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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. Convert 80% to a fraction
To increase a number by a given percentage - e.g. increase 16 by 25%
Average Collection Turnover
14/100
80/100
2. What is the product of 3.26 and 0.4?
1.304
Extremes
.56
To decrease a number by a given percentage - e.g. decrease 16 by 25%
3. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
% increase or decrease
GMROI
70%
To decrease a number by a given percentage - e.g. decrease 16 by 25%
4. Convert 70/100 to a percent
378 63
70%
Subtracting Fractions
78
5. A/b
Markup
60
Multiplying Fractions
gross sales
6. He availability of your money is called _.
60
per hundred
Liquidity
COD
7. Convert 65% to a decimal
3%
.7
.65
ROG
8. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
.65
transportation
$6 -655.50
when multiplying numbers that contain decimals:
9. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
Gross margin %
Dividing Fractions
To increase a number by a given percentage - e.g. increase 16 by 25%
GMROI
10. BOM $ Stock/ Sales for period
Of what number 16 is a 25% increase
Multiplying Fractions
Stock to Sales Ratio
Cost
11. Convert 50% to a fraction
.56
50/100
90.9%
Means
12. Capital stock - owner's equity (owner's funds invested in the business)
transportation
14/100
types of capital
To increase a number by a given percentage - e.g. increase 16 by 25%
13. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
Gross margin %
OTB (retail)
cost of goods sold formula (COGS)
14. 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
net sales
Means
62%
profit and loss statement
15. Convert 10/11 to a percent
COD
Effective annual rate of interest formula
.7
90.9%
16. What happens when your sales are higher than your expenses - etc.
Break Even Point Formula
Turnover
profit
Of what number 16 is a 25% increase
17. Loss of items due to damaged goods - stealing - etc.
types of liabilities
To increase a number by a given percentage - e.g. increase 16 by 25%
FOB destination
shrinkage
18. The wholesale cost of an item (cost of goods - or COG)
types of expenses
profit and loss statement
Quick Ratio
Cost
19. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
Average Collection Turnover
62%
OTB (retail)
Compound interest formula with changing rates
20. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Simple interest formula
Markdown %
50/100
GMROI
21. A measure of the number of days needed to collect accounts receivable.
types of expenses
underbought
physical inventory
Average Collection Turnover
22. The point at which you stop losing money.
Simple interest formula
Break Even Point
operating expenses
EOM (in terms of invoice)
23. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
Break Even Point
.7
types of liabilities
588 mph
24. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
income statement
Liquidity
FOB destination
types of liabilities
25. ($ Retail x 100 / COST) - 100
Adding Fractions
to determine equivalent single discount rate for 25/10/10 series discount
Mark Up %
80/100
26. $ Cost x (100 + Mark-up %) / 100
$ Retail
shortage
DOI
installment loan
27. A form of closed-end credit used for purchasing durable goods such as cars
installment loan
15
Average Collection Turnover
percent decrease
28. Convert 41/100 to a percent
cost of goods
41%
loss
Discounting Formula
29. Convert 3 to a percent
shortage
3%
types of liabilities
Break Even Point
30. When sales plans are underestimated and the stock purchases result in a low inventory
Break Even Point
underbought
OTB (retail)
increase=credit
31. % of 90 days same as cash convert to payments.
transportation
EOM (in terms of invoice)
78
physical inventory
32. Convert .36 to a percent
36%
OTB (retail)
Mark Up %
$2 -127.66
33. If freight is to be paid by the seller - the shipping terms are...
Markup
.56
cost of goods
FOB destination
34. $ RETAIL X (100 - GM %) / 100
$ COST
profit
Current Assets
Gross margin dollars
35. Formula: GM = NS - COG; GM$ = NS$ X GM%
costs of goods sold
gross margin
36%
DOI
36. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
types of assets
book value
$ Markdown
FOB destination
37. 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
To decrease a number by a given percentage - e.g. decrease 16 by 25%
improper
EOM (in terms of invoice)
38. 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)
$ Retail
Simple interest formula
4%
costs of goods sold
39. accounts receivable/ average daily sales
Average Collection Turnover
To increase a number by a given percentage - e.g. increase 16 by 25%
Liquidity of Assets
increase=credit
40. A/b + c/b = (a+c)/b
Of what number 16 is a 25% increase
Gross Margin Return On Inventory Investment (GMROII)
Adding Fractions
types of capital
41. 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%
With cash discounts and calculating net price - when to add freight
Gross margin %
to determine equivalent single discount rate for 25/10/10 series discount
costs of goods sold
42. Net Sales for period/ Avg Stock for period
Turnover
Multiplying Fractions
Gross margin %
percent decrease
43. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
per hundred
Gross margin dollars
$2 -127.66
physical inventory
44. The recommended house payment should be no more than _% of your monthly take-home pay.
operating expenses
14/100
$2 -127.66
25
45. Convert .62 to a percent
book value
62%
$252
COD
46. Rose borrowed money to buy a ring priced at $420. When she repaid the loan at the end of 3 months - the interest charge was $31.50. What was the rate of interest?
4%
2.5% per month
The sum of a Geometric Progression
GMROI
47. 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.
Gross margin %
Average Collection Turnover
percent decrease
net sales
48. Sales - cost of goods sold
Gross margin dollars
.65
3%
net sales
49. Original retail price - Lower retail price
ROG
loss
$ Markdown
Break Even Point Formula
50. Overage$ = book$ - physical count$; overage% = overage$/NS$
Multiplying Fractions
Stock to Sales Ratio
overages
improper