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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. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
income statement
types of assets
Compound interest formula with changing rates
% increase or decrease
2. The recommended house payment should be no more than _% of your monthly take-home pay.
$6 -655.50
78
25
installment loan
3. 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
14/100
profit and loss statement
Turnover
loss
4. Liabilities - capital - income
percent
steps in strategic planning
1.304
increase=credit
5. $ Cost x (100 + Mark-up %) / 100
gross margin
Sell Thru %
$ Retail
.65
6. $ RETAIL X (100 - GM %) / 100
$ COST
Multiplying Fractions
cost of goods
$ Retail
7. Convert .36 to a percent
4%
588 mph
$252
36%
8. Cash on delivery; this dating is used when the vendor does not know the retailer or the retailer does not have a strong line of credit
78
Adding Fractions
Discounting Formula
COD
9. Inside numbers in a ratio.
Dividing Fractions
transportation
operating expenses
Means
10. Another way of counting part of a whole?
underbought
ROG
percent
.7
11. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
$ Retail
percent decrease
Extremes
book value
12. 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)
types of incomes
Internal Rate of Return
operating expenses
shortage
13. total annual sales/365
Adding Fractions
Average Daily Sales
Multiplying Fractions
$ Retail
14. Total Net Sales / Total Number of Transactions
$ Retail
Liquidity
Of what number 16 is a 25% increase
Sales per Transaction
15. cash + receivables/ current liabilities.
profit
Proportion
4%
Quick Ratio
16. What does percent mean?
types of liabilities
Sell Thru %
.7
per hundred
17. 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.
transportation
types of incomes
net sales
operating expenses
18. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
14/100
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
OTB (retail)
Gross margin dollars
19. Convert 80% to a fraction
ROG
Multiplying Fractions
Means
80/100
20. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
cost of goods sold formula (COGS)
$ Markdown
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Compound interest formula with changing rates
21. He availability of your money is called _.
shortage
COD
Liquidity
increase=debit
22. You should never take out more than a _ year mortgage.
2.5% per month
Retail
15
gross sales
23. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
62%
ROG
4%
Liquidity
24. 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
14/100
EOM (in terms of invoice)
$2 -127.66
steps in strategic planning
25. Convert 65% to a decimal
transportation
Discounting Formula
.65
70%
26. cost of an item expressed per unit of measure or count.
profit and loss statement
Unit pricing
90.9%
Average Collection Turnover
27. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
profit and loss statement
$ Retail
ROG
physical inventory
28. accounts receivable/ average daily sales
when multiplying numbers that contain decimals:
25%
36%
Average Collection Turnover
29. (TY-LY)/ LY or (Plan-Actual)/
Unit pricing
60
improper
% increase or decrease
30. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
4%
improper
Markup
Current Ratio
31. Formula: GM = NS - COG; GM$ = NS$ X GM%
$2 -127.66
Current Assets
types of capital
gross margin
32. Amount decrease (Original - New) / Original amount = decimal= convert to %
percent decrease
types of expenses
$ Retail
Quick Ratio
33. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
$ Retail
.7
Average Collection Turnover
improper
34. A/b
Dividing Fractions
operating expenses
to determine equivalent single discount rate for 25/10/10 series discount
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
35. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
Average Daily Sales
378 63
gross margin
DOI
36. Two equivalent ratios joined by an equal sign.
Proportion
gross margin
$ COST
Liquidity of Assets
37. Convert 50% to a fraction
588 mph
50/100
EOM (in terms of invoice)
Retail
38. 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)
loss
Sell Thru %
stock turn
Adding Fractions
39. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
$2 -127.66
profit and loss statement
4%
To increase a number by a given percentage - e.g. increase 16 by 25%
40. The point at which you stop losing money.
increase=debit
15
netprice with a 25/10/10 series discount
Break Even Point
41. The wholesale cost of an item (cost of goods - or COG)
EOM (in terms of invoice)
transportation
Cost
installment loan
42. A form of closed-end credit used for purchasing durable goods such as cars
Markup
ROG
Break Even Point Formula
installment loan
43. Direct labor - factory overhead - merchandise inventory - packaging - raw material
Multiplying Fractions
GMROI
costs of goods sold
4%
44. Convert .4 to a percent
125%
increase=debit
Turnover
4%
45. The average person will have _ jobs in their lifetime.
stock turn
Average Collection Turnover
36%
16-18
46. Net Sales / Average Retail Value of Inventory
When Dividing With Exponents
Inventory Turnover Rate
Retail
Average Collection Turnover
47. $ Cost/ (100%-markup%)
Markup
improper
$ Retail
.7
48. BOM $ Stock/ Sales for period
36%
125%
Stock to Sales Ratio
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
49. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
overages
Markdown %
36%
Extremes
50. (Retail - Cost)/ Retail
Internal Rate of Return
cost of goods sold formula (COGS)
Margin %
20%