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DSST Business Math

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. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
net sales
125%
25
588 mph

2. GMROII = GM% x (Sales / Average Value of Inventory)
Gross Margin Return On Inventory Investment (GMROII)
$ Retail
per hundred
2.5% per month

3. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
16-18
net sales
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Current Ratio

4. $ Cost/ (100%-markup%)
net sales
Means
25
$ Retail

5. % of 90 days same as cash convert to payments.
netprice with a 25/10/10 series discount
gross margin
shortage
78

6. A/b + c/b = (a+c)/b
Unit pricing
15
Adding Fractions
Of what number 16 is a 25% increase

7. 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)
When Dividing With Exponents
stock turn
Multiplying Fractions
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?

8. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overages
overbought
Compound interest formula with changing rates
% increase or decrease

9. Capital stock - owner's equity (owner's funds invested in the business)
overages
Means
types of capital
profit and loss statement

10. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
Turnover
Markdown %
transportation

11. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
16-18
physical inventory
% increase or decrease
when multiplying numbers that contain decimals:

12. Convert 70/100 to a percent
Adding Fractions
Current Ratio
$6 -655.50
70%

13. Alignment of the decimals is not important
% increase or decrease
Adding Fractions
types of expenses
when multiplying numbers that contain decimals:

14. When sales plans are underestimated and the stock purchases result in a low inventory
when multiplying numbers that contain decimals:
25
underbought
Of what number 16 is a 25% increase

15. A team won 16 games and lost 9 games. What percent of games did the team lose?
36%
Sell Thru %
Cost
Retail

16. The point at which you stop losing money.
costs of goods sold
60
2.5% per month
Break Even Point

17. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
14/100
types of liabilities
gross sales
Average Collection Turnover

18. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
percent decrease
90.9%
Gross Margin Return On Inventory Investment (GMROII)
types of assets

19. 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)
types of liabilities
Simple interest formula
Dividing Fractions
.65

20. Convert .36 to a percent
60
Average Collection Turnover
36%
Subtracting Fractions

21. The wholesale cost of an item (cost of goods - or COG)
Discounting Formula
78
Cost
To decrease a number by a given percentage - e.g. decrease 16 by 25%

22. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
improper
EOM (in terms of invoice)
OTB (retail)
netprice with a 25/10/10 series discount

23. A^m/a^n = a^(m-n)
Current Ratio
41%
378 63
When Dividing With Exponents

24. $ Cost x (100 + Mark-up %) / 100
Break Even Point Formula
Markdown %
The sum of a Geometric Progression
$ Retail

25. Units Sold/ (Units Sold + On Hand Inventory)
Break Even Point
Sell Thru %
378 63
Sales per Transaction

26. Outside numbers in a ratio.
Discounting Formula
steps in strategic planning
20%
Extremes

27. 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
cost of goods
underbought
$ Retail
types of expenses

28. Two equivalent ratios joined by an equal sign.
1.304
The sum of a Geometric Progression
Proportion
$2 -127.66

29. Loss of items due to damaged goods - stealing - etc.
Current Assets
Average Collection Turnover
shrinkage
36%

30. current assets/ current liabilities
36%
Current Ratio
$ Retail
Inventory Turnover Rate

31. Convert 1/4 to a percent
types of incomes
operating expenses
25%
1.304

32. What happens when your sales are higher than your expenses - etc.
Simple interest formula
Current Assets
Mark Up %
profit

33. What happens when your expenses - etc. are higher than your sales
underbought
$6 -655.50
loss
$ Retail

34. Convert 1.25 to a percent
125%
improper
net sales
41%

35. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
With cash discounts and calculating net price - when to add freight
OTB (retail)
types of assets
EOM (in terms of invoice)

36. 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)
90.9%
overages
Internal Rate of Return
to determine equivalent single discount rate for 25/10/10 series discount

37. accounts receivable/ average daily sales
$ COST
Average Collection Turnover
Discounting Formula
378 63

38. Gross Margin/ Average Inventory Cost
2.5% per month
improper
increase=credit
GMROI

39. $ retail x (100%-markup)
$ Cost
Average Daily Sales
14/100
Internal Rate of Return

40. (Retail - Cost)/ Retail
percent decrease
percent
Margin %
types of incomes

41. If freight is to be paid by the seller - the shipping terms are...
FOB destination
types of capital
costs of goods sold
70%

42. Wholesale cost
cost of goods
Mark Up %
when multiplying numbers that contain decimals:
With cash discounts and calculating net price - when to add freight

43. Convert 65% to a decimal
Discounting Formula
The sum of a Geometric Progression
.65
Inventory Turnover Rate

44. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
physical inventory
DOI
steps in strategic planning
Average Collection Turnover

45. Convert 14% to a fraction
14/100
378 63
overages
80/100

46. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Compound interest formula with changing rates
With cash discounts and calculating net price - when to add freight
Markdown %
$ Retail

47. Cash on delivery; this dating is used when the vendor does not know the retailer or the retailer does not have a strong line of credit
COD
80/100
Discounting Formula
types of incomes

48. Net Sales for period/ Avg Stock for period
Stock to Sales Ratio
Turnover
Gross margin dollars
$ Cost

49. You should never take out more than a _ year mortgage.
Internal Rate of Return
costs of goods sold
15
To decrease a number by a given percentage - e.g. decrease 16 by 25%

50. Sales - cost of goods sold
Gross margin dollars
increase=debit
50/100
1.304