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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
80/100
.7
to determine equivalent single discount rate for 25/10/10 series discount
To increase a number by a given percentage - e.g. increase 16 by 25%
2. Total Net Sales / Total Number of Transactions
types of incomes
stock turn
Discounting Formula
Sales per Transaction
3. S=X(1+r1)^y(1+r
overbought
Compound interest formula with changing rates
Liquidity
$ Retail
4. Wholesale cost
cost of goods
To increase a number by a given percentage - e.g. increase 16 by 25%
Turnover
$6 -655.50
5. 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
3%
Simple interest formula
cost of goods
steps in strategic planning
6. Convert .4 to a percent
GMROI
$ Markdown
4%
Dividing Fractions
7. Convert 1.25 to a percent
increase=credit
125%
Break Even Point
Extremes
8. What is the product of 3.26 and 0.4?
80/100
$6 -655.50
Multiplying Fractions
1.304
9. Amount decrease (Original - New) / Original amount = decimal= convert to %
$ Cost
loss
Discounting Formula
percent decrease
10. What happens when your sales are higher than your expenses - etc.
profit
Sell Thru %
income statement
underbought
11. 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
Subtracting Fractions
Retail
16-18
12. A/b - c/b = a-c/b
90.9%
gross sales
percent decrease
Subtracting Fractions
13. A/b
Of what number 16 is a 25% increase
Multiplying Fractions
Mark Up %
when multiplying numbers that contain decimals:
14. (TY-LY)/ LY or (Plan-Actual)/
DOI
% increase or decrease
60
14/100
15. Units Sold/ (Units Sold + On Hand Inventory)
Sell Thru %
Adding Fractions
transportation
3%
16. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
When Dividing With Exponents
Internal Rate of Return
percent decrease
588 mph
17. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
With cash discounts and calculating net price - when to add freight
Average Daily Sales
Effective annual rate of interest formula
per hundred
18. 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
2.5% per month
378 63
to determine equivalent single discount rate for 25/10/10 series discount
19. $ Cost x (100 + Mark-up %) / 100
$ Retail
To decrease a number by a given percentage - e.g. decrease 16 by 25%
types of assets
60
20. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
To decrease a number by a given percentage - e.g. decrease 16 by 25%
types of capital
41%
Average Collection Turnover
21. $ Cost/ (100%-markup%)
Gross margin dollars
Markup
$ Retail
net sales
22. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
DOI
The sum of a Geometric Progression
.65
improper
23. Commissions - fees for service - merchandise sales - rental income - royalties
Effective annual rate of interest formula
With cash discounts and calculating net price - when to add freight
types of incomes
1.304
24. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
With cash discounts and calculating net price - when to add freight
types of expenses
stock turn
Mark Up %
25. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
types of assets
$ Cost
Break Even Point Formula
EOM (in terms of invoice)
26. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
types of assets
Internal Rate of Return
25%
27. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
90.9%
loss
Average Collection Turnover
ROG
28. accounts receivable/ average daily sales
Average Collection Turnover
Internal Rate of Return
50/100
Multiplying Fractions
29. Cash or assets that can quickly be converted into cash.
cost of goods
percent
Current Assets
Adding Fractions
30. A form of closed-end credit used for purchasing durable goods such as cars
36%
ROG
installment loan
$ Markdown
31. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
When Dividing With Exponents
1.304
Gross Margin Return On Inventory Investment (GMROII)
book value
32. BOM $ Stock/ Sales for period
Gross margin %
shortage
Stock to Sales Ratio
$ Retail
33. total fixed costs/ selling price-variable cost
Effective annual rate of interest formula
EOM (in terms of invoice)
Break Even Point Formula
Average Collection Turnover
34. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
Liquidity
stock turn
To increase a number by a given percentage - e.g. increase 16 by 25%
Markdown %
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?
Cost
$252
Gross margin %
to determine equivalent single discount rate for 25/10/10 series discount
36. Net Sales / Average Retail Value of Inventory
To decrease a number by a given percentage - e.g. decrease 16 by 25%
$ COST
GMROI
Inventory Turnover Rate
37. 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$)/(#BOM + 1)
stock turn
% increase or decrease
OTB (retail)
cost of goods sold formula (COGS)
38. Beginning inventory + Purchases - Ending inventory
profit and loss statement
cost of goods sold formula (COGS)
.7
Break Even Point
39. Overage$ = book$ - physical count$; overage% = overage$/NS$
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
overages
Markdown %
40. Direct labor - factory overhead - merchandise inventory - packaging - raw material
costs of goods sold
Break Even Point
Cost
Retail
41. 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.
90.9%
net sales
Current Ratio
41%
42. cost of an item expressed per unit of measure or count.
Effective annual rate of interest formula
% increase or decrease
Unit pricing
improper
43. Formula: GM = NS - COG; GM$ = NS$ X GM%
Unit pricing
cost of goods
gross margin
stock turn
44. A team won 16 games and lost 9 games. What percent of games did the team lose?
OTB (retail)
36%
$252
14/100
45. Another way of counting part of a whole?
GMROI
percent
$ Markdown
78
46. GMROII = GM% x (Sales / Average Value of Inventory)
Turnover
profit and loss statement
Liquidity
Gross Margin Return On Inventory Investment (GMROII)
47. $ retail x (100%-markup)
per hundred
Of what number 16 is a 25% increase
COD
$ Cost
48. Convert 14% to a fraction
14/100
Quick Ratio
FOB destination
Extremes
49. % of 90 days same as cash convert to payments.
78
Liquidity
Extremes
overages
50. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
To increase a number by a given percentage - e.g. increase 16 by 25%
Current Assets
steps in strategic planning
improper