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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. A^m/a^n = a^(m-n)
When Dividing With Exponents
netprice with a 25/10/10 series discount
25
Multiplying Fractions
2. Convert .36 to a percent
OTB (retail)
when multiplying numbers that contain decimals:
operating expenses
36%
3. 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
types of expenses
3%
Gross Margin Return On Inventory Investment (GMROII)
The sum of a Geometric Progression
4. 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
.7
Cost
COD
5. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
Turnover
70%
cost of goods sold formula (COGS)
overbought
6. cost of an item expressed per unit of measure or count.
Unit pricing
physical inventory
gross sales
profit
7. 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
Liquidity
60
Of what number 16 is a 25% increase
8. Gross Margin/ Average Inventory Cost
Break Even Point Formula
shrinkage
increase=credit
GMROI
9. A/b + c/b = (a+c)/b
DOI
profit
types of assets
Adding Fractions
10. What happens when your expenses - etc. are higher than your sales
Current Assets
Turnover
GMROI
loss
11. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
Dividing Fractions
income statement
Mark Up %
Gross margin %
12. BOM $ Stock/ Sales for period
36%
Stock to Sales Ratio
shrinkage
EOM (in terms of invoice)
13. total annual sales/365
Discounting Formula
COD
Cost
Average Daily Sales
14. 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?
operating expenses
$252
16-18
.65
15. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
70%
costs of goods sold
With cash discounts and calculating net price - when to add freight
types of incomes
16. Convert 80% to a fraction
types of incomes
80/100
gross margin
Effective annual rate of interest formula
17. % of 90 days same as cash convert to payments.
78
Liquidity of Assets
Current Assets
types of capital
18. current assets/ current liabilities
Current Ratio
increase=credit
Sell Thru %
Internal Rate of Return
19. Convert 65% to a decimal
The sum of a Geometric Progression
25%
$ COST
.65
20. $ RETAIL X (100 - GM %) / 100
25%
shrinkage
$ COST
14/100
21. Convert 70/100 to a percent
percent
4%
Liquidity
70%
22. 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
profit and loss statement
overbought
The sum of a Geometric Progression
70%
23. Convert .4 to a percent
4%
Of what number 16 is a 25% increase
$ Retail
COD
24. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
Turnover
$2 -127.66
increase=debit
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
25. ($ Retail x 100 / COST) - 100
increase=debit
Average Daily Sales
Mark Up %
Compound interest formula with changing rates
26. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
physical inventory
Liquidity
Gross margin %
installment loan
27. Direct labor - factory overhead - merchandise inventory - packaging - raw material
FOB destination
Compound interest formula with changing rates
Average Collection Turnover
costs of goods sold
28. Capital stock - owner's equity (owner's funds invested in the business)
Discounting Formula
$ Retail
types of capital
Of what number 16 is a 25% increase
29. When sales plans are underestimated and the stock purchases result in a low inventory
percent decrease
underbought
profit and loss statement
To decrease a number by a given percentage - e.g. decrease 16 by 25%
30. If freight is to be paid by the seller - the shipping terms are...
ROG
62%
overbought
FOB destination
31. Inside numbers in a ratio.
$ Markdown
To increase a number by a given percentage - e.g. increase 16 by 25%
Means
$ Retail
32. 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)
Current Ratio
Simple interest formula
book value
income statement
33. Loss of items due to damaged goods - stealing - etc.
shrinkage
Cost
50/100
types of incomes
34. Convert 56% to a decimal
.7
.56
types of capital
To decrease a number by a given percentage - e.g. decrease 16 by 25%
35. What happens when your sales are higher than your expenses - etc.
Subtracting Fractions
profit
Margin %
FOB destination
36. He availability of your money is called _.
14/100
improper
Extremes
Liquidity
37. Amount decrease (Original - New) / Original amount = decimal= convert to %
net sales
when multiplying numbers that contain decimals:
percent decrease
With cash discounts and calculating net price - when to add freight
38. Two equivalent ratios joined by an equal sign.
Break Even Point
Proportion
Mark Up %
Gross Margin Return On Inventory Investment (GMROII)
39. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
netprice with a 25/10/10 series discount
With cash discounts and calculating net price - when to add freight
OTB (retail)
$6 -655.50
40. A form of closed-end credit used for purchasing durable goods such as cars
installment loan
Gross margin %
Sell Thru %
overbought
41. Convert 1.25 to a percent
shrinkage
$2 -127.66
125%
Gross margin %
42. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
stock turn
.56
operating expenses
per hundred
43. Assets - cost of goods sold - expenses
70%
$ Markdown
stock turn
increase=debit
44. accounts receivable/ average daily sales
DOI
Means
cost of goods
Average Collection Turnover
45. 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
Adding Fractions
EOM (in terms of invoice)
% increase or decrease
.56
46. Outside numbers in a ratio.
overbought
Extremes
physical inventory
Sell Thru %
47. 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
shortage
The sum of a Geometric Progression
Multiplying Fractions
When Dividing With Exponents
48. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
OTB (retail)
$6 -655.50
cost of goods
gross margin
49. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
shrinkage
Average Daily Sales
ROG
Current Ratio
50. Convert 20 to a percent
20%
3%
Gross Margin Return On Inventory Investment (GMROII)
90.9%