## 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. % of 90 days same as cash convert to payments.

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

3. (TY-LY)/ LY or (Plan-Actual)/

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

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

6. Inside numbers in a ratio.

7. If freight is to be paid by the seller - the shipping terms are...

8. Two equivalent ratios joined by an equal sign.

9. Outside numbers in a ratio.

10. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price

11. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33

12. cash + receivables/ current liabilities.

13. Convert 56% to a decimal

14. Gross Margin/ Average Inventory Cost

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

16. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM

17. \$ RETAIL X (100 - GM %) / 100

18. 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

19. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30

20. Original retail price - Lower retail price

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

22. Turning assets into cash.

23. 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)

24. What is the product of 3.26 and 0.4?

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

26. cost of an item expressed per unit of measure or count.

27. Convert 41/100 to a percent

28. After all discounts have been applied to find net amount due. \$100 -25% less trade discount -4% cash discount # + \$20 freight!

29. The wholesale cost of goods plus the markup

30. Convert 50% to a fraction

31. 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%

32. total annual sales/365

33. Net Sales for period/ Avg Stock for period

34. \$ retail x (100%-markup)

35. 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

36. What does percent mean?

37. A/b

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

39. Commissions - fees for service - merchandise sales - rental income - royalties

40. Convert 65% to a decimal

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

42. Total Net Sales / Total Number of Transactions

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

44. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods

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

46. After 4 years - \$5 -000 will grow to how much if it earns 10% interest?

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

48. A^m/a^n = a^(m-n)

49. Convert .36 to a percent

50. Convert 10/11 to a percent