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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 10/11 to a percent
Liquidity
EOM (in terms of invoice)
90.9%
Of what number 16 is a 25% increase
2. When sales plans are underestimated and the stock purchases result in a low inventory
Current Ratio
underbought
Average Collection Turnover
types of liabilities
3. GMROII = GM% x (Sales / Average Value of Inventory)
Gross Margin Return On Inventory Investment (GMROII)
shrinkage
Means
Average Daily Sales
4. You should never take out more than a _ year mortgage.
cost of goods sold formula (COGS)
15
Discounting Formula
Quick Ratio
5. $ retail x (100%-markup)
operating expenses
$ Cost
income statement
% increase or decrease
6. Another way of counting part of a whole?
percent
improper
588 mph
GMROI
7. 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)
1.304
Mark Up %
Internal Rate of Return
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
8. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Effective annual rate of interest formula
41%
25
Compound interest formula with changing rates
9. What happens when your sales are higher than your expenses - etc.
cost of goods sold formula (COGS)
improper
profit
shortage
10. Total Net Sales / Total Number of Transactions
percent
loss
Sales per Transaction
Average Daily Sales
11. Convert 3 to a percent
3%
Adding Fractions
The sum of a Geometric Progression
Inventory Turnover Rate
12. 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
steps in strategic planning
$ COST
Means
cost of goods sold formula (COGS)
13. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
cost of goods sold formula (COGS)
netprice with a 25/10/10 series discount
Liquidity of Assets
per hundred
14. A measure of the number of days needed to collect accounts receivable.
$2 -127.66
Subtracting Fractions
378 63
Average Collection Turnover
15. 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
transportation
Margin %
3%
profit and loss statement
16. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
operating expenses
types of capital
ROG
installment loan
17. $ RETAIL X (100 - GM %) / 100
$ COST
underbought
physical inventory
per hundred
18. Cash or assets that can quickly be converted into cash.
Current Assets
net sales
physical inventory
80/100
19. BOM $ Stock/ Sales for period
Stock to Sales Ratio
Discounting Formula
profit and loss statement
netprice with a 25/10/10 series discount
20. % of 90 days same as cash convert to payments.
Internal Rate of Return
588 mph
78
increase=debit
21. What does percent mean?
.56
per hundred
62%
overages
22. 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
Discounting Formula
types of assets
588 mph
improper
23. Convert 56% to a decimal
.56
62%
2.5% per month
Cost
24. S=X(1+r1)^y(1+r
25
Compound interest formula with changing rates
Mark Up %
Unit pricing
25. 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)
Cost
percent
stock turn
netprice with a 25/10/10 series discount
26. Convert 70% to a decimal
41%
.7
Stock to Sales Ratio
types of liabilities
27. Direct labor - factory overhead - merchandise inventory - packaging - raw material
costs of goods sold
36%
When Dividing With Exponents
transportation
28. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Sell Thru %
Markdown %
Gross margin %
Adding Fractions
29. current assets/ current liabilities
types of capital
When Dividing With Exponents
Current Ratio
operating expenses
30. The average car payment is $_ per month for _ months.
overages
Average Collection Turnover
cost of goods
378 63
31. $ Cost/ (100%-markup%)
Average Daily Sales
To increase a number by a given percentage - e.g. increase 16 by 25%
$ Retail
operating expenses
32. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
Proportion
588 mph
percent decrease
Compound interest formula with changing rates
33. Convert .62 to a percent
.65
4%
62%
steps in strategic planning
34. 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
Turnover
types of assets
profit and loss statement
types of expenses
35. Units Sold/ (Units Sold + On Hand Inventory)
4%
percent
80/100
Sell Thru %
36. Net Sales / Average Retail Value of Inventory
Liquidity
GMROI
36%
Inventory Turnover Rate
37. 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?
70%
netprice with a 25/10/10 series discount
steps in strategic planning
2.5% per month
38. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
25
physical inventory
Gross Margin Return On Inventory Investment (GMROII)
.56
39. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
net sales
transportation
588 mph
income statement
40. The average person will have _ jobs in their lifetime.
Simple interest formula
16-18
Liquidity
GMROI
41. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
To increase a number by a given percentage - e.g. increase 16 by 25%
50/100
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
.65
42. 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
per hundred
Of what number 16 is a 25% increase
.56
profit and loss statement
43. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
OTB (retail)
$6 -655.50
transportation
Markdown %
44. 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.
Current Assets
60
Liquidity
net sales
45. The wholesale cost of goods plus the markup
percent
Unit pricing
Break Even Point
Retail
46. total fixed costs/ selling price-variable cost
$252
125%
Break Even Point Formula
Internal Rate of Return
47. Amount decrease (Original - New) / Original amount = decimal= convert to %
Extremes
Mark Up %
Liquidity
percent decrease
48. Convert 14% to a fraction
14/100
$ Retail
Stock to Sales Ratio
Effective annual rate of interest formula
49. A/b
25%
Mark Up %
Dividing Fractions
shrinkage
50. What is the product of 3.26 and 0.4?
1.304
income statement
Liquidity
underbought