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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. A/b
Dividing Fractions
80/100
.7
Simple interest formula
2. Formula: GM = NS - COG; GM$ = NS$ X GM%
when multiplying numbers that contain decimals:
14/100
gross margin
3%
3. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
Average Daily Sales
Gross margin dollars
types of liabilities
cost of goods sold formula (COGS)
4. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
Gross Margin Return On Inventory Investment (GMROII)
OTB (retail)
70%
stock turn
5. Convert 10/11 to a percent
90.9%
Dividing Fractions
installment loan
$ Retail
6. 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
Break Even Point Formula
profit and loss statement
% increase or decrease
Mark Up %
7. If freight is to be paid by the seller - the shipping terms are...
netprice with a 25/10/10 series discount
ROG
FOB destination
gross sales
8. total fixed costs/ selling price-variable cost
Break Even Point Formula
COD
Cost
stock turn
9. The average person will have _ jobs in their lifetime.
types of incomes
DOI
16-18
net sales
10. Convert 14% to a fraction
types of liabilities
4%
14/100
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
11. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
netprice with a 25/10/10 series discount
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 and loss statement
12. (TY-LY)/ LY or (Plan-Actual)/
50/100
% increase or decrease
90.9%
Discounting Formula
13. When sales plans are underestimated and the stock purchases result in a low inventory
50/100
Unit pricing
costs of goods sold
underbought
14. accounts receivable/ average daily sales
Inventory Turnover Rate
To decrease a number by a given percentage - e.g. decrease 16 by 25%
41%
Average Collection Turnover
15. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
shortage
ROG
per hundred
costs of goods sold
16. Loss of items due to damaged goods - stealing - etc.
stock turn
78
types of assets
shrinkage
17. 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%
FOB destination
steps in strategic planning
gross sales
physical inventory
18. 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
Effective annual rate of interest formula
cost of goods
19. Beginning inventory + Purchases - Ending inventory
41%
Current Ratio
costs of goods sold
cost of goods sold formula (COGS)
20. Convert 56% to a decimal
When Dividing With Exponents
$ Retail
book value
.56
21. 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
types of incomes
Discounting Formula
FOB destination
Average Daily Sales
22. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
Sell Thru %
costs of goods sold
To increase a number by a given percentage - e.g. increase 16 by 25%
types of expenses
23. total annual sales/365
Average Daily Sales
With cash discounts and calculating net price - when to add freight
transportation
$ Markdown
24. 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?
transportation
$252
Turnover
Break Even Point Formula
25. Convert 1.25 to a percent
Liquidity
3%
125%
$ Retail
26. The cost of moving from the vendor's warehouse (loading dock) to the retail warehouse or store (loading dock) - may also include insurance to cover the merchandise while in transit
14/100
Turnover
installment loan
transportation
27. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
income statement
ROG
Gross margin %
To decrease a number by a given percentage - e.g. decrease 16 by 25%
28. GMROII = GM% x (Sales / Average Value of Inventory)
Discounting Formula
Turnover
Dividing Fractions
Gross Margin Return On Inventory Investment (GMROII)
29. 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...
36%
operating expenses
Gross Margin Return On Inventory Investment (GMROII)
With cash discounts and calculating net price - when to add freight
30. Convert 41/100 to a percent
41%
Sales per Transaction
Subtracting Fractions
36%
31. Direct labor - factory overhead - merchandise inventory - packaging - raw material
When Dividing With Exponents
Break Even Point Formula
41%
costs of goods sold
32. Convert 80% to a fraction
80/100
income statement
Average Collection Turnover
underbought
33. Total Net Sales / Total Number of Transactions
loss
Simple interest formula
Current Assets
Sales per Transaction
34. 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%
$ Markdown
net sales
gross margin
35. The average car payment is $_ per month for _ months.
$6 -655.50
DOI
378 63
Multiplying Fractions
36. You should never take out more than a _ year mortgage.
The sum of a Geometric Progression
costs of goods sold
15
cost of goods sold formula (COGS)
37. ($ Retail x 100 / COST) - 100
588 mph
60
Mark Up %
Liquidity
38. 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
transportation
Markup
.56
COD
39. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
loss
Inventory Turnover Rate
Mark Up %
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
40. Overage$ = book$ - physical count$; overage% = overage$/NS$
Turnover
overages
With cash discounts and calculating net price - when to add freight
percent decrease
41. 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)
Internal Rate of Return
overages
percent
36%
42. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
percent decrease
25%
.7
43. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
Multiplying Fractions
15
cost of goods
With cash discounts and calculating net price - when to add freight
44. 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
to determine equivalent single discount rate for 25/10/10 series discount
steps in strategic planning
netprice with a 25/10/10 series discount
Gross Margin Return On Inventory Investment (GMROII)
45. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
Mark Up %
transportation
$2 -127.66
46. Commissions - fees for service - merchandise sales - rental income - royalties
When Dividing With Exponents
shrinkage
installment loan
types of incomes
47. Convert 50% to a fraction
1.304
Of what number 16 is a 25% increase
50/100
netprice with a 25/10/10 series discount
48. Convert 65% to a decimal
operating expenses
.65
$ Retail
Sales per Transaction
49. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
overages
Gross margin dollars
Effective annual rate of interest formula
Gross Margin Return On Inventory Investment (GMROII)
50. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
$ Retail
% increase or decrease
Markup
types of assets