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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. What is the product of 3.26 and 0.4?
Adding Fractions
types of capital
1.304
When Dividing With Exponents
2. The average car will lose _% of its value in the first 4 years.
588 mph
Average Collection Turnover
60
types of assets
3. A/b
$ Retail
Dividing Fractions
net sales
Markup
4. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
income statement
16-18
Liquidity of Assets
588 mph
5. If freight is to be paid by the seller - the shipping terms are...
FOB destination
62%
types of expenses
41%
6. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Turnover
Retail
When Dividing With Exponents
7. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
OTB (retail)
Markdown %
Sales per Transaction
3%
8. Overage$ = book$ - physical count$; overage% = overage$/NS$
2.5% per month
overages
Means
gross margin
9. He availability of your money is called _.
physical inventory
EOM (in terms of invoice)
Liquidity
Unit pricing
10. Convert 65% to a decimal
.65
Sell Thru %
loss
When Dividing With Exponents
11. % of 90 days same as cash convert to payments.
4%
Effective annual rate of interest formula
78
overages
12. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
Liquidity of Assets
book value
increase=credit
loss
13. 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)
Simple interest formula
Internal Rate of Return
16-18
$252
14. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
percent
increase=debit
shortage
overbought
15. 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?
book value
Average Collection Turnover
90.9%
$252
16. accounts receivable/ average daily sales
125%
cost of goods
Average Collection Turnover
1.304
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
Mark Up %
types of expenses
loss
36%
18. Assets - cost of goods sold - expenses
gross sales
increase=debit
Internal Rate of Return
types of expenses
19. The average person will have _ jobs in their lifetime.
25%
Margin %
16-18
Means
20. What happens when your expenses - etc. are higher than your sales
Liquidity of Assets
.7
loss
36%
21. $ retail x (100%-markup)
$ Cost
income statement
Multiplying Fractions
types of liabilities
22. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
types of incomes
gross sales
$6 -655.50
70%
23. Convert 70% to a decimal
.7
installment loan
types of capital
Proportion
24. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
stock turn
Unit pricing
types of liabilities
16-18
25. (Retail - Cost)/ Retail
types of capital
Margin %
COD
Current Ratio
26. Gross Margin/ Average Inventory Cost
overages
GMROI
Means
$6 -655.50
27. current assets/ current liabilities
loss
$252
% increase or decrease
Current Ratio
28. Convert 56% to a decimal
improper
$ Markdown
60
.56
29. 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%
overages
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
gross sales
cost of goods sold formula (COGS)
30. cost of an item expressed per unit of measure or count.
Retail
Simple interest formula
Unit pricing
Margin %
31. Inside numbers in a ratio.
70%
3%
Means
50/100
32. Total Net Sales / Total Number of Transactions
90.9%
Sell Thru %
Break Even Point
Sales per Transaction
33. Convert 1.25 to a percent
loss
25
Average Collection Turnover
125%
34. Turning assets into cash.
50/100
The sum of a Geometric Progression
Cost
Liquidity of Assets
35. 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?
36%
percent
percent decrease
$2 -127.66
36. Wholesale cost
Of what number 16 is a 25% increase
90.9%
cost of goods
.7
37. Convert 20 to a percent
Gross margin %
20%
Of what number 16 is a 25% increase
loss
38. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
per hundred
Markup
14/100
4%
39. Net Sales / Average Retail Value of Inventory
Inventory Turnover Rate
1.304
COD
Adding Fractions
40. A/b - c/b = a-c/b
Extremes
Subtracting Fractions
3%
.56
41. 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
loss
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
steps in strategic planning
profit and loss statement
42. $ Cost/ (100%-markup%)
Compound interest formula with changing rates
Proportion
operating expenses
$ Retail
43. Two equivalent ratios joined by an equal sign.
Proportion
income statement
50/100
25%
44. Commissions - fees for service - merchandise sales - rental income - royalties
types of incomes
profit
Compound interest formula with changing rates
62%
45. S=X(1+r1)^y(1+r
Compound interest formula with changing rates
41%
Current Assets
$ Retail
46. 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%
Extremes
percent
to determine equivalent single discount rate for 25/10/10 series discount
operating expenses
47. Another way of counting part of a whole?
shortage
overages
percent
Inventory Turnover Rate
48. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
$252
Multiplying Fractions
profit and loss statement
Markdown %
49. BOM $ Stock/ Sales for period
profit and loss statement
Cost
net sales
Stock to Sales Ratio
50. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
.65
Current Ratio
3%
To increase a number by a given percentage - e.g. increase 16 by 25%