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 1.25 to a percent
16-18
125%
Extremes
COD
2. The average car payment is $_ per month for _ months.
Break Even Point Formula
14/100
378 63
Compound interest formula with changing rates
3. ($ Retail x 100 / COST) - 100
Margin %
when multiplying numbers that contain decimals:
Mark Up %
Quick Ratio
4. Gross Margin/ Average Inventory Cost
GMROI
Retail
The sum of a Geometric Progression
Multiplying Fractions
5. 1. develop a vision statement for the company - 2. scan the internal and external environments - 3. determine issues critical to the company - 4. select the problem to be solved - 5. determine the specific strategy to achieve the solution - 6. identi
Break Even Point
$6 -655.50
16-18
steps in strategic planning
6. Amount decrease (Original - New) / Original amount = decimal= convert to %
Liquidity
percent decrease
ROG
Compound interest formula with changing rates
7. 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?
overages
2.5% per month
Dividing Fractions
profit and loss statement
8. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
Average Daily Sales
types of liabilities
Extremes
$252
9. When sales plans are underestimated and the stock purchases result in a low inventory
to determine equivalent single discount rate for 25/10/10 series discount
underbought
types of capital
cost of goods
10. If freight is to be paid by the seller - the shipping terms are...
DOI
.65
FOB destination
Current Assets
11. What happens when your sales are higher than your expenses - etc.
profit
$252
Cost
70%
12. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
Average Collection Turnover
Stock to Sales Ratio
gross sales
With cash discounts and calculating net price - when to add freight
13. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Gross margin %
Sales per Transaction
4%
GMROI
14. Inside numbers in a ratio.
OTB (retail)
overages
Means
Current Assets
15. 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?
OTB (retail)
60
Stock to Sales Ratio
$2 -127.66
16. Net Sales for period/ Avg Stock for period
Turnover
Compound interest formula with changing rates
types of capital
netprice with a 25/10/10 series discount
17. Convert .36 to a percent
36%
125%
With cash discounts and calculating net price - when to add freight
Extremes
18. 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
Average Collection Turnover
Retail
increase=debit
19. cost of an item expressed per unit of measure or count.
Turnover
increase=debit
Unit pricing
$ Cost
20. 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
gross margin
Compound interest formula with changing rates
cost of goods
21. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Of what number 16 is a 25% increase
$252
125%
stock turn
22. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
overbought
book value
Quick Ratio
Cost
23. Overage$ = book$ - physical count$; overage% = overage$/NS$
36%
COD
Retail
overages
24. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Markup
When Dividing With Exponents
when multiplying numbers that contain decimals:
$2 -127.66
25. Direct labor - factory overhead - merchandise inventory - packaging - raw material
Compound interest formula with changing rates
costs of goods sold
Means
Gross Margin Return On Inventory Investment (GMROII)
26. 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%
25
increase=debit
stock turn
27. The average person will have _ jobs in their lifetime.
stock turn
125%
14/100
16-18
28. Sales - cost of goods sold
Gross margin dollars
Proportion
FOB destination
62%
29. Convert 80% to a fraction
80/100
Quick Ratio
Gross margin %
to determine equivalent single discount rate for 25/10/10 series discount
30. BOM $ Stock/ Sales for period
To decrease a number by a given percentage - e.g. decrease 16 by 25%
To increase a number by a given percentage - e.g. increase 16 by 25%
3%
Stock to Sales Ratio
31. Convert 70% to a decimal
Discounting Formula
types of capital
Break Even Point Formula
.7
32. (TY-LY)/ LY or (Plan-Actual)/
% increase or decrease
types of incomes
41%
Discounting Formula
33. Formula: GM = NS - COG; GM$ = NS$ X GM%
4%
increase=credit
Average Collection Turnover
gross margin
34. What does percent mean?
$ Retail
FOB destination
per hundred
operating expenses
35. Total Net Sales / Total Number of Transactions
operating expenses
net sales
Sales per Transaction
DOI
36. A form of closed-end credit used for purchasing durable goods such as cars
percent
Current Assets
installment loan
36%
37. 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
$ Retail
types of incomes
.65
38. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Markdown %
Proportion
GMROI
Margin %
39. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
$ Retail
$ COST
Average Collection Turnover
40. Convert 65% to a decimal
25%
14/100
increase=debit
.65
41. The recommended house payment should be no more than _% of your monthly take-home pay.
25
steps in strategic planning
4%
physical inventory
42. A/b - c/b = a-c/b
Inventory Turnover Rate
Subtracting Fractions
70%
Sales per Transaction
43. S=X(1+r1)^y(1+r
Proportion
DOI
Extremes
Compound interest formula with changing rates
44. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
underbought
ROG
Mark Up %
$ COST
45. Convert .62 to a percent
62%
types of incomes
588 mph
gross margin
46. Units Sold/ (Units Sold + On Hand Inventory)
Dividing Fractions
41%
Sell Thru %
$252
47. 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)
Unit pricing
Multiplying Fractions
With cash discounts and calculating net price - when to add freight
Simple interest formula
48. A team won 16 games and lost 9 games. What percent of games did the team lose?
$ Markdown
operating expenses
60
36%
49. A/b
Effective annual rate of interest formula
$2 -127.66
Extremes
Multiplying Fractions
50. A/b + c/b = (a+c)/b
Adding Fractions
$2 -127.66
62%
COD