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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. 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
increase=credit
costs of goods sold
steps in strategic planning
transportation
2. cost of an item expressed per unit of measure or count.
$ COST
2.5% per month
Unit pricing
$252
3. Two equivalent ratios joined by an equal sign.
per hundred
Proportion
net sales
EOM (in terms of invoice)
4. A/b
Multiplying Fractions
16-18
when multiplying numbers that contain decimals:
Markdown %
5. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
4%
book value
net sales
6. $ retail x (100%-markup)
$ Cost
cost of goods
Liquidity
When Dividing With Exponents
7. Commissions - fees for service - merchandise sales - rental income - royalties
types of incomes
Gross Margin Return On Inventory Investment (GMROII)
FOB destination
percent
8. A team won 16 games and lost 9 games. What percent of games did the team lose?
.7
588 mph
36%
With cash discounts and calculating net price - when to add freight
9. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
70%
Stock to Sales Ratio
OTB (retail)
increase=debit
10. total fixed costs/ selling price-variable cost
gross sales
$ COST
Break Even Point Formula
overages
11. Total Net Sales / Total Number of Transactions
62%
$ Retail
Sales per Transaction
loss
12. A form of closed-end credit used for purchasing durable goods such as cars
Inventory Turnover Rate
Sell Thru %
Of what number 16 is a 25% increase
installment loan
13. The average person will have _ jobs in their lifetime.
Markdown %
costs of goods sold
16-18
transportation
14. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Markdown %
Average Collection Turnover
Markup
Gross Margin Return On Inventory Investment (GMROII)
15. 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
Discounting Formula
Current Assets
Adding Fractions
Turnover
16. Net Sales / Average Retail Value of Inventory
.56
$252
Inventory Turnover Rate
To decrease a number by a given percentage - e.g. decrease 16 by 25%
17. If freight is to be paid by the seller - the shipping terms are...
types of capital
OTB (retail)
FOB destination
Stock to Sales Ratio
18. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
types of liabilities
physical inventory
Adding Fractions
ROG
19. Sales - cost of goods sold
To increase a number by a given percentage - e.g. increase 16 by 25%
Retail
net sales
Gross margin dollars
20. Actual retail sales; the retail price at which one tiem is sold is combined with the retail prices of all the items that are sold to become the net sales amount.
net sales
ROG
Compound interest formula with changing rates
36%
21. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
$ Retail
shortage
Proportion
types of assets
22. 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
Inventory Turnover Rate
Quick Ratio
types of expenses
Extremes
23. 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?
Average Daily Sales
$252
Dividing Fractions
36%
24. Convert 1.25 to a percent
Current Ratio
14/100
125%
Compound interest formula with changing rates
25. Convert 65% to a decimal
.65
125%
types of capital
$ Markdown
26. The recommended house payment should be no more than _% of your monthly take-home pay.
Quick Ratio
25
underbought
$6 -655.50
27. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
.7
improper
Internal Rate of Return
The sum of a Geometric Progression
28. Units Sold/ (Units Sold + On Hand Inventory)
Gross Margin Return On Inventory Investment (GMROII)
Liquidity of Assets
Average Collection Turnover
Sell Thru %
29. GMROII = GM% x (Sales / Average Value of Inventory)
Gross Margin Return On Inventory Investment (GMROII)
16-18
Break Even Point Formula
improper
30. Convert 80% to a fraction
percent
transportation
588 mph
80/100
31. Cash or assets that can quickly be converted into cash.
steps in strategic planning
Markup
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Current Assets
32. What is the product of 3.26 and 0.4?
1.304
net sales
3%
.7
33. Net Sales for period/ Avg Stock for period
Sell Thru %
Turnover
percent
.56
34. Convert 70/100 to a percent
Proportion
When Dividing With Exponents
70%
Extremes
35. When sales plans are underestimated and the stock purchases result in a low inventory
types of assets
62%
underbought
gross sales
36. Formula: GM = NS - COG; GM$ = NS$ X GM%
gross margin
Quick Ratio
50/100
Unit pricing
37. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...
profit
operating expenses
Mark Up %
$2 -127.66
38. You should never take out more than a _ year mortgage.
Internal Rate of Return
types of capital
15
.7
39. Outside numbers in a ratio.
cost of goods
types of liabilities
Sales per Transaction
Extremes
40. 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
25
41%
COD
Mark Up %
41. Convert 70% to a decimal
Subtracting Fractions
$ Retail
.7
types of liabilities
42. Convert 41/100 to a percent
Average Daily Sales
41%
increase=credit
80/100
43. Convert 1/4 to a percent
125%
Cost
With cash discounts and calculating net price - when to add freight
25%
44. What happens when your sales are higher than your expenses - etc.
EOM (in terms of invoice)
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
profit
.65
45. 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
80/100
Average Collection Turnover
The sum of a Geometric Progression
ROG
46. The average car payment is $_ per month for _ months.
The sum of a Geometric Progression
41%
378 63
Markdown %
47. Convert .4 to a percent
3%
stock turn
shortage
4%
48. ($ Retail x 100 / COST) - 100
$ Markdown
Average Daily Sales
cost of goods sold formula (COGS)
Mark Up %
49. 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
With cash discounts and calculating net price - when to add freight
Adding Fractions
profit and loss statement
2.5% per month
50. A/b + c/b = (a+c)/b
types of expenses
Adding Fractions
physical inventory
Of what number 16 is a 25% increase