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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. $ Cost/ (100%-markup%)
DOI
Break Even Point Formula
125%
$ Retail
2. Overage$ = book$ - physical count$; overage% = overage$/NS$
overbought
overages
$ COST
$ Retail
3. Wholesale cost
78
types of expenses
20%
cost of goods
4. A measure of the number of days needed to collect accounts receivable.
Subtracting Fractions
GMROI
net sales
Average Collection Turnover
5. total fixed costs/ selling price-variable cost
The sum of a Geometric Progression
Break Even Point Formula
netprice with a 25/10/10 series discount
25%
6. 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
types of expenses
netprice with a 25/10/10 series discount
16-18
When Dividing With Exponents
7. 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)
The sum of a Geometric Progression
Internal Rate of Return
Current Ratio
Gross Margin Return On Inventory Investment (GMROII)
8. If freight is to be paid by the seller - the shipping terms are...
FOB destination
$ Cost
$6 -655.50
To increase a number by a given percentage - e.g. increase 16 by 25%
9. (Retail - Cost)/ Retail
Margin %
percent decrease
Inventory Turnover Rate
GMROI
10. $ retail x (100%-markup)
types of liabilities
$ Cost
percent
Adding Fractions
11. The average car payment is $_ per month for _ months.
Subtracting Fractions
to determine equivalent single discount rate for 25/10/10 series discount
shortage
378 63
12. Convert 14% to a fraction
$6 -655.50
14/100
3%
70%
13. current assets/ current liabilities
when multiplying numbers that contain decimals:
Current Ratio
ROG
Gross Margin Return On Inventory Investment (GMROII)
14. Convert 3 to a percent
3%
types of incomes
COD
steps in strategic planning
15. The recommended house payment should be no more than _% of your monthly take-home pay.
profit
$2 -127.66
25
$ Retail
16. 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%
gross sales
percent
COD
EOM (in terms of invoice)
17. cost of an item expressed per unit of measure or count.
Unit pricing
To increase a number by a given percentage - e.g. increase 16 by 25%
operating expenses
Of what number 16 is a 25% increase
18. Capital stock - owner's equity (owner's funds invested in the business)
588 mph
cost of goods
types of capital
types of liabilities
19. ($ Retail x 100 / COST) - 100
Mark Up %
36%
stock turn
36%
20. The wholesale cost of an item (cost of goods - or COG)
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
improper
Cost
2.5% per month
21. S=X(1+r1)^y(1+r
Gross Margin Return On Inventory Investment (GMROII)
Break Even Point Formula
stock turn
Compound interest formula with changing rates
22. 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)
Gross margin dollars
cost of goods sold formula (COGS)
steps in strategic planning
stock turn
23. 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
Extremes
$ Retail
The sum of a Geometric Progression
15
24. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
Extremes
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
income statement
60
25. $ RETAIL X (100 - GM %) / 100
378 63
25
$ COST
steps in strategic planning
26. Convert 1.25 to a percent
125%
Turnover
4%
588 mph
27. What does percent mean?
Sales per Transaction
per hundred
Adding Fractions
Average Daily Sales
28. The wholesale cost of goods plus the markup
Retail
Internal Rate of Return
Cost
Multiplying Fractions
29. $ Cost x (100 + Mark-up %) / 100
$ Retail
DOI
underbought
378 63
30. Convert 70% to a decimal
The sum of a Geometric Progression
.7
Turnover
increase=credit
31. % of 90 days same as cash convert to payments.
Margin %
loss
Average Collection Turnover
78
32. A/b - c/b = a-c/b
$ Retail
Cost
income statement
Subtracting Fractions
33. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
percent
netprice with a 25/10/10 series discount
16-18
Markdown %
34. Convert .36 to a percent
378 63
when multiplying numbers that contain decimals:
2.5% per month
36%
35. Formula: GM = NS - COG; GM$ = NS$ X GM%
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Average Collection Turnover
125%
gross margin
36. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
25
36%
Average Collection Turnover
physical inventory
37. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
Of what number 16 is a 25% increase
stock turn
percent
38. 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...
125%
Retail
operating expenses
$252
39. 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
when multiplying numbers that contain decimals:
COD
Discounting Formula
% increase or decrease
40. Convert 41/100 to a percent
cost of goods sold formula (COGS)
41%
To increase a number by a given percentage - e.g. increase 16 by 25%
book value
41. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
Gross margin dollars
types of expenses
Gross Margin Return On Inventory Investment (GMROII)
OTB (retail)
42. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
overages
$ Retail
To decrease a number by a given percentage - e.g. decrease 16 by 25%
.56
43. Net Sales / Average Retail Value of Inventory
Inventory Turnover Rate
overbought
Proportion
Multiplying Fractions
44. Cash or assets that can quickly be converted into cash.
Current Assets
Gross margin dollars
installment loan
16-18
45. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Of what number 16 is a 25% increase
Markup
overages
$ Cost
46. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
41%
book value
Simple interest formula
Markup
47. Convert 80% to a fraction
installment loan
Means
80/100
types of capital
48. 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
90.9%
EOM (in terms of invoice)
15
Inventory Turnover Rate
49. What happens when your expenses - etc. are higher than your sales
Of what number 16 is a 25% increase
Gross Margin Return On Inventory Investment (GMROII)
to determine equivalent single discount rate for 25/10/10 series discount
loss
50. Commissions - fees for service - merchandise sales - rental income - royalties
installment loan
Average Collection Turnover
Compound interest formula with changing rates
types of incomes