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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 annual sales/365
loss
Average Daily Sales
profit and loss statement
$ COST
2. Another way of counting part of a whole?
installment loan
operating expenses
percent
types of expenses
3. 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...
378 63
Markup
operating expenses
$ Cost
4. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
income statement
Quick Ratio
Gross margin %
Sell Thru %
5. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
36%
COD
types of liabilities
$2 -127.66
6. Total Net Sales / Total Number of Transactions
$ Retail
$ COST
Sales per Transaction
Extremes
7. Convert 70% to a decimal
Average Collection Turnover
.7
Gross margin dollars
cost of goods
8. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
Gross Margin Return On Inventory Investment (GMROII)
netprice with a 25/10/10 series discount
588 mph
Dividing Fractions
9. Convert 20 to a percent
Inventory Turnover Rate
20%
ROG
Retail
10. 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?
The sum of a Geometric Progression
$252
profit and loss statement
Average Daily Sales
11. Liabilities - capital - income
Margin %
80/100
increase=credit
Break Even Point Formula
12. The average car payment is $_ per month for _ months.
378 63
25
588 mph
gross sales
13. You should never take out more than a _ year mortgage.
Proportion
15
Gross Margin Return On Inventory Investment (GMROII)
Retail
14. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
stock turn
2.5% per month
Stock to Sales Ratio
types of liabilities
15. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
stock turn
book value
types of liabilities
when multiplying numbers that contain decimals:
16. Convert 80% to a fraction
$2 -127.66
Proportion
80/100
.7
17. A/b
Dividing Fractions
COD
gross margin
Stock to Sales Ratio
18. Wholesale cost
90.9%
Inventory Turnover Rate
cost of goods
Liquidity of Assets
19. Formula: GM = NS - COG; GM$ = NS$ X GM%
62%
gross margin
overbought
when multiplying numbers that contain decimals:
20. Convert 65% to a decimal
Liquidity
Markdown %
gross margin
.65
21. (Retail - Cost)/ Retail
$ Cost
36%
50/100
Margin %
22. The wholesale cost of an item (cost of goods - or COG)
Cost
378 63
2.5% per month
operating expenses
23. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
Adding Fractions
Average Collection Turnover
50/100
To increase a number by a given percentage - e.g. increase 16 by 25%
24. Outside numbers in a ratio.
Extremes
.56
steps in strategic planning
overbought
25. A/b - c/b = a-c/b
Subtracting Fractions
Sell Thru %
$ Retail
net sales
26. BOM $ Stock/ Sales for period
shortage
Dividing Fractions
Stock to Sales Ratio
78
27. The average car will lose _% of its value in the first 4 years.
.65
Quick Ratio
Proportion
60
28. A^m/a^n = a^(m-n)
increase=debit
80/100
When Dividing With Exponents
588 mph
29. Commissions - fees for service - merchandise sales - rental income - royalties
25%
types of incomes
2.5% per month
Turnover
30. current assets/ current liabilities
$ COST
$252
Current Ratio
Internal Rate of Return
31. 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)
70%
Current Ratio
Average Collection Turnover
32. 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
$ Markdown
Means
60
Discounting Formula
33. Capital stock - owner's equity (owner's funds invested in the business)
Gross Margin Return On Inventory Investment (GMROII)
41%
Current Ratio
types of capital
34. Assets - cost of goods sold - expenses
increase=debit
profit and loss statement
shrinkage
gross margin
35. cash + receivables/ current liabilities.
Means
Liquidity
net sales
Quick Ratio
36. ($ Retail x 100 / COST) - 100
90.9%
Mark Up %
The sum of a Geometric Progression
stock turn
37. Convert .4 to a percent
25
62%
4%
Dividing Fractions
38. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
25%
Stock to Sales Ratio
income statement
installment loan
39. 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
3%
Current Assets
underbought
transportation
40. A/b
Gross margin %
4%
installment loan
Multiplying Fractions
41. Use compliments - Step 1 Find compliments 25% = 100-25%= 75% - 10%= 90% - 10%=90% Step 2 Multiple Compliments 75%x90%x90% .75x.90x.90= .6075 Step 3 Convert to Percentage .6075= 60.75% Step 4 Compliment it 100%-60.75%= 39.35%
Compound interest formula with changing rates
types of incomes
to determine equivalent single discount rate for 25/10/10 series discount
physical inventory
42. A form of closed-end credit used for purchasing durable goods such as cars
installment loan
operating expenses
80/100
improper
43. $ Cost/ (100%-markup%)
cost of goods
Of what number 16 is a 25% increase
$ Retail
operating expenses
44. He availability of your money is called _.
3%
.65
gross sales
Liquidity
45. % of 90 days same as cash convert to payments.
Current Ratio
Effective annual rate of interest formula
EOM (in terms of invoice)
78
46. $ Cost x (100 + Mark-up %) / 100
14/100
Gross margin dollars
types of assets
$ Retail
47. Convert 50% to a fraction
Break Even Point Formula
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
50/100
Extremes
48. 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?
$2 -127.66
Multiplying Fractions
Markup
125%
49. The point at which you stop losing money.
OTB (retail)
Break Even Point
16-18
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?
2.5% per month
62%
Stock to Sales Ratio
.56