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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 20 to a percent
underbought
20%
per hundred
types of capital
2. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
Gross Margin Return On Inventory Investment (GMROII)
book value
Gross margin %
Liquidity of Assets
3. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
shortage
Subtracting Fractions
Of what number 16 is a 25% increase
DOI
4. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
14/100
378 63
ROG
Multiplying Fractions
5. The average car payment is $_ per month for _ months.
378 63
Break Even Point Formula
Of what number 16 is a 25% increase
16-18
6. Convert 41/100 to a percent
netprice with a 25/10/10 series discount
.56
Multiplying Fractions
41%
7. A/b
OTB (retail)
overbought
Multiplying Fractions
Average Collection Turnover
8. The average car will lose _% of its value in the first 4 years.
Simple interest formula
$ Retail
Sales per Transaction
60
9. What does percent mean?
.7
25
OTB (retail)
per hundred
10. If freight is to be paid by the seller - the shipping terms are...
$ Cost
FOB destination
Retail
book value
11. The average person will have _ jobs in their lifetime.
EOM (in terms of invoice)
16-18
Internal Rate of Return
Compound interest formula with changing rates
12. Wholesale cost
book value
cost of goods
steps in strategic planning
78
13. Convert 65% to a decimal
book value
shortage
Quick Ratio
.65
14. A/b + c/b = (a+c)/b
.56
COD
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Adding Fractions
15. Inside numbers in a ratio.
Subtracting Fractions
Means
ROG
netprice with a 25/10/10 series discount
16. accounts receivable/ average daily sales
$252
Average Collection Turnover
to determine equivalent single discount rate for 25/10/10 series discount
increase=debit
17. Direct labor - factory overhead - merchandise inventory - packaging - raw material
cost of goods sold formula (COGS)
costs of goods sold
Adding Fractions
Stock to Sales Ratio
18. Convert 70/100 to a percent
70%
Break Even Point Formula
Retail
shortage
19. A measure of the number of days needed to collect accounts receivable.
Adding Fractions
.56
Average Collection Turnover
Gross margin dollars
20. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
3%
Break Even Point
improper
loss
21. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Markup
25%
netprice with a 25/10/10 series discount
To increase a number by a given percentage - e.g. increase 16 by 25%
22. Net Sales / Average Retail Value of Inventory
Inventory Turnover Rate
Liquidity
78
To increase a number by a given percentage - e.g. increase 16 by 25%
23. He availability of your money is called _.
Liquidity
4%
16-18
gross margin
24. 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
Simple interest formula
Multiplying Fractions
steps in strategic planning
25. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
41%
GMROI
25
OTB (retail)
26. What happens when your sales are higher than your expenses - etc.
Adding Fractions
profit
36%
types of assets
27. What happens when your expenses - etc. are higher than your sales
Effective annual rate of interest formula
Retail
2.5% per month
loss
28. Assets - cost of goods sold - expenses
Current Assets
increase=credit
FOB destination
increase=debit
29. 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%
% increase or decrease
Break Even Point Formula
gross sales
Turnover
30. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
With cash discounts and calculating net price - when to add freight
improper
To increase a number by a given percentage - e.g. increase 16 by 25%
Markup
31. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
25
shrinkage
Current Ratio
With cash discounts and calculating net price - when to add freight
32. 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
Gross Margin Return On Inventory Investment (GMROII)
Discounting Formula
types of expenses
125%
33. GMROII = GM% x (Sales / Average Value of Inventory)
Gross Margin Return On Inventory Investment (GMROII)
Of what number 16 is a 25% increase
Average Collection Turnover
3%
34. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
2.5% per month
Liquidity
profit and loss statement
35. Commissions - fees for service - merchandise sales - rental income - royalties
net sales
cost of goods sold formula (COGS)
types of incomes
Average Daily Sales
36. $ Cost x (100 + Mark-up %) / 100
90.9%
steps in strategic planning
To increase a number by a given percentage - e.g. increase 16 by 25%
$ Retail
37. Gross Margin/ Average Inventory Cost
gross margin
GMROI
per hundred
Sales per Transaction
38. Convert 14% to a fraction
underbought
78
percent decrease
14/100
39. BOM $ Stock/ Sales for period
Stock to Sales Ratio
steps in strategic planning
588 mph
20%
40. % of 90 days same as cash convert to payments.
78
588 mph
netprice with a 25/10/10 series discount
operating expenses
41. ($ Retail x 100 / COST) - 100
gross sales
To decrease a number by a given percentage - e.g. decrease 16 by 25%
cost of goods
Mark Up %
42. Capital stock - owner's equity (owner's funds invested in the business)
16-18
Multiplying Fractions
profit and loss statement
types of capital
43. (Retail - Cost)/ Retail
2.5% per month
78
FOB destination
Margin %
44. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
gross margin
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Sell Thru %
Break Even Point
45. Sales - cost of goods sold
improper
$ Retail
Gross margin dollars
Multiplying Fractions
46. 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
book value
Discounting Formula
Sell Thru %
costs of goods sold
47. A form of closed-end credit used for purchasing durable goods such as cars
COD
25
installment loan
Average Daily Sales
48. 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?
2.5% per month
cost of goods sold formula (COGS)
Gross margin %
Gross margin dollars
49. total fixed costs/ selling price-variable cost
Gross Margin Return On Inventory Investment (GMROII)
Inventory Turnover Rate
Break Even Point Formula
COD
50. Convert .4 to a percent
Stock to Sales Ratio
78
$ Retail
4%