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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. Total Net Sales / Total Number of Transactions
installment loan
increase=credit
Dividing Fractions
Sales per Transaction
2. The wholesale cost of goods plus the markup
installment loan
$2 -127.66
Retail
.7
3. 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
stock turn
The sum of a Geometric Progression
profit and loss statement
Unit pricing
4. A team won 16 games and lost 9 games. What percent of games did the team lose?
improper
netprice with a 25/10/10 series discount
36%
.7
5. Convert 56% to a decimal
shortage
Average Collection Turnover
.56
80/100
6. Another way of counting part of a whole?
percent
Markdown %
steps in strategic planning
ROG
7. Convert 10/11 to a percent
36%
Gross margin dollars
90.9%
62%
8. Gross Margin/ Average Inventory Cost
GMROI
COD
transportation
cost of goods
9. BOM $ Stock/ Sales for period
Stock to Sales Ratio
25
netprice with a 25/10/10 series discount
% increase or decrease
10. Net Sales for period/ Avg Stock for period
gross margin
shortage
physical inventory
Turnover
11. The recommended house payment should be no more than _% of your monthly take-home pay.
25
cost of goods
GMROI
588 mph
12. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Markdown %
gross sales
Markup
20%
13. Convert 65% to a decimal
shortage
GMROI
.65
loss
14. ($ Retail x 100 / COST) - 100
Mark Up %
percent
cost of goods sold formula (COGS)
profit
15. S=X(1+r1)^y(1+r
increase=credit
Compound interest formula with changing rates
125%
Mark Up %
16. 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
70%
$ Markdown
17. current assets/ current liabilities
Current Ratio
cost of goods sold formula (COGS)
when multiplying numbers that contain decimals:
Simple interest formula
18. cost of an item expressed per unit of measure or count.
Unit pricing
Internal Rate of Return
Average Daily Sales
Effective annual rate of interest formula
19. 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
62%
41%
income statement
Discounting Formula
20. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
36%
Mark Up %
increase=credit
21. Liabilities - capital - income
Of what number 16 is a 25% increase
shortage
increase=credit
Inventory Turnover Rate
22. 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
transportation
To increase a number by a given percentage - e.g. increase 16 by 25%
Current Ratio
COD
23. Convert 20 to a percent
Turnover
Markup
transportation
20%
24. (Retail - Cost)/ Retail
$ COST
Margin %
percent decrease
62%
25. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
Liquidity of Assets
OTB (retail)
.56
.7
26. Loss of items due to damaged goods - stealing - etc.
shrinkage
increase=credit
operating expenses
With cash discounts and calculating net price - when to add freight
27. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
36%
book value
90.9%
percent
28. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
$ Cost
Stock to Sales Ratio
80/100
29. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
types of incomes
25
With cash discounts and calculating net price - when to add freight
Multiplying Fractions
30. 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
EOM (in terms of invoice)
The sum of a Geometric Progression
per hundred
Average Collection Turnover
31. $ RETAIL X (100 - GM %) / 100
percent
Subtracting Fractions
$ COST
4%
32. 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
GMROI
70%
stock turn
33. What happens when your expenses - etc. are higher than your sales
70%
types of assets
loss
To increase a number by a given percentage - e.g. increase 16 by 25%
34. 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?
25
Means
$2 -127.66
Current Assets
35. Convert 1.25 to a percent
Sell Thru %
shrinkage
With cash discounts and calculating net price - when to add freight
125%
36. 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
loss
to determine equivalent single discount rate for 25/10/10 series discount
COD
types of expenses
37. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
net sales
Proportion
ROG
$252
38. What does percent mean?
per hundred
Multiplying Fractions
OTB (retail)
Sales per Transaction
39. $ Cost/ (100%-markup%)
$ Retail
16-18
Mark Up %
types of assets
40. Alignment of the decimals is not important
$ Markdown
types of incomes
when multiplying numbers that contain decimals:
overages
41. 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
installment loan
Discounting Formula
steps in strategic planning
Mark Up %
42. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
Gross margin %
gross margin
types of liabilities
Subtracting Fractions
43. When sales plans are underestimated and the stock purchases result in a low inventory
Proportion
underbought
15
70%
44. Two equivalent ratios joined by an equal sign.
transportation
shrinkage
Proportion
Current Assets
45. The average car payment is $_ per month for _ months.
25
$2 -127.66
378 63
125%
46. A form of closed-end credit used for purchasing durable goods such as cars
Simple interest formula
$6 -655.50
installment loan
per hundred
47. The wholesale cost of an item (cost of goods - or COG)
Cost
EOM (in terms of invoice)
overbought
14/100
48. % of 90 days same as cash convert to payments.
The sum of a Geometric Progression
types of capital
78
income statement
49. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
Break Even Point Formula
physical inventory
20%
cost of goods
50. A/b
Dividing Fractions
To decrease a number by a given percentage - e.g. decrease 16 by 25%
overages
Extremes