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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. Cash or assets that can quickly be converted into cash.
cost of goods
Current Assets
physical inventory
Liquidity
2. The average car payment is $_ per month for _ months.
378 63
when multiplying numbers that contain decimals:
netprice with a 25/10/10 series discount
COD
3. Loss of items due to damaged goods - stealing - etc.
shrinkage
$ Cost
$ Retail
shortage
4. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
loss
Gross margin %
Gross margin dollars
To decrease a number by a given percentage - e.g. decrease 16 by 25%
5. Convert 1.25 to a percent
DOI
62%
Dividing Fractions
125%
6. Original retail price - Lower retail price
Means
steps in strategic planning
$ Markdown
Multiplying Fractions
7. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
Inventory Turnover Rate
stock turn
overbought
To decrease a number by a given percentage - e.g. decrease 16 by 25%
8. Convert 70/100 to a percent
ROG
percent
70%
types of liabilities
9. Turning assets into cash.
Liquidity of Assets
underbought
shortage
DOI
10. GMROII = GM% x (Sales / Average Value of Inventory)
Gross Margin Return On Inventory Investment (GMROII)
Gross margin %
125%
Current Ratio
11. A^m/a^n = a^(m-n)
$ Retail
costs of goods sold
profit and loss statement
When Dividing With Exponents
12. Capital stock - owner's equity (owner's funds invested in the business)
Markdown %
70%
Average Daily Sales
types of capital
13. Alignment of the decimals is not important
when multiplying numbers that contain decimals:
$ Markdown
90.9%
overbought
14. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
The sum of a Geometric Progression
41%
profit and loss statement
With cash discounts and calculating net price - when to add freight
15. Another way of counting part of a whole?
percent
Average Collection Turnover
378 63
$ COST
16. 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?
$2 -127.66
Inventory Turnover Rate
stock turn
Unit pricing
17. Convert 1/4 to a percent
25%
types of liabilities
36%
Adding Fractions
18. The recommended house payment should be no more than _% of your monthly take-home pay.
When Dividing With Exponents
Sales per Transaction
Simple interest formula
25
19. He availability of your money is called _.
costs of goods sold
Liquidity
To increase a number by a given percentage - e.g. increase 16 by 25%
125%
20. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Markup
improper
gross sales
When Dividing With Exponents
21. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
20%
cost of goods
14/100
stock turn
22. $ Cost x (100 + Mark-up %) / 100
$ Retail
$6 -655.50
80/100
Gross margin %
23. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
Break Even Point
income statement
percent decrease
To decrease a number by a given percentage - e.g. decrease 16 by 25%
24. What is the product of 3.26 and 0.4?
Stock to Sales Ratio
1.304
shortage
Effective annual rate of interest formula
25. The average person will have _ jobs in their lifetime.
increase=debit
16-18
15
when multiplying numbers that contain decimals:
26. Convert .4 to a percent
4%
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
profit
Proportion
27. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
25
DOI
Liquidity of Assets
increase=credit
28. 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
COD
With cash discounts and calculating net price - when to add freight
transportation
70%
29. (TY-LY)/ LY or (Plan-Actual)/
$2 -127.66
types of capital
% increase or decrease
when multiplying numbers that contain decimals:
30. Actual retail sales; the retail price at which one tiem is sold is combined with the retail prices of all the items that are sold to become the net sales amount.
.56
1.304
To decrease a number by a given percentage - e.g. decrease 16 by 25%
net sales
31. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
Stock to Sales Ratio
$6 -655.50
types of incomes
Liquidity
32. Net Sales for period/ Avg Stock for period
Turnover
80/100
$6 -655.50
78
33. Convert 20 to a percent
When Dividing With Exponents
Current Ratio
Sales per Transaction
20%
34. (Retail - Cost)/ Retail
Margin %
gross margin
Markdown %
to determine equivalent single discount rate for 25/10/10 series discount
35. 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?
when multiplying numbers that contain decimals:
underbought
$252
gross sales
36. You should never take out more than a _ year mortgage.
Quick Ratio
installment loan
15
78
37. Formula: GM = NS - COG; GM$ = NS$ X GM%
Liquidity of Assets
Discounting Formula
gross margin
shortage
38. 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
steps in strategic planning
book value
shortage
types of assets
39. 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
Markdown %
Internal Rate of Return
EOM (in terms of invoice)
Proportion
40. cost of an item expressed per unit of measure or count.
% increase or decrease
cost of goods sold formula (COGS)
Stock to Sales Ratio
Unit pricing
41. A/b + c/b = (a+c)/b
Adding Fractions
cost of goods sold formula (COGS)
Internal Rate of Return
operating expenses
42. Wholesale cost
Adding Fractions
Margin %
steps in strategic planning
cost of goods
43. What happens when your expenses - etc. are higher than your sales
36%
loss
Discounting Formula
percent decrease
44. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
DOI
Mark Up %
Cost
types of assets
45. 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...
Simple interest formula
25%
operating expenses
Dividing Fractions
46. Convert 41/100 to a percent
DOI
$ COST
stock turn
41%
47. $ Cost/ (100%-markup%)
Compound interest formula with changing rates
36%
$ Retail
Subtracting Fractions
48. The average car will lose _% of its value in the first 4 years.
Markup
60
$252
14/100
49. $ retail x (100%-markup)
Unit pricing
41%
Break Even Point Formula
$ Cost
50. 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)
60
Cost
overbought
Simple interest formula