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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 50% to a fraction
36%
$2 -127.66
50/100
20%
2. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
per hundred
Effective annual rate of interest formula
41%
overages
3. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
Break Even Point
Means
$6 -655.50
to determine equivalent single discount rate for 25/10/10 series discount
4. Amount decrease (Original - New) / Original amount = decimal= convert to %
4%
50/100
Average Collection Turnover
percent decrease
5. Convert 41/100 to a percent
41%
Break Even Point
Liquidity of Assets
FOB destination
6. Convert 1/4 to a percent
41%
Quick Ratio
14/100
25%
7. 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
transportation
With cash discounts and calculating net price - when to add freight
to determine equivalent single discount rate for 25/10/10 series discount
EOM (in terms of invoice)
8. accounts receivable/ average daily sales
Average Collection Turnover
Stock to Sales Ratio
Liquidity
$ COST
9. 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.
.56
The sum of a Geometric Progression
increase=debit
net sales
10. The point at which you stop losing money.
costs of goods sold
Break Even Point Formula
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Break Even Point
11. 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
Compound interest formula with changing rates
62%
transportation
Gross margin dollars
12. Use compliments - Step 1 Find compliments 25% = 100-25%= 75% - 10%= 90% - 10%=90% Step 2 Multiple Compliments 75%x90%x90% .75x.90x.90= .6075 Step 3 Convert to Percentage .6075= 60.75% Step 4 Compliment it 100%-60.75%= 39.35%
60
to determine equivalent single discount rate for 25/10/10 series discount
When Dividing With Exponents
costs of goods sold
13. 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
types of expenses
Discounting Formula
60
Current Assets
14. total fixed costs/ selling price-variable cost
Markup
Break Even Point Formula
41%
types of expenses
15. You should never take out more than a _ year mortgage.
Discounting Formula
shortage
15
ROG
16. Convert .36 to a percent
36%
Average Collection Turnover
When Dividing With Exponents
3%
17. S=X+nrX Where: X=the original sum invested r=the interest rate (as a proportion - e.g. 0.05=5%) n=the number of periods S=the sum invested after n periods (capital + interest) - e.g. invest $1000 @ 10% simple interest for 5 years = 1000+(50.101000)
shortage
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Simple interest formula
Break Even Point
18. The wholesale cost of an item (cost of goods - or COG)
78
Cost
types of incomes
70%
19. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
OTB (retail)
steps in strategic planning
Turnover
$252
20. A/b
DOI
book value
Multiplying Fractions
Effective annual rate of interest formula
21. 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)
$ Retail
Internal Rate of Return
16-18
ROG
22. 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
Turnover
stock turn
profit and loss statement
14/100
23. BOM $ Stock/ Sales for period
78
25%
Stock to Sales Ratio
gross sales
24. $ Cost x (100 + Mark-up %) / 100
Unit pricing
14/100
36%
$ Retail
25. 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?
Discounting Formula
costs of goods sold
$252
Sales per Transaction
26. Inside numbers in a ratio.
Means
80/100
.65
14/100
27. 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...
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
operating expenses
Turnover
$ Retail
28. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
netprice with a 25/10/10 series discount
ROG
shortage
Sell Thru %
29. 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
types of liabilities
gross margin
Proportion
COD
30. Wholesale cost
cost of goods
80/100
Average Collection Turnover
20%
31. A/b - c/b = a-c/b
$ Cost
Proportion
Quick Ratio
Subtracting Fractions
32. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
when multiplying numbers that contain decimals:
14/100
Markup
operating expenses
33. If freight is to be paid by the seller - the shipping terms are...
FOB destination
Discounting Formula
Gross margin dollars
The sum of a Geometric Progression
34. Convert 70% to a decimal
.7
To decrease a number by a given percentage - e.g. decrease 16 by 25%
$ Retail
cost of goods
35. A measure of the number of days needed to collect accounts receivable.
cost of goods sold formula (COGS)
Average Collection Turnover
Current Ratio
To increase a number by a given percentage - e.g. increase 16 by 25%
36. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
increase=debit
book value
$ Retail
To decrease a number by a given percentage - e.g. decrease 16 by 25%
37. (Retail - Cost)/ Retail
operating expenses
Sales per Transaction
With cash discounts and calculating net price - when to add freight
Margin %
38. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
Compound interest formula with changing rates
profit
transportation
types of assets
39. S=X(1+r1)^y(1+r
Extremes
shortage
types of expenses
Compound interest formula with changing rates
40. A form of closed-end credit used for purchasing durable goods such as cars
when multiplying numbers that contain decimals:
$ Cost
$ Retail
installment loan
41. Sales - cost of goods sold
% increase or decrease
Multiplying Fractions
Gross margin dollars
20%
42. Aka - the terminal value of an investment to which equal annual amounts will be added S=[A(R^n -1)]/R-1 Where: S=the terminal value A=the first term R=the common ratio n=the number of terms
25%
Turnover
shrinkage
The sum of a Geometric Progression
43. Capital stock - owner's equity (owner's funds invested in the business)
types of capital
3%
% increase or decrease
125%
44. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
Average Daily Sales
Quick Ratio
Margin %
improper
45. Another way of counting part of a whole?
per hundred
$252
when multiplying numbers that contain decimals:
percent
46. Turning assets into cash.
Liquidity of Assets
2.5% per month
types of capital
Retail
47. X=S*[1/(1+r)^n] Where: S=the sum to be received after n time periods X=the present value of that sum r=the rate of return (as a proportion) n=the number of time periods - r - rate - is sometimes called cost of capital
90.9%
Discounting Formula
4%
Subtracting Fractions
48. A/b + c/b = (a+c)/b
Markdown %
Adding Fractions
Average Collection Turnover
62%
49. The average person will have _ jobs in their lifetime.
14/100
16-18
Margin %
Liquidity
50. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
.56
shrinkage
Markup
gross sales