## Test your basic knowledge |

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. Cash or assets that can quickly be converted into cash.

2. 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)

3. Loss of items due to damaged goods - stealing - etc.

4. (\$ Retail x 100 / COST) - 100

5. 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

6. 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

7. 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

8. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour

9. Convert 14% to a fraction

10. 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

11. Wholesale cost

12. You should never take out more than a _ year mortgage.

13. 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?

14. What does percent mean?

15. Sales - cost of goods sold

16. A/b - c/b = a-c/b

17. current assets/ current liabilities

18. total annual sales/365

19. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions

20. Convert 70/100 to a percent

21. GMROII = GM% x (Sales / Average Value of Inventory)

22. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30

23. 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?

24. Liabilities - capital - income

25. Shortage\$ = book\$ - physical count\$; shortage% = shortage\$/NS\$

26. When sales plans are underestimated and the stock purchases result in a low inventory

27. 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%

28. BOM \$ Stock/ Sales for period

29. Beginning inventory + Purchases - Ending inventory

30. The recommended house payment should be no more than _% of your monthly take-home pay.

31. Convert 20 to a percent

32. 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

33. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles

34. A/b

35. 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

36. Convert 3 to a percent

37. Convert 56% to a decimal

38. The average car payment is \$_ per month for _ months.

39. He availability of your money is called _.

40. The average person will have _ jobs in their lifetime.

41. Convert 41/100 to a percent

42. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory

43. \$ Cost x (100 + Mark-up %) / 100

44. What is the product of 3.26 and 0.4?

45. A measure of the number of days needed to collect accounts receivable.

46. The wholesale cost of goods plus the markup

47. The wholesale cost of an item (cost of goods - or COG)

48. What happens when your sales are higher than your expenses - etc.

49. Inside numbers in a ratio.

50. 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.