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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. Convert 10/11 to a percent
Markup
90.9%
$ Cost
income statement
2. $ retail x (100%-markup)
Liquidity
to determine equivalent single discount rate for 25/10/10 series discount
3%
$ Cost
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...
stock turn
Break Even Point
physical inventory
operating expenses
4. GMROII = GM% x (Sales / Average Value of Inventory)
Adding Fractions
25%
Gross Margin Return On Inventory Investment (GMROII)
income statement
5. Convert 1/4 to a percent
Compound interest formula with changing rates
With cash discounts and calculating net price - when to add freight
Gross margin %
25%
6. Assets - cost of goods sold - expenses
$ Cost
increase=debit
Unit pricing
78
7. cash + receivables/ current liabilities.
net sales
Quick Ratio
types of expenses
ROG
8. $ Cost/ (100%-markup%)
Gross Margin Return On Inventory Investment (GMROII)
$ Retail
overbought
Break Even Point Formula
9. $ Cost x (100 + Mark-up %) / 100
book value
$ Retail
90.9%
2.5% per month
10. A/b
overages
physical inventory
Dividing Fractions
underbought
11. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
Stock to Sales Ratio
ROG
50/100
installment loan
12. ($ Retail x 100 / COST) - 100
increase=debit
cost of goods
Mark Up %
profit
13. Total Net Sales / Total Number of Transactions
Adding Fractions
types of capital
loss
Sales per Transaction
14. Original retail price - Lower retail price
income statement
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
2.5% per month
$ Markdown
15. Amount decrease (Original - New) / Original amount = decimal= convert to %
GMROI
increase=debit
percent decrease
COD
16. (Retail - Cost)/ Retail
Cost
Liquidity
Margin %
% increase or decrease
17. Beginning inventory + Purchases - Ending inventory
Gross margin dollars
cost of goods sold formula (COGS)
The sum of a Geometric Progression
With cash discounts and calculating net price - when to add freight
18. Net Sales for period/ Avg Stock for period
Gross margin dollars
Average Collection Turnover
Turnover
book value
19. cost of an item expressed per unit of measure or count.
Unit pricing
Dividing Fractions
cost of goods
50/100
20. 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?
Sell Thru %
Average Collection Turnover
$252
types of liabilities
21. Convert 80% to a fraction
Sales per Transaction
gross sales
types of expenses
80/100
22. 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)
Liquidity
Sell Thru %
types of capital
Simple interest formula
23. The wholesale cost of an item (cost of goods - or COG)
installment loan
profit and loss statement
cost of goods sold formula (COGS)
Cost
24. Alignment of the decimals is not important
$ Retail
types of liabilities
when multiplying numbers that contain decimals:
EOM (in terms of invoice)
25. 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%
FOB destination
gross sales
Quick Ratio
types of liabilities
26. 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
ROG
COD
Markup
78
27. Liabilities - capital - income
Subtracting Fractions
increase=credit
OTB (retail)
FOB destination
28. Turning assets into cash.
Liquidity of Assets
$ Cost
net sales
stock turn
29. When sales plans are underestimated and the stock purchases result in a low inventory
Gross Margin Return On Inventory Investment (GMROII)
percent decrease
underbought
installment loan
30. Formula: GM = NS - COG; GM$ = NS$ X GM%
Gross margin dollars
gross margin
Average Collection Turnover
Inventory Turnover Rate
31. accounts receivable/ average daily sales
Average Collection Turnover
loss
78
$252
32. Cash or assets that can quickly be converted into cash.
Current Assets
per hundred
When Dividing With Exponents
net sales
33. Convert 70% to a decimal
.7
3%
41%
20%
34. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Internal Rate of Return
Dividing Fractions
Of what number 16 is a 25% increase
Means
35. Gross Margin/ Average Inventory Cost
25%
percent decrease
GMROI
Average Collection Turnover
36. S=X(1+r1)^y(1+r
percent
Compound interest formula with changing rates
physical inventory
125%
37. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Break Even Point Formula
78
Effective annual rate of interest formula
Markdown %
38. What does percent mean?
per hundred
Internal Rate of Return
41%
Subtracting Fractions
39. Convert 1.25 to a percent
378 63
$ COST
Means
125%
40. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
Multiplying Fractions
overbought
Means
25
41. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
profit and loss statement
Compound interest formula with changing rates
4%
OTB (retail)
42. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
FOB destination
Markup
improper
increase=debit
43. % of 90 days same as cash convert to payments.
78
EOM (in terms of invoice)
41%
net sales
44. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
Gross margin %
Proportion
60
DOI
45. A measure of the number of days needed to collect accounts receivable.
shrinkage
16-18
Average Collection Turnover
25%
46. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
$ COST
Markdown %
COD
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
47. Another way of counting part of a whole?
$252
Proportion
4%
percent
48. total fixed costs/ selling price-variable cost
Liquidity
Break Even Point Formula
overages
Current Ratio
49. 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?
Sell Thru %
$2 -127.66
gross sales
$ Retail
50. The average car will lose _% of its value in the first 4 years.
70%
60
Extremes
41%