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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 - c/b = a-c/b
Subtracting Fractions
loss
Sales per Transaction
588 mph
2. 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%
50/100
Internal Rate of Return
to determine equivalent single discount rate for 25/10/10 series discount
14/100
3. 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
overages
COD
78
Sales per Transaction
4. A measure of the number of days needed to collect accounts receivable.
Mark Up %
Average Collection Turnover
41%
gross sales
5. Sales - cost of goods sold
stock turn
Gross margin dollars
per hundred
Extremes
6. Capital stock - owner's equity (owner's funds invested in the business)
GMROI
types of capital
To decrease a number by a given percentage - e.g. decrease 16 by 25%
$2 -127.66
7. The average car payment is $_ per month for _ months.
Markup
types of expenses
378 63
Adding Fractions
8. Convert .62 to a percent
41%
1.304
FOB destination
62%
9. 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)
Gross margin dollars
stock turn
transportation
Internal Rate of Return
10. $ retail x (100%-markup)
DOI
$ Cost
profit and loss statement
netprice with a 25/10/10 series discount
11. Net Sales for period/ Avg Stock for period
Turnover
profit and loss statement
types of expenses
With cash discounts and calculating net price - when to add freight
12. $ Cost x (100 + Mark-up %) / 100
types of liabilities
$ Retail
50/100
Cost
13. You should never take out more than a _ year mortgage.
15
types of liabilities
percent decrease
Simple interest formula
14. Direct labor - factory overhead - merchandise inventory - packaging - raw material
when multiplying numbers that contain decimals:
cost of goods sold formula (COGS)
Compound interest formula with changing rates
costs of goods sold
15. Total Net Sales / Total Number of Transactions
shrinkage
Markdown %
$ COST
Sales per Transaction
16. 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$)/(#BOM + 1)
25
profit
stock turn
Sell Thru %
17. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
When Dividing With Exponents
increase=debit
shortage
Cost
18. Convert 65% to a decimal
Margin %
.65
36%
$ COST
19. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
Gross Margin Return On Inventory Investment (GMROII)
COD
overbought
Cost
20. To take advantage of the 6% cash discount - a retailer made a $2 -000 partial payment during the discount period. How much was the retailer credited for the $2 -000 partial payment?
$2 -127.66
percent decrease
$ Markdown
Markup
21. Cash or assets that can quickly be converted into cash.
Internal Rate of Return
Liquidity of Assets
Stock to Sales Ratio
Current Assets
22. The wholesale cost of goods plus the markup
378 63
shrinkage
Retail
% increase or decrease
23. 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
Margin %
.56
Sales per Transaction
types of expenses
24. Convert 3 to a percent
3%
shrinkage
36%
when multiplying numbers that contain decimals:
25. Convert 1/4 to a percent
78
Liquidity
25%
62%
26. Formula: GM = NS - COG; GM$ = NS$ X GM%
Unit pricing
gross margin
increase=debit
15
27. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
net sales
Margin %
physical inventory
$ COST
28. Beginning inventory + Purchases - Ending inventory
cost of goods sold formula (COGS)
41%
Multiplying Fractions
Markdown %
29. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
When Dividing With Exponents
50/100
ROG
4%
30. The average car will lose _% of its value in the first 4 years.
60
Liquidity
$ Retail
Current Ratio
31. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
25
Markdown %
Average Daily Sales
Compound interest formula with changing rates
32. (Retail - Cost)/ Retail
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Gross margin dollars
Margin %
EOM (in terms of invoice)
33. (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
2.5% per month
costs of goods sold
COD
34. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
DOI
36%
25
Gross margin %
35. Units Sold/ (Units Sold + On Hand Inventory)
Subtracting Fractions
shortage
588 mph
Sell Thru %
36. When sales plans are underestimated and the stock purchases result in a low inventory
14/100
underbought
Average Collection Turnover
types of expenses
37. 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
GMROI
Inventory Turnover Rate
1.304
The sum of a Geometric Progression
38. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
steps in strategic planning
With cash discounts and calculating net price - when to add freight
stock turn
% increase or decrease
39. A^m/a^n = a^(m-n)
shrinkage
When Dividing With Exponents
per hundred
percent
40. If freight is to be paid by the seller - the shipping terms are...
gross sales
profit
% increase or decrease
FOB destination
41. 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
EOM (in terms of invoice)
36%
.56
ROG
42. 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
Retail
stock turn
3%
steps in strategic planning
43. What happens when your sales are higher than your expenses - etc.
physical inventory
profit
Retail
OTB (retail)
44. Convert .4 to a percent
70%
gross sales
4%
types of liabilities
45. Convert 14% to a fraction
Turnover
14/100
income statement
Gross margin %
46. cash + receivables/ current liabilities.
Quick Ratio
3%
25
Average Collection Turnover
47. Another way of counting part of a whole?
percent
25%
.7
Internal Rate of Return
48. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
Quick Ratio
$6 -655.50
% increase or decrease
Proportion
49. Convert 56% to a decimal
.56
profit and loss statement
36%
15
50. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
80/100
income statement
OTB (retail)
Average Daily Sales