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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. When sales plans are underestimated and the stock purchases result in a low inventory
underbought
shortage
Sales per Transaction
percent decrease
2. GMROII = GM% x (Sales / Average Value of Inventory)
percent
Gross Margin Return On Inventory Investment (GMROII)
Extremes
.65
3. Loss of items due to damaged goods - stealing - etc.
Turnover
income statement
shrinkage
increase=credit
4. current assets/ current liabilities
underbought
80/100
60
Current Ratio
5. Liabilities - capital - income
% increase or decrease
types of liabilities
25
increase=credit
6. A^m/a^n = a^(m-n)
when multiplying numbers that contain decimals:
installment loan
to determine equivalent single discount rate for 25/10/10 series discount
When Dividing With Exponents
7. 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
To decrease a number by a given percentage - e.g. decrease 16 by 25%
80/100
Average Collection Turnover
8. Outside numbers in a ratio.
$ COST
Adding Fractions
Retail
Extremes
9. The point at which you stop losing money.
14/100
Break Even Point
.65
types of assets
10. 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
15
125%
Gross margin %
profit and loss statement
11. The average car payment is $_ per month for _ months.
types of expenses
378 63
Markup
Adding Fractions
12. Convert 70/100 to a percent
41%
70%
types of incomes
shrinkage
13. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
book value
20%
$ Cost
Liquidity of Assets
14. 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?
$ Retail
80/100
Margin %
$252
15. If freight is to be paid by the seller - the shipping terms are...
to determine equivalent single discount rate for 25/10/10 series discount
FOB destination
operating expenses
GMROI
16. Units Sold/ (Units Sold + On Hand Inventory)
underbought
Sell Thru %
DOI
Of what number 16 is a 25% increase
17. 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
improper
types of expenses
Margin %
operating expenses
18. Convert 10/11 to a percent
.7
90.9%
Retail
$ Markdown
19. Convert 20 to a percent
20%
Dividing Fractions
Inventory Turnover Rate
OTB (retail)
20. 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
types of incomes
Current Ratio
increase=credit
steps in strategic planning
21. cost of an item expressed per unit of measure or count.
physical inventory
Markup
FOB destination
Unit pricing
22. Net Sales / Average Retail Value of Inventory
Margin %
Inventory Turnover Rate
90.9%
15
23. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
80/100
costs of goods sold
Quick Ratio
Of what number 16 is a 25% increase
24. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
overages
shrinkage
netprice with a 25/10/10 series discount
Liquidity of Assets
25. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
types of expenses
operating expenses
to determine equivalent single discount rate for 25/10/10 series discount
shortage
26. The average car will lose _% of its value in the first 4 years.
.65
percent
Gross Margin Return On Inventory Investment (GMROII)
60
27. IRR=1 + [(NPV1/NPV1-NPV2)(2-1)]% Where: 1=one interest rate 2=the other NPV1=the NPV at rate 1 NPV2=the NPV at rate 2 (NPV = Net Present Value)
20%
Internal Rate of Return
percent decrease
The sum of a Geometric Progression
28. Alignment of the decimals is not important
when multiplying numbers that contain decimals:
cost of goods sold formula (COGS)
.56
.65
29. cash + receivables/ current liabilities.
Multiplying Fractions
Current Assets
Markdown %
Quick Ratio
30. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
when multiplying numbers that contain decimals:
Liquidity
COD
Markup
31. Beginning inventory + Purchases - Ending inventory
cost of goods sold formula (COGS)
DOI
Compound interest formula with changing rates
Average Collection Turnover
32. A/b
netprice with a 25/10/10 series discount
14/100
Dividing Fractions
15
33. Cash or assets that can quickly be converted into cash.
1.304
90.9%
Current Assets
increase=debit
34. 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%
Retail
to determine equivalent single discount rate for 25/10/10 series discount
$6 -655.50
types of liabilities
35. The recommended house payment should be no more than _% of your monthly take-home pay.
25
15
Gross margin dollars
percent decrease
36. Turning assets into cash.
when multiplying numbers that contain decimals:
to determine equivalent single discount rate for 25/10/10 series discount
Liquidity of Assets
41%
37. You should never take out more than a _ year mortgage.
shrinkage
15
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Sell Thru %
38. Commissions - fees for service - merchandise sales - rental income - royalties
types of incomes
$ COST
Simple interest formula
Sales per Transaction
39. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
costs of goods sold
types of assets
percent decrease
Cost
40. total fixed costs/ selling price-variable cost
Break Even Point Formula
installment loan
Mark Up %
percent
41. Overage$ = book$ - physical count$; overage% = overage$/NS$
overages
$ COST
Internal Rate of Return
Sales per Transaction
42. Wholesale cost
cost of goods
Quick Ratio
$6 -655.50
125%
43. Convert 80% to a fraction
Multiplying Fractions
14/100
Extremes
80/100
44. $ Cost/ (100%-markup%)
GMROI
$ Retail
Gross margin dollars
Subtracting Fractions
45. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
OTB (retail)
increase=credit
Internal Rate of Return
46. A/b + c/b = (a+c)/b
net sales
62%
Retail
Adding Fractions
47. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
Means
netprice with a 25/10/10 series discount
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
percent
48. Total Net Sales / Total Number of Transactions
Compound interest formula with changing rates
Break Even Point Formula
Sales per Transaction
types of assets
49. Convert 41/100 to a percent
Multiplying Fractions
41%
Retail
shortage
50. A team won 16 games and lost 9 games. What percent of games did the team lose?
36%
loss
1.304
types of liabilities