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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. The average car payment is $_ per month for _ months.
378 63
OTB (retail)
shortage
types of liabilities
2. 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...
to determine equivalent single discount rate for 25/10/10 series discount
Dividing Fractions
operating expenses
Markdown %
3. total annual sales/365
Average Daily Sales
types of capital
Average Collection Turnover
ROG
4. Another way of counting part of a whole?
percent
per hundred
80/100
Markdown %
5. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Sell Thru %
Gross margin %
.65
62%
6. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
78
profit and loss statement
ROG
15
7. $ Cost/ (100%-markup%)
net sales
$ Retail
125%
Sell Thru %
8. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
shortage
cost of goods
overbought
when multiplying numbers that contain decimals:
9. The wholesale cost of an item (cost of goods - or COG)
80/100
Cost
.56
$2 -127.66
10. A/b
41%
25
Sales per Transaction
Dividing Fractions
11. Outside numbers in a ratio.
types of assets
$6 -655.50
Extremes
Turnover
12. 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
Discounting Formula
When Dividing With Exponents
GMROI
25%
13. Convert .4 to a percent
.56
$ Retail
Compound interest formula with changing rates
4%
14. Convert 14% to a fraction
.7
36%
14/100
Discounting Formula
15. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
EOM (in terms of invoice)
improper
types of assets
16. If freight is to be paid by the seller - the shipping terms are...
Stock to Sales Ratio
FOB destination
4%
588 mph
17. When sales plans are underestimated and the stock purchases result in a low inventory
types of liabilities
Stock to Sales Ratio
underbought
profit
18. Convert 3 to a percent
3%
types of liabilities
steps in strategic planning
To decrease a number by a given percentage - e.g. decrease 16 by 25%
19. 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
cost of goods sold formula (COGS)
EOM (in terms of invoice)
profit
When Dividing With Exponents
20. Net Sales / Average Retail Value of Inventory
overbought
Inventory Turnover Rate
$ Retail
EOM (in terms of invoice)
21. Total Net Sales / Total Number of Transactions
Sales per Transaction
increase=debit
125%
$ Retail
22. 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?
.56
operating expenses
profit
$252
23. $ Cost x (100 + Mark-up %) / 100
gross margin
60
Of what number 16 is a 25% increase
$ Retail
24. BOM $ Stock/ Sales for period
$ Retail
operating expenses
Stock to Sales Ratio
Gross Margin Return On Inventory Investment (GMROII)
25. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
increase=debit
underbought
41%
26. 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
cost of goods sold formula (COGS)
$ Cost
Margin %
The sum of a Geometric Progression
27. Formula: GM = NS - COG; GM$ = NS$ X GM%
GMROI
gross margin
cost of goods sold formula (COGS)
Current Ratio
28. Net Sales for period/ Avg Stock for period
Turnover
Quick Ratio
$6 -655.50
COD
29. A measure of the number of days needed to collect accounts receivable.
Proportion
steps in strategic planning
80/100
Average Collection Turnover
30. 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
588 mph
.56
types of expenses
Compound interest formula with changing rates
31. 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
FOB destination
Retail
125%
32. You should never take out more than a _ year mortgage.
% increase or decrease
15
Break Even Point
25
33. Wholesale cost
70%
cost of goods
overbought
percent decrease
34. Units Sold/ (Units Sold + On Hand Inventory)
overages
Sell Thru %
Average Collection Turnover
Gross margin dollars
35. What happens when your sales are higher than your expenses - etc.
41%
Multiplying Fractions
profit
$ Retail
36. Convert 1.25 to a percent
cost of goods sold formula (COGS)
book value
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
125%
37. accounts receivable/ average daily sales
Break Even Point
Average Collection Turnover
Inventory Turnover Rate
36%
38. Convert .62 to a percent
net sales
62%
15
16-18
39. A/b
41%
90.9%
Means
Multiplying Fractions
40. GMROII = GM% x (Sales / Average Value of Inventory)
Retail
Gross Margin Return On Inventory Investment (GMROII)
types of incomes
to determine equivalent single discount rate for 25/10/10 series discount
41. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
types of assets
DOI
netprice with a 25/10/10 series discount
Break Even Point Formula
42. A^m/a^n = a^(m-n)
costs of goods sold
Subtracting Fractions
Inventory Turnover Rate
When Dividing With Exponents
43. Amount decrease (Original - New) / Original amount = decimal= convert to %
increase=debit
Margin %
loss
percent decrease
44. 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
Gross Margin Return On Inventory Investment (GMROII)
Break Even Point
Adding Fractions
transportation
45. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Gross margin %
Effective annual rate of interest formula
25
With cash discounts and calculating net price - when to add freight
46. A team won 16 games and lost 9 games. What percent of games did the team lose?
percent
types of incomes
20%
36%
47. Convert 50% to a fraction
Turnover
50/100
Current Assets
$ Markdown
48. Convert 65% to a decimal
1.304
gross margin
.65
Sell Thru %
49. Sales - cost of goods sold
Gross margin dollars
netprice with a 25/10/10 series discount
Break Even Point
stock turn
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?
4%
2.5% per month
book value
Stock to Sales Ratio