66
Margin %
39. Convert 80% to a fraction
80/100
$ Retail
ROG
.65
40. Turning assets into cash.
Dividing Fractions
Liquidity of Assets
20%
1.304
41. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
GMROI
improper
When Dividing With Exponents
42. Loss of items due to damaged goods - stealing - etc.
Adding Fractions
types of expenses
shrinkage
profit and loss statement
43. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
125%
$2 -127.66
improper
percent
44. He availability of your money is called _.
Liquidity
Average Collection Turnover
$252
netprice with a 25/10/10 series discount
45. A/b + c/b = (a+c)/b
increase=debit
Adding Fractions
types of liabilities
Average Daily Sales
46. Amount decrease (Original - New) / Original amount = decimal= convert to %
overbought
Subtracting Fractions
Break Even Point
percent decrease
47. Wholesale cost
$ Retail
cost of goods
percent decrease
% increase or decrease
48. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
2.5% per month
loss
ROG
percent
49. 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)
Simple interest formula
1.304
Discounting Formula
Sell Thru %
50. Sales - cost of goods sold
60
Proportion
125%
Gross margin dollars