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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. Convert .62 to a percent
loss
Internal Rate of Return
Liquidity of Assets
62%
2. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
income statement
ROG
book value
COD
3. cost of an item expressed per unit of measure or count.
Markup
Margin %
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Unit pricing
4. BOM $ Stock/ Sales for period
Stock to Sales Ratio
Compound interest formula with changing rates
Gross Margin Return On Inventory Investment (GMROII)
80/100
5. The average person will have _ jobs in their lifetime.
16-18
Of what number 16 is a 25% increase
transportation
$2 -127.66
6. (Retail - Cost)/ Retail
ROG
Margin %
Turnover
41%
7. accounts receivable/ average daily sales
OTB (retail)
Dividing Fractions
Average Collection Turnover
62%
8. Convert 80% to a fraction
125%
80/100
$ Cost
62%
9. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
ROG
3%
Break Even Point
10. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Margin %
shortage
Turnover
Effective annual rate of interest formula
11. Loss of items due to damaged goods - stealing - etc.
$ COST
OTB (retail)
shrinkage
ROG
12. Assets - cost of goods sold - expenses
Margin %
increase=debit
14/100
60
13. Total Net Sales / Total Number of Transactions
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Sales per Transaction
improper
types of expenses
14. Direct labor - factory overhead - merchandise inventory - packaging - raw material
Current Assets
costs of goods sold
36%
41%
15. A/b
Sell Thru %
.7
Dividing Fractions
25%
16. To take advantage of the 6% cash discount - a retailer made a $2 -000 partial payment during the discount period. How much was the retailer credited for the $2 -000 partial payment?
$2 -127.66
Average Collection Turnover
$252
increase=debit
17. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
With cash discounts and calculating net price - when to add freight
types of assets
shortage
.65
18. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Of what number 16 is a 25% increase
Retail
shrinkage
increase=debit
19. Overage$ = book$ - physical count$; overage% = overage$/NS$
78
Markdown %
overages
DOI
20. Net Sales for period/ Avg Stock for period
Turnover
Effective annual rate of interest formula
when multiplying numbers that contain decimals:
overages
21. $ retail x (100%-markup)
25%
588 mph
ROG
$ Cost
22. Commissions - fees for service - merchandise sales - rental income - royalties
types of incomes
FOB destination
when multiplying numbers that contain decimals:
.7
23. The average car will lose _% of its value in the first 4 years.
percent decrease
Gross Margin Return On Inventory Investment (GMROII)
62%
60
24. total annual sales/365
$ Retail
Unit pricing
Average Daily Sales
loss
25. 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
types of expenses
With cash discounts and calculating net price - when to add freight
Inventory Turnover Rate
Effective annual rate of interest formula
26. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
transportation
With cash discounts and calculating net price - when to add freight
588 mph
25
27. Alignment of the decimals is not important
per hundred
OTB (retail)
Cost
when multiplying numbers that contain decimals:
28. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
Current Assets
36%
improper
gross margin
29. Convert 1.25 to a percent
125%
With cash discounts and calculating net price - when to add freight
36%
Retail
30. He availability of your money is called _.
Subtracting Fractions
Liquidity
overbought
types of liabilities
31. What is the product of 3.26 and 0.4?
types of assets
1.304
Subtracting Fractions
ROG
32. Convert 70/100 to a percent
Means
Cost
Stock to Sales Ratio
70%
33. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
physical inventory
types of assets
Liquidity
$ Markdown
34. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
operating expenses
Markup
Liquidity
Subtracting Fractions
35. Inside numbers in a ratio.
Means
Of what number 16 is a 25% increase
Inventory Turnover Rate
36%
36. The average car payment is $_ per month for _ months.
378 63
Average Collection Turnover
types of capital
steps in strategic planning
37. 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)
Current Assets
$ Retail
Simple interest formula
profit
38. Sales - cost of goods sold
When Dividing With Exponents
Mark Up %
Gross margin dollars
70%
39. Another way of counting part of a whole?
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
1.304
Current Assets
percent
40. GMROII = GM% x (Sales / Average Value of Inventory)
41%
Sales per Transaction
Gross Margin Return On Inventory Investment (GMROII)
90.9%
41. What does percent mean?
per hundred
$ Retail
25%
Liquidity of Assets
42. Capital stock - owner's equity (owner's funds invested in the business)
types of liabilities
Gross Margin Return On Inventory Investment (GMROII)
types of capital
Subtracting Fractions
43. The point at which you stop losing money.
Break Even Point
378 63
types of expenses
Gross Margin Return On Inventory Investment (GMROII)
44. 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
COD
gross sales
when multiplying numbers that contain decimals:
Average Collection Turnover
45. 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)
Internal Rate of Return
when multiplying numbers that contain decimals:
Dividing Fractions
125%
46. Original retail price - Lower retail price
improper
Stock to Sales Ratio
3%
$ Markdown
47. 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?
to determine equivalent single discount rate for 25/10/10 series discount
To increase a number by a given percentage - e.g. increase 16 by 25%
$252
profit and loss statement
48. A form of closed-end credit used for purchasing durable goods such as cars
installment loan
Average Collection Turnover
overbought
Means
49. 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
378 63
types of capital
Markdown %
The sum of a Geometric Progression
50. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
ROG
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
% increase or decrease
378 63