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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. Two equivalent ratios joined by an equal sign.
1.304
Cost
Proportion
Break Even Point
2. Commissions - fees for service - merchandise sales - rental income - royalties
increase=debit
types of incomes
loss
operating expenses
3. 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
FOB destination
The sum of a Geometric Progression
Gross Margin Return On Inventory Investment (GMROII)
types of assets
4. Convert .4 to a percent
50/100
$2 -127.66
4%
percent decrease
5. Convert 41/100 to a percent
COD
41%
25
4%
6. Units Sold/ (Units Sold + On Hand Inventory)
Sell Thru %
Extremes
FOB destination
90.9%
7. $ retail x (100%-markup)
$ Cost
Average Daily Sales
DOI
Retail
8. 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
gross margin
profit and loss statement
EOM (in terms of invoice)
$6 -655.50
9. Convert 80% to a fraction
80/100
90.9%
$ Retail
To increase a number by a given percentage - e.g. increase 16 by 25%
10. Convert 3 to a percent
25%
36%
3%
Current Assets
11. Outside numbers in a ratio.
2.5% per month
shrinkage
Extremes
1.304
12. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
36%
Liquidity of Assets
ROG
types of liabilities
13. Assets - cost of goods sold - expenses
increase=debit
$ Markdown
90.9%
125%
14. accounts receivable/ average daily sales
costs of goods sold
Average Collection Turnover
36%
% increase or decrease
15. Alignment of the decimals is not important
percent decrease
when multiplying numbers that contain decimals:
increase=debit
Inventory Turnover Rate
16. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
Current Assets
steps in strategic planning
Compound interest formula with changing rates
17. Cash or assets that can quickly be converted into cash.
Current Assets
% increase or decrease
book value
Stock to Sales Ratio
18. 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
25
$ Retail
$6 -655.50
EOM (in terms of invoice)
19. Net Sales / Average Retail Value of Inventory
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Stock to Sales Ratio
COD
Inventory Turnover Rate
20. cost of an item expressed per unit of measure or count.
Unit pricing
when multiplying numbers that contain decimals:
$252
cost of goods
21. 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
increase=credit
stock turn
types of expenses
$ COST
22. (Retail - Cost)/ Retail
Margin %
DOI
4%
Internal Rate of Return
23. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
80/100
Average Daily Sales
Markup
24. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
FOB destination
Markup
41%
$ Markdown
25. A/b - c/b = a-c/b
.7
Subtracting Fractions
Unit pricing
percent
26. The recommended house payment should be no more than _% of your monthly take-home pay.
Average Collection Turnover
Extremes
To decrease a number by a given percentage - e.g. decrease 16 by 25%
25
27. A team won 16 games and lost 9 games. What percent of games did the team lose?
improper
36%
types of expenses
62%
28. $ Cost/ (100%-markup%)
$2 -127.66
With cash discounts and calculating net price - when to add freight
$ Retail
Inventory Turnover Rate
29. Wholesale cost
$6 -655.50
cost of goods
transportation
cost of goods sold formula (COGS)
30. Convert 1/4 to a percent
4%
25%
Break Even Point Formula
Current Ratio
31. Actual retail sales; the retail price at which one tiem is sold is combined with the retail prices of all the items that are sold to become the net sales amount.
Quick Ratio
Break Even Point
net sales
Margin %
32. Overage$ = book$ - physical count$; overage% = overage$/NS$
overages
Inventory Turnover Rate
Effective annual rate of interest formula
EOM (in terms of invoice)
33. Convert .62 to a percent
378 63
20%
to determine equivalent single discount rate for 25/10/10 series discount
62%
34. current assets/ current liabilities
Average Daily Sales
3%
1.304
Current Ratio
35. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Effective annual rate of interest formula
Stock to Sales Ratio
36%
improper
36. 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?
OTB (retail)
$252
Average Collection Turnover
$ Retail
37. Convert 70/100 to a percent
Sell Thru %
70%
profit and loss statement
$ COST
38. He availability of your money is called _.
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Liquidity
.65
Break Even Point
39. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
installment loan
Means
OTB (retail)
80/100
40. 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
steps in strategic planning
when multiplying numbers that contain decimals:
types of capital
20%
41. 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
Average Daily Sales
Discounting Formula
Simple interest formula
Gross Margin Return On Inventory Investment (GMROII)
42. 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%
GMROI
gross sales
Gross Margin Return On Inventory Investment (GMROII)
stock turn
43. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
COD
Retail
Markdown %
125%
44. Convert .36 to a percent
gross sales
types of incomes
36%
Of what number 16 is a 25% increase
45. Convert 14% to a fraction
costs of goods sold
62%
GMROI
14/100
46. Convert 10/11 to a percent
Markup
90.9%
Multiplying Fractions
2.5% per month
47. Liabilities - capital - income
increase=credit
80/100
to determine equivalent single discount rate for 25/10/10 series discount
$ Retail
48. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
Of what number 16 is a 25% increase
$ Markdown
physical inventory
Effective annual rate of interest formula
49. When sales plans are underestimated and the stock purchases result in a low inventory
underbought
GMROI
$ COST
378 63
50. 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?
net sales
gross sales
2.5% per month
Sell Thru %