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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. He availability of your money is called _.
Dividing Fractions
Break Even Point Formula
Liquidity
15
2. cost of an item expressed per unit of measure or count.
3%
Unit pricing
Markdown %
shortage
3. Sales - cost of goods sold
.56
installment loan
Gross margin dollars
20%
4. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
cost of goods sold formula (COGS)
types of capital
shortage
Liquidity
5. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
To increase a number by a given percentage - e.g. increase 16 by 25%
3%
Effective annual rate of interest formula
Current Assets
6. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
increase=debit
% increase or decrease
Markup
Effective annual rate of interest formula
7. current assets/ current liabilities
Current Ratio
Internal Rate of Return
netprice with a 25/10/10 series discount
41%
8. 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)
cost of goods
installment loan
4%
Internal Rate of Return
9. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
installment loan
14/100
Internal Rate of Return
overbought
10. $ retail x (100%-markup)
DOI
$ Cost
income statement
70%
11. 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)
$ COST
ROG
installment loan
stock turn
12. Alignment of the decimals is not important
percent decrease
gross sales
when multiplying numbers that contain decimals:
types of incomes
13. $ Cost x (100 + Mark-up %) / 100
$ Retail
Retail
Quick Ratio
Adding Fractions
14. (TY-LY)/ LY or (Plan-Actual)/
25
% increase or decrease
Liquidity of Assets
$6 -655.50
15. 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
$ COST
transportation
$2 -127.66
Proportion
16. Gross Margin/ Average Inventory Cost
Means
Inventory Turnover Rate
GMROI
Mark Up %
17. Another way of counting part of a whole?
Dividing Fractions
percent
Internal Rate of Return
Current Ratio
18. 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%
to determine equivalent single discount rate for 25/10/10 series discount
To decrease a number by a given percentage - e.g. decrease 16 by 25%
The sum of a Geometric Progression
Dividing Fractions
19. Convert 65% to a decimal
To decrease a number by a given percentage - e.g. decrease 16 by 25%
.65
profit
The sum of a Geometric Progression
20. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
cost of goods
ROG
25%
Gross margin dollars
21. Amount decrease (Original - New) / Original amount = decimal= convert to %
$ Retail
Of what number 16 is a 25% increase
percent decrease
book value
22. When sales plans are underestimated and the stock purchases result in a low inventory
underbought
50/100
improper
cost of goods
23. Liabilities - capital - income
Dividing Fractions
increase=credit
$252
Quick Ratio
24. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
Quick Ratio
125%
OTB (retail)
25. ($ Retail x 100 / COST) - 100
125%
Mark Up %
when multiplying numbers that contain decimals:
Gross Margin Return On Inventory Investment (GMROII)
26. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
book value
Markup
Liquidity of Assets
when multiplying numbers that contain decimals:
27. You should never take out more than a _ year mortgage.
cost of goods
15
increase=credit
book value
28. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
gross margin
378 63
Of what number 16 is a 25% increase
50/100
29. The average car payment is $_ per month for _ months.
378 63
When Dividing With Exponents
Of what number 16 is a 25% increase
Inventory Turnover Rate
30. 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
steps in strategic planning
net sales
DOI
25%
31. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
To decrease a number by a given percentage - e.g. decrease 16 by 25%
physical inventory
Proportion
Sell Thru %
32. BOM $ Stock/ Sales for period
Average Collection Turnover
improper
Stock to Sales Ratio
costs of goods sold
33. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
36%
income statement
Retail
The sum of a Geometric Progression
34. A/b + c/b = (a+c)/b
Current Assets
Adding Fractions
To decrease a number by a given percentage - e.g. decrease 16 by 25%
profit and loss statement
35. total fixed costs/ selling price-variable cost
Break Even Point Formula
netprice with a 25/10/10 series discount
FOB destination
.7
36. The recommended house payment should be no more than _% of your monthly take-home pay.
shrinkage
25
41%
OTB (retail)
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
to determine equivalent single discount rate for 25/10/10 series discount
Simple interest formula
Unit pricing
The sum of a Geometric Progression
38. Cash or assets that can quickly be converted into cash.
when multiplying numbers that contain decimals:
Current Assets
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
installment loan
39. Overage$ = book$ - physical count$; overage% = overage$/NS$
.56
overages
Gross margin dollars
20%
40. Direct labor - factory overhead - merchandise inventory - packaging - raw material
DOI
90.9%
Liquidity
costs of goods sold
41. Total Net Sales / Total Number of Transactions
Sales per Transaction
to determine equivalent single discount rate for 25/10/10 series discount
Markdown %
underbought
42. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
4%
Break Even Point
$6 -655.50
netprice with a 25/10/10 series discount
43. cash + receivables/ current liabilities.
overages
Current Ratio
Effective annual rate of interest formula
Quick Ratio
44. 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)
78
To decrease a number by a given percentage - e.g. decrease 16 by 25%
underbought
45. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Break Even Point Formula
Gross margin %
cost of goods sold formula (COGS)
net sales
46. A^m/a^n = a^(m-n)
When Dividing With Exponents
Markup
16-18
ROG
47. A measure of the number of days needed to collect accounts receivable.
14/100
36%
Average Collection Turnover
Turnover
48. 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)
125%
Simple interest formula
Proportion
2.5% per month
49. What does percent mean?
gross margin
Means
per hundred
With cash discounts and calculating net price - when to add freight
50. Convert 50% to a fraction
60
underbought
To decrease a number by a given percentage - e.g. decrease 16 by 25%
50/100
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