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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. 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
The sum of a Geometric Progression
With cash discounts and calculating net price - when to add freight
78
EOM (in terms of invoice)
2. 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
Simple interest formula
Current Ratio
profit and loss statement
Sales per Transaction
3. 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)
profit and loss statement
book value
Simple interest formula
Effective annual rate of interest formula
4. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
Gross margin %
types of capital
types of liabilities
netprice with a 25/10/10 series discount
5. Outside numbers in a ratio.
Extremes
Break Even Point Formula
steps in strategic planning
Margin %
6. Total Net Sales / Total Number of Transactions
Sales per Transaction
3%
62%
$ Retail
7. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
costs of goods sold
Quick Ratio
percent decrease
8. Direct labor - factory overhead - merchandise inventory - packaging - raw material
588 mph
costs of goods sold
Gross Margin Return On Inventory Investment (GMROII)
types of incomes
9. Convert 70% to a decimal
Retail
$ Retail
.7
Multiplying Fractions
10. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
types of liabilities
underbought
Dividing Fractions
Proportion
11. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
net sales
Markup
60
Subtracting Fractions
12. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
With cash discounts and calculating net price - when to add freight
60
netprice with a 25/10/10 series discount
cost of goods sold formula (COGS)
13. 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
Sell Thru %
to determine equivalent single discount rate for 25/10/10 series discount
shortage
COD
14. 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
.65
To increase a number by a given percentage - e.g. increase 16 by 25%
increase=debit
EOM (in terms of invoice)
15. (TY-LY)/ LY or (Plan-Actual)/
cost of goods
36%
25%
% increase or decrease
16. The recommended house payment should be no more than _% of your monthly take-home pay.
78
25
overbought
Multiplying Fractions
17. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
Average Collection Turnover
Turnover
$2 -127.66
physical inventory
18. Convert 1/4 to a percent
Retail
gross sales
25%
gross margin
19. S=X(1+r1)^y(1+r
Sales per Transaction
Compound interest formula with changing rates
Break Even Point Formula
$ Cost
20. GMROII = GM% x (Sales / Average Value of Inventory)
% increase or decrease
Gross Margin Return On Inventory Investment (GMROII)
Multiplying Fractions
$6 -655.50
21. Commissions - fees for service - merchandise sales - rental income - royalties
$ Cost
types of incomes
70%
With cash discounts and calculating net price - when to add freight
22. Liabilities - capital - income
Inventory Turnover Rate
increase=credit
types of expenses
Break Even Point
23. Turning assets into cash.
Effective annual rate of interest formula
14/100
Liquidity of Assets
36%
24. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
% increase or decrease
$6 -655.50
OTB (retail)
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
25. Overage$ = book$ - physical count$; overage% = overage$/NS$
The sum of a Geometric Progression
Liquidity of Assets
overages
4%
26. What is the product of 3.26 and 0.4?
Extremes
Liquidity
1.304
Markup
27. The average car will lose _% of its value in the first 4 years.
60
Mark Up %
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
types of capital
28. Loss of items due to damaged goods - stealing - etc.
percent
Margin %
shrinkage
overbought
29. The point at which you stop losing money.
Break Even Point
shortage
increase=debit
netprice with a 25/10/10 series discount
30. $ retail x (100%-markup)
$ Cost
14/100
Turnover
cost of goods sold formula (COGS)
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%
Means
increase=credit
to determine equivalent single discount rate for 25/10/10 series discount
Discounting Formula
32. Beginning inventory + Purchases - Ending inventory
cost of goods sold formula (COGS)
percent
1.304
Stock to Sales Ratio
33. Convert 41/100 to a percent
41%
Break Even Point Formula
EOM (in terms of invoice)
shortage
34. Net Sales / Average Retail Value of Inventory
.7
percent decrease
Inventory Turnover Rate
increase=debit
35. Gross Margin/ Average Inventory Cost
Effective annual rate of interest formula
Break Even Point Formula
Turnover
GMROI
36. 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)
Current Ratio
stock turn
1.304
improper
37. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
operating expenses
types of assets
41%
38. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$2 -127.66
$6 -655.50
book value
80/100
39. total annual sales/365
Simple interest formula
Effective annual rate of interest formula
Average Daily Sales
Proportion
40. You should never take out more than a _ year mortgage.
15
78
improper
COD
41. Convert .62 to a percent
Margin %
62%
Simple interest formula
Markup
42. Convert 3 to a percent
To decrease a number by a given percentage - e.g. decrease 16 by 25%
125%
36%
3%
43. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
underbought
book value
14/100
cost of goods sold formula (COGS)
44. 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
Break Even Point
Discounting Formula
types of incomes
when multiplying numbers that contain decimals:
45. cash + receivables/ current liabilities.
Quick Ratio
Gross margin dollars
588 mph
gross margin
46. $ RETAIL X (100 - GM %) / 100
FOB destination
$ COST
Unit pricing
Markdown %
47. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
36%
Gross margin %
Sales per Transaction
Dividing Fractions
48. Convert 70/100 to a percent
installment loan
shortage
70%
Adding Fractions
49. 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?
Extremes
$252
70%
profit and loss statement
50. Net Sales for period/ Avg Stock for period
41%
transportation
Turnover
36%