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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. Commissions - fees for service - merchandise sales - rental income - royalties
Liquidity
types of incomes
Sales per Transaction
Cost
2. When sales plans are underestimated and the stock purchases result in a low inventory
$ COST
underbought
profit and loss statement
60
3. Convert 50% to a fraction
$252
Current Assets
70%
50/100
4. $ RETAIL X (100 - GM %) / 100
20%
588 mph
36%
$ COST
5. What does percent mean?
15
per hundred
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Simple interest formula
6. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Markdown %
types of capital
costs of goods sold
transportation
7. Another way of counting part of a whole?
Gross margin %
Compound interest formula with changing rates
increase=credit
percent
8. Convert 10/11 to a percent
gross margin
60
90.9%
installment loan
9. 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.
60
net sales
profit
378 63
10. 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?
Cost
$ Markdown
$252
profit and loss statement
11. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
$6 -655.50
$2 -127.66
book value
36%
12. A/b
types of capital
Means
Gross margin dollars
Multiplying Fractions
13. GMROII = GM% x (Sales / Average Value of Inventory)
The sum of a Geometric Progression
Current Ratio
$6 -655.50
Gross Margin Return On Inventory Investment (GMROII)
14. A team won 16 games and lost 9 games. What percent of games did the team lose?
When Dividing With Exponents
to determine equivalent single discount rate for 25/10/10 series discount
36%
Mark Up %
15. total annual sales/365
Average Daily Sales
3%
Liquidity of Assets
588 mph
16. Cash or assets that can quickly be converted into cash.
Current Assets
types of liabilities
90.9%
36%
17. The recommended house payment should be no more than _% of your monthly take-home pay.
cost of goods
25
EOM (in terms of invoice)
OTB (retail)
18. 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)
16-18
Internal Rate of Return
steps in strategic planning
physical inventory
19. Liabilities - capital - income
increase=credit
per hundred
Inventory Turnover Rate
installment loan
20. 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
90.9%
to determine equivalent single discount rate for 25/10/10 series discount
overbought
21. The point at which you stop losing money.
loss
Gross Margin Return On Inventory Investment (GMROII)
Break Even Point
$2 -127.66
22. He availability of your money is called _.
Dividing Fractions
gross margin
Proportion
Liquidity
23. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
50/100
Dividing Fractions
cost of goods
gross sales
24. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
types of assets
588 mph
With cash discounts and calculating net price - when to add freight
profit
25. Original retail price - Lower retail price
14/100
25%
Of what number 16 is a 25% increase
$ Markdown
26. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
percent
income statement
book value
Compound interest formula with changing rates
27. Convert .62 to a percent
GMROI
net sales
Quick Ratio
62%
28. 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
To decrease a number by a given percentage - e.g. decrease 16 by 25%
The sum of a Geometric Progression
loss
shortage
29. BOM $ Stock/ Sales for period
Stock to Sales Ratio
physical inventory
ROG
Proportion
30. Convert .4 to a percent
Average Collection Turnover
4%
Inventory Turnover Rate
$ Retail
31. Wholesale cost
netprice with a 25/10/10 series discount
378 63
4%
cost of goods
32. Amount decrease (Original - New) / Original amount = decimal= convert to %
percent decrease
operating expenses
increase=debit
overages
33. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
With cash discounts and calculating net price - when to add freight
transportation
types of assets
FOB destination
34. A/b + c/b = (a+c)/b
netprice with a 25/10/10 series discount
increase=credit
Adding Fractions
Current Assets
35. Loss of items due to damaged goods - stealing - etc.
Retail
shrinkage
16-18
Average Collection Turnover
36. Convert 70% to a decimal
.7
$6 -655.50
Turnover
book value
37. End of month; dating starts with the end of the month and the invoice is to be paid within the specified number of days after the end of the month in which goods are invoiced; ex: 8/10 EOM - n/90
Means
EOM (in terms of invoice)
profit and loss statement
shrinkage
38. A measure of the number of days needed to collect accounts receivable.
types of liabilities
book value
Average Collection Turnover
1.304
39. Convert 56% to a decimal
Sell Thru %
To increase a number by a given percentage - e.g. increase 16 by 25%
.56
To decrease a number by a given percentage - e.g. decrease 16 by 25%
40. Convert .36 to a percent
50/100
Compound interest formula with changing rates
When Dividing With Exponents
36%
41. Sales - cost of goods sold
Gross Margin Return On Inventory Investment (GMROII)
Gross margin dollars
COD
Margin %
42. The average person will have _ jobs in their lifetime.
physical inventory
16-18
50/100
loss
43. Overage$ = book$ - physical count$; overage% = overage$/NS$
per hundred
80/100
increase=credit
overages
44. (TY-LY)/ LY or (Plan-Actual)/
Mark Up %
% increase or decrease
when multiplying numbers that contain decimals:
overages
45. current assets/ current liabilities
36%
Current Ratio
1.304
To decrease a number by a given percentage - e.g. decrease 16 by 25%
46. ($ Retail x 100 / COST) - 100
DOI
Mark Up %
.65
stock turn
47. A form of closed-end credit used for purchasing durable goods such as cars
installment loan
improper
$2 -127.66
$ Retail
48. 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
Effective annual rate of interest formula
percent
profit and loss statement
$ Markdown
49. Convert 20 to a percent
to determine equivalent single discount rate for 25/10/10 series discount
Subtracting Fractions
20%
EOM (in terms of invoice)
50. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Effective annual rate of interest formula
50/100
20%
62%