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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. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
2.5% per month
DOI
25
378 63
2. You should never take out more than a _ year mortgage.
book value
15
Gross margin %
50/100
3. % of 90 days same as cash convert to payments.
Break Even Point Formula
costs of goods sold
36%
78
4. What happens when your expenses - etc. are higher than your sales
cost of goods sold formula (COGS)
Proportion
loss
EOM (in terms of invoice)
5. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
OTB (retail)
$6 -655.50
Markup
70%
6. Convert 65% to a decimal
shortage
increase=debit
profit and loss statement
.65
7. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...
Average Collection Turnover
Extremes
types of liabilities
operating expenses
8. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
profit
3%
Markdown %
Sales per Transaction
9. If freight is to be paid by the seller - the shipping terms are...
60
15
FOB destination
1.304
10. (TY-LY)/ LY or (Plan-Actual)/
operating expenses
Gross Margin Return On Inventory Investment (GMROII)
% increase or decrease
Gross margin dollars
11. $ Cost/ (100%-markup%)
cost of goods
Sell Thru %
When Dividing With Exponents
$ Retail
12. total fixed costs/ selling price-variable cost
physical inventory
Of what number 16 is a 25% increase
Dividing Fractions
Break Even Point Formula
13. Convert 1.25 to a percent
Gross margin dollars
ROG
types of liabilities
125%
14. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
Current Ratio
Proportion
EOM (in terms of invoice)
income statement
15. $ RETAIL X (100 - GM %) / 100
increase=debit
book value
$ COST
Extremes
16. What is the product of 3.26 and 0.4?
1.304
Of what number 16 is a 25% increase
installment loan
80/100
17. (Retail - Cost)/ Retail
Margin %
ROG
operating expenses
$252
18. 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
EOM (in terms of invoice)
ROG
costs of goods sold
cost of goods
19. Total Net Sales / Total Number of Transactions
$ Cost
Sales per Transaction
profit and loss statement
36%
20. The average car will lose _% of its value in the first 4 years.
FOB destination
60
Average Daily Sales
cost of goods
21. 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?
Inventory Turnover Rate
Sales per Transaction
Mark Up %
2.5% per month
22. A team won 16 games and lost 9 games. What percent of games did the team lose?
.65
36%
transportation
overages
23. Convert .36 to a percent
Sell Thru %
Adding Fractions
to determine equivalent single discount rate for 25/10/10 series discount
36%
24. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
physical inventory
Unit pricing
types of assets
Multiplying Fractions
25. Convert 80% to a fraction
profit and loss statement
Proportion
costs of goods sold
80/100
26. Convert 70/100 to a percent
$ Markdown
3%
GMROI
70%
27. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
COD
Of what number 16 is a 25% increase
net sales
To decrease a number by a given percentage - e.g. decrease 16 by 25%
28. 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?
Average Collection Turnover
Break Even Point Formula
FOB destination
$252
29. 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)
Cost
steps in strategic planning
Internal Rate of Return
$ Retail
30. accounts receivable/ average daily sales
25
Average Collection Turnover
percent decrease
Stock to Sales Ratio
31. Liabilities - capital - income
Unit pricing
Turnover
3%
increase=credit
32. Commissions - fees for service - merchandise sales - rental income - royalties
14/100
types of incomes
$ Markdown
To increase a number by a given percentage - e.g. increase 16 by 25%
33. A^m/a^n = a^(m-n)
Turnover
increase=debit
When Dividing With Exponents
Average Collection Turnover
34. 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
Cost
70%
shortage
35. He availability of your money is called _.
Retail
loss
78
Liquidity
36. X=S*[1/(1+r)^n] Where: S=the sum to be received after n time periods X=the present value of that sum r=the rate of return (as a proportion) n=the number of time periods - r - rate - is sometimes called cost of capital
profit and loss statement
Of what number 16 is a 25% increase
income statement
Discounting Formula
37. current assets/ current liabilities
transportation
Means
GMROI
Current Ratio
38. Original retail price - Lower retail price
$ Markdown
increase=debit
cost of goods
50/100
39. What happens when your sales are higher than your expenses - etc.
profit
physical inventory
.7
Adding Fractions
40. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
90.9%
Current Assets
Gross margin %
3%
41. Loss of items due to damaged goods - stealing - etc.
Proportion
90.9%
Extremes
shrinkage
42. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
$ Retail
Markdown %
.56
43. 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%
cost of goods
gross sales
Stock to Sales Ratio
Effective annual rate of interest formula
44. 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
Dividing Fractions
types of expenses
Means
$ Retail
45. Convert .62 to a percent
DOI
physical inventory
62%
increase=credit
46. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
Dividing Fractions
Retail
types of liabilities
Gross margin %
47. ($ Retail x 100 / COST) - 100
cost of goods sold formula (COGS)
.56
steps in strategic planning
Mark Up %
48. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
EOM (in terms of invoice)
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
netprice with a 25/10/10 series discount
types of capital
49. Outside numbers in a ratio.
income statement
16-18
percent decrease
Extremes
50. Convert 10/11 to a percent
Gross margin %
90.9%
$6 -655.50
FOB destination