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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. The wholesale cost of goods plus the markup
Retail
With cash discounts and calculating net price - when to add freight
2.5% per month
Turnover
2. The average car will lose _% of its value in the first 4 years.
60
Subtracting Fractions
types of liabilities
$252
3. $ retail x (100%-markup)
gross sales
overages
transportation
$ Cost
4. Units Sold/ (Units Sold + On Hand Inventory)
Unit pricing
increase=credit
Sell Thru %
Margin %
5. GMROII = GM% x (Sales / Average Value of Inventory)
70%
Break Even Point
Gross Margin Return On Inventory Investment (GMROII)
types of assets
6. Convert 1/4 to a percent
25%
Stock to Sales Ratio
Sell Thru %
378 63
7. (TY-LY)/ LY or (Plan-Actual)/
The sum of a Geometric Progression
% increase or decrease
Average Collection Turnover
Of what number 16 is a 25% increase
8. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
Dividing Fractions
operating expenses
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
types of assets
9. A/b - c/b = a-c/b
COD
Subtracting Fractions
net sales
loss
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
$ Retail
profit and loss statement
90.9%
per hundred
11. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
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?
62%
types of expenses
12. Convert 65% to a decimal
$ Retail
.65
shortage
gross sales
13. A^m/a^n = a^(m-n)
cost of goods sold formula (COGS)
When Dividing With Exponents
Sales per Transaction
Effective annual rate of interest formula
14. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
Proportion
physical inventory
shortage
$ Cost
15. Alignment of the decimals is not important
Discounting Formula
when multiplying numbers that contain decimals:
types of incomes
$2 -127.66
16. Wholesale cost
net sales
Sales per Transaction
cost of goods
Quick Ratio
17. cash + receivables/ current liabilities.
per hundred
Subtracting Fractions
1.304
Quick Ratio
18. Convert .4 to a percent
90.9%
Compound interest formula with changing rates
loss
4%
19. 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?
$252
Mark Up %
shortage
Internal Rate of Return
20. Convert 20 to a percent
20%
loss
.7
to determine equivalent single discount rate for 25/10/10 series discount
21. Original retail price - Lower retail price
$ Cost
types of expenses
15
$ Markdown
22. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Adding Fractions
Markdown %
Gross margin dollars
transportation
23. 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
transportation
Quick Ratio
Average Daily Sales
costs of goods sold
24. Commissions - fees for service - merchandise sales - rental income - royalties
Sales per Transaction
Simple interest formula
80/100
types of incomes
25. Convert .36 to a percent
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
36%
With cash discounts and calculating net price - when to add freight
Liquidity
26. S=X(1+r1)^y(1+r
Compound interest formula with changing rates
Simple interest formula
588 mph
Turnover
27. The wholesale cost of an item (cost of goods - or COG)
increase=credit
$ COST
Cost
steps in strategic planning
28. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
netprice with a 25/10/10 series discount
percent
shrinkage
Cost
29. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
Effective annual rate of interest formula
Average Daily Sales
70%
overbought
30. Use compliments - Step 1 Find compliments 25% = 100-25%= 75% - 10%= 90% - 10%=90% Step 2 Multiple Compliments 75%x90%x90% .75x.90x.90= .6075 Step 3 Convert to Percentage .6075= 60.75% Step 4 Compliment it 100%-60.75%= 39.35%
Markdown %
cost of goods
to determine equivalent single discount rate for 25/10/10 series discount
Internal Rate of Return
31. Convert 1.25 to a percent
gross margin
Current Ratio
book value
125%
32. Convert 70/100 to a percent
70%
With cash discounts and calculating net price - when to add freight
Adding Fractions
cost of goods sold formula (COGS)
33. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
Internal Rate of Return
80/100
DOI
Quick Ratio
34. Convert 56% to a decimal
The sum of a Geometric Progression
.56
netprice with a 25/10/10 series discount
62%
35. Convert 80% to a fraction
80/100
DOI
41%
profit and loss statement
36. Formula: GM = NS - COG; GM$ = NS$ X GM%
Subtracting Fractions
Sales per Transaction
underbought
gross margin
37. % of 90 days same as cash convert to payments.
cost of goods sold formula (COGS)
78
25%
When Dividing With Exponents
38. Total Net Sales / Total Number of Transactions
Stock to Sales Ratio
Sales per Transaction
profit
% increase or decrease
39. Amount decrease (Original - New) / Original amount = decimal= convert to %
$6 -655.50
Stock to Sales Ratio
Liquidity of Assets
percent decrease
40. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
Adding Fractions
$ Cost
Gross margin dollars
41. total fixed costs/ selling price-variable cost
Break Even Point Formula
physical inventory
Of what number 16 is a 25% increase
GMROI
42. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
% increase or decrease
$ Cost
DOI
ROG
43. Convert 50% to a fraction
2.5% per month
transportation
Internal Rate of Return
50/100
44. 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.
$ Cost
62%
Subtracting Fractions
net sales
45. 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
Sales per Transaction
% increase or decrease
The sum of a Geometric Progression
increase=credit
46. A/b
stock turn
COD
Dividing Fractions
Break Even Point
47. cost of an item expressed per unit of measure or count.
Extremes
Unit pricing
percent
Inventory Turnover Rate
48. Convert 14% to a fraction
14/100
To increase a number by a given percentage - e.g. increase 16 by 25%
Simple interest formula
costs of goods sold
49. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
The sum of a Geometric Progression
GMROI
book value
OTB (retail)
50. (Retail - Cost)/ Retail
net sales
4%
Margin %
1.304