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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. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
percent decrease
Cost
gross margin
DOI
2. The wholesale cost of goods plus the markup
$252
Margin %
Retail
Markdown %
3. What happens when your sales are higher than your expenses - etc.
profit
underbought
$ COST
Liquidity of Assets
4. 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 $1000 @ 10% simple interest for 5 years = 1000+(50.101000)
Stock to Sales Ratio
Inventory Turnover Rate
16-18
Simple interest formula
5. Overage$ = book$ - physical count$; overage% = overage$/NS$
overages
types of liabilities
80/100
FOB destination
6. Outside numbers in a ratio.
4%
Extremes
Compound interest formula with changing rates
Means
7. cost of an item expressed per unit of measure or count.
Unit pricing
Simple interest formula
Liquidity of Assets
Gross Margin Return On Inventory Investment (GMROII)
8. 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?
14/100
Proportion
types of capital
2.5% per month
9. Convert 14% to a fraction
increase=credit
GMROI
underbought
14/100
10. Inside numbers in a ratio.
Means
Subtracting Fractions
types of liabilities
Adding Fractions
11. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
Mark Up %
588 mph
gross sales
1.304
12. If freight is to be paid by the seller - the shipping terms are...
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
Gross margin dollars
FOB destination
13. Two equivalent ratios joined by an equal sign.
Retail
Liquidity of Assets
overbought
Proportion
14. Convert 70% to a decimal
profit and loss statement
operating expenses
.7
Simple interest formula
15. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
41%
Internal Rate of Return
The sum of a Geometric Progression
$6 -655.50
16. Direct labor - factory overhead - merchandise inventory - packaging - raw material
Gross Margin Return On Inventory Investment (GMROII)
Dividing Fractions
Average Collection Turnover
costs of goods sold
17. He availability of your money is called _.
Subtracting Fractions
Inventory Turnover Rate
Liquidity
41%
18. accounts receivable/ average daily sales
Effective annual rate of interest formula
Break Even Point Formula
Average Collection Turnover
When Dividing With Exponents
19. You should never take out more than a _ year mortgage.
25%
80/100
COD
15
20. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
To decrease a number by a given percentage - e.g. decrease 16 by 25%
profit and loss statement
$ Cost
overbought
21. Convert 56% to a decimal
stock turn
.56
Liquidity
improper
22. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
62%
underbought
Gross margin %
per hundred
23. (TY-LY)/ LY or (Plan-Actual)/
% increase or decrease
.56
Effective annual rate of interest formula
25%
24. 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
588 mph
COD
overbought
378 63
25. $ Cost x (100 + Mark-up %) / 100
Dividing Fractions
1.304
$ Retail
60
26. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
OTB (retail)
.7
improper
14/100
27. Convert 50% to a fraction
EOM (in terms of invoice)
50/100
Sales per Transaction
OTB (retail)
28. Capital stock - owner's equity (owner's funds invested in the business)
4%
cost of goods sold formula (COGS)
types of capital
.7
29. Commissions - fees for service - merchandise sales - rental income - royalties
80/100
FOB destination
Gross Margin Return On Inventory Investment (GMROII)
types of incomes
30. The point at which you stop losing money.
underbought
netprice with a 25/10/10 series discount
Break Even Point
16-18
31. A/b
Quick Ratio
EOM (in terms of invoice)
25
Multiplying Fractions
32. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
EOM (in terms of invoice)
netprice with a 25/10/10 series discount
With cash discounts and calculating net price - when to add freight
90.9%
33. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Adding Fractions
3%
types of capital
34. (Retail - Cost)/ Retail
Discounting Formula
gross margin
Margin %
stock turn
35. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...
operating expenses
36%
Average Collection Turnover
% increase or decrease
36. What does percent mean?
overbought
per hundred
.7
16-18
37. Amount decrease (Original - New) / Original amount = decimal= convert to %
36%
Simple interest formula
ROG
percent decrease
38. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
income statement
Proportion
378 63
types of capital
39. What is the product of 3.26 and 0.4?
per hundred
Stock to Sales Ratio
installment loan
1.304
40. The average car will lose _% of its value in the first 4 years.
60
Inventory Turnover Rate
types of liabilities
Markup
41. 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
$ Retail
1.304
ROG
The sum of a Geometric Progression
42. A/b
Extremes
Margin %
Dividing Fractions
90.9%
43. Convert 65% to a decimal
Margin %
.65
378 63
costs of goods sold
44. Net Sales / Average Retail Value of Inventory
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Inventory Turnover Rate
types of incomes
Internal Rate of Return
45. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
profit
25%
Compound interest formula with changing rates
With cash discounts and calculating net price - when to add freight
46. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
Break Even Point Formula
Proportion
types of liabilities
Means
47. Units Sold/ (Units Sold + On Hand Inventory)
% increase or decrease
Discounting Formula
Sell Thru %
net sales
48. Convert .62 to a percent
Markdown %
62%
profit and loss statement
Discounting Formula
49. % of 90 days same as cash convert to payments.
To decrease a number by a given percentage - e.g. decrease 16 by 25%
78
Turnover
Dividing Fractions
50. Gross Margin/ Average Inventory Cost
overbought
Simple interest formula
net sales
GMROI