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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. 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
profit
installment loan
$ Markdown
2. Original retail price - Lower retail price
increase=debit
gross margin
$ Markdown
Stock to Sales Ratio
3. 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)
cost of goods
Simple interest formula
Multiplying Fractions
Retail
4. Convert 80% to a fraction
80/100
$252
36%
Mark Up %
5. A team won 16 games and lost 9 games. What percent of games did the team lose?
Unit pricing
36%
4%
operating expenses
6. 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)
$ Retail
transportation
shortage
Internal Rate of Return
7. He availability of your money is called _.
Liquidity
Turnover
types of liabilities
Gross margin dollars
8. A/b + c/b = (a+c)/b
types of incomes
Adding Fractions
Proportion
Current Ratio
9. 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
Compound interest formula with changing rates
Current Assets
percent
10. Beginning inventory + Purchases - Ending inventory
cost of goods sold formula (COGS)
Liquidity
Compound interest formula with changing rates
$ Retail
11. Net Sales for period/ Avg Stock for period
types of incomes
types of assets
Average Collection Turnover
Turnover
12. Inside numbers in a ratio.
% increase or decrease
book value
$ Cost
Means
13. Liabilities - capital - income
increase=credit
$2 -127.66
Break Even Point Formula
Margin %
14. A form of closed-end credit used for purchasing durable goods such as cars
$ COST
installment loan
Break Even Point Formula
78
15. % of 90 days same as cash convert to payments.
Gross Margin Return On Inventory Investment (GMROII)
OTB (retail)
The sum of a Geometric Progression
78
16. 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
2.5% per month
The sum of a Geometric Progression
Liquidity
Compound interest formula with changing rates
17. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
OTB (retail)
Average Collection Turnover
costs of goods sold
cost of goods
18. total annual sales/365
Average Daily Sales
1.304
Multiplying Fractions
netprice with a 25/10/10 series discount
19. Gross Margin/ Average Inventory Cost
cost of goods sold formula (COGS)
Sell Thru %
60
GMROI
20. Overage$ = book$ - physical count$; overage% = overage$/NS$
14/100
overages
4%
When Dividing With Exponents
21. (Retail - Cost)/ Retail
378 63
With cash discounts and calculating net price - when to add freight
60
Margin %
22. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
$2 -127.66
With cash discounts and calculating net price - when to add freight
% increase or decrease
Average Collection Turnover
23. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
income statement
Means
Mark Up %
gross margin
24. cash + receivables/ current liabilities.
Means
Quick Ratio
Average Collection Turnover
overages
25. Advertising - bad debt expense - conributions and donations - depreciation - educational expense - insurance - interest expense - licenses - office supplies - postage - rent - repairs - salaries and wages - supplies - taxes - travel and transportatio
Markup
installment loan
book value
types of expenses
26. Convert 20 to a percent
Of what number 16 is a 25% increase
increase=credit
Break Even Point
20%
27. ($ Retail x 100 / COST) - 100
60
$6 -655.50
$ Markdown
Mark Up %
28. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
FOB destination
types of liabilities
$ Retail
EOM (in terms of invoice)
29. When sales plans are underestimated and the stock purchases result in a low inventory
underbought
16-18
3%
$6 -655.50
30. The average car will lose _% of its value in the first 4 years.
Current Ratio
types of capital
Adding Fractions
60
31. Convert 41/100 to a percent
Average Collection Turnover
41%
book value
.56
32. Assets - cost of goods sold - expenses
Gross Margin Return On Inventory Investment (GMROII)
With cash discounts and calculating net price - when to add freight
Average Collection Turnover
increase=debit
33. GMROII = GM% x (Sales / Average Value of Inventory)
types of expenses
Gross Margin Return On Inventory Investment (GMROII)
To decrease a number by a given percentage - e.g. decrease 16 by 25%
ROG
34. accounts receivable/ average daily sales
Average Collection Turnover
operating expenses
per hundred
types of liabilities
35. Cash on delivery; this dating is used when the vendor does not know the retailer or the retailer does not have a strong line of credit
$ Markdown
when multiplying numbers that contain decimals:
COD
income statement
36. Convert .4 to a percent
improper
4%
gross sales
book value
37. The point at which you stop losing money.
$ Retail
$ Markdown
Break Even Point
ROG
38. Loss of items due to damaged goods - stealing - etc.
Sales per Transaction
62%
shrinkage
types of incomes
39. Convert 3 to a percent
EOM (in terms of invoice)
125%
3%
Discounting Formula
40. Convert 14% to a fraction
14/100
ROG
Gross Margin Return On Inventory Investment (GMROII)
588 mph
41. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
50/100
per hundred
41%
overbought
42. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
4%
36%
types of capital
physical inventory
43. The wholesale cost of goods plus the markup
Retail
Cost
stock turn
netprice with a 25/10/10 series discount
44. Convert .36 to a percent
physical inventory
36%
GMROI
profit
45. Two equivalent ratios joined by an equal sign.
Proportion
Markdown %
80/100
$ Cost
46. What is the product of 3.26 and 0.4?
types of expenses
costs of goods sold
1.304
15
47. Convert 10/11 to a percent
Break Even Point
90.9%
EOM (in terms of invoice)
types of capital
48. Formula: GM = NS - COG; GM$ = NS$ X GM%
Average Daily Sales
gross margin
improper
80/100
49. A/b
Dividing Fractions
Markdown %
gross margin
Means
50. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
1.304
Gross margin %
When Dividing With Exponents
DOI