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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. Wholesale cost
$ Retail
Of what number 16 is a 25% increase
3%
cost of goods
2. 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
Discounting Formula
physical inventory
.65
profit and loss statement
3. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
types of incomes
% increase or decrease
shortage
Discounting Formula
4. A team won 16 games and lost 9 games. What percent of games did the team lose?
Average Daily Sales
90.9%
Stock to Sales Ratio
36%
5. A/b - c/b = a-c/b
Inventory Turnover Rate
Subtracting Fractions
Turnover
20%
6. 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.
Of what number 16 is a 25% increase
net sales
to determine equivalent single discount rate for 25/10/10 series discount
loss
7. The recommended house payment should be no more than _% of your monthly take-home pay.
Retail
Margin %
25
EOM (in terms of invoice)
8. If freight is to be paid by the seller - the shipping terms are...
GMROI
FOB destination
36%
costs of goods sold
9. 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?
Break Even Point Formula
2.5% per month
$ Cost
Simple interest formula
10. Gross Margin/ Average Inventory Cost
cost of goods
FOB destination
GMROI
percent decrease
11. Commissions - fees for service - merchandise sales - rental income - royalties
types of incomes
90.9%
types of expenses
Stock to Sales Ratio
12. A^m/a^n = a^(m-n)
When Dividing With Exponents
378 63
25
Markup
13. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
Break Even Point Formula
% increase or decrease
physical inventory
14. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
income statement
90.9%
$6 -655.50
Adding Fractions
15. cash + receivables/ current liabilities.
GMROI
Quick Ratio
Gross margin dollars
125%
16. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
$252
Gross margin %
profit
4%
17. What does percent mean?
Internal Rate of Return
$ COST
Gross margin dollars
per hundred
18. Loss of items due to damaged goods - stealing - etc.
shrinkage
Unit pricing
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Effective annual rate of interest formula
19. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
Quick Ratio
shortage
improper
Of what number 16 is a 25% increase
20. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
gross sales
Markup
36%
ROG
21. When sales plans are underestimated and the stock purchases result in a low inventory
Markdown %
stock turn
Gross margin dollars
underbought
22. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
41%
installment loan
Effective annual rate of interest formula
types of assets
23. total annual sales/365
Internal Rate of Return
improper
Average Daily Sales
types of capital
24. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
Margin %
Subtracting Fractions
When Dividing With Exponents
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
Adding Fractions
Dividing Fractions
installment loan
types of expenses
26. 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
$ Cost
steps in strategic planning
underbought
Unit pricing
27. Amount decrease (Original - New) / Original amount = decimal= convert to %
percent decrease
shrinkage
To increase a number by a given percentage - e.g. increase 16 by 25%
book value
28. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
Effective annual rate of interest formula
Dividing Fractions
With cash discounts and calculating net price - when to add freight
types of incomes
29. total fixed costs/ selling price-variable cost
underbought
shortage
Break Even Point Formula
70%
30. You should never take out more than a _ year mortgage.
The sum of a Geometric Progression
15
Turnover
types of assets
31. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
Mark Up %
Break Even Point Formula
80/100
32. Two equivalent ratios joined by an equal sign.
Proportion
Subtracting Fractions
types of expenses
Quick Ratio
33. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
Internal Rate of Return
With cash discounts and calculating net price - when to add freight
stock turn
588 mph
34. $ Cost/ (100%-markup%)
overbought
25
EOM (in terms of invoice)
$ Retail
35. accounts receivable/ average daily sales
Sell Thru %
25
Average Collection Turnover
Break Even Point
36. Convert 1.25 to a percent
588 mph
costs of goods sold
78
125%
37. Another way of counting part of a whole?
book value
steps in strategic planning
percent decrease
percent
38. Overage$ = book$ - physical count$; overage% = overage$/NS$
20%
25%
$252
overages
39. Direct labor - factory overhead - merchandise inventory - packaging - raw material
Inventory Turnover Rate
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
costs of goods sold
Break Even Point Formula
40. Convert 20 to a percent
20%
transportation
Liquidity of Assets
The sum of a Geometric Progression
41. S=X(1+r1)^y(1+r
types of capital
Compound interest formula with changing rates
25
increase=credit
42. A/b + c/b = (a+c)/b
Adding Fractions
costs of goods sold
$ Retail
15
43. BOM $ Stock/ Sales for period
80/100
2.5% per month
Stock to Sales Ratio
.65
44. Convert 3 to a percent
Mark Up %
Break Even Point
3%
COD
45. Sales - cost of goods sold
cost of goods
Dividing Fractions
$6 -655.50
Gross margin dollars
46. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
percent
increase=credit
installment loan
To increase a number by a given percentage - e.g. increase 16 by 25%
47. Convert 70/100 to a percent
36%
underbought
Markdown %
70%
48. Assets - cost of goods sold - expenses
Liquidity of Assets
$ Markdown
Margin %
increase=debit
49. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
underbought
Effective annual rate of interest formula
netprice with a 25/10/10 series discount
20%
50. 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%
gross margin
Retail
transportation