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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 1.25 to a percent
types of capital
125%
types of incomes
588 mph
2. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
36%
Subtracting Fractions
25
3. What is the product of 3.26 and 0.4?
1.304
costs of goods sold
Cost
transportation
4. Overage$ = book$ - physical count$; overage% = overage$/NS$
Multiplying Fractions
overages
20%
types of expenses
5. Inside numbers in a ratio.
60
Turnover
Means
Of what number 16 is a 25% increase
6. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
% increase or decrease
types of liabilities
Markdown %
income statement
7. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
378 63
types of assets
Adding Fractions
Liquidity
8. The average person will have _ jobs in their lifetime.
netprice with a 25/10/10 series discount
Markup
16-18
EOM (in terms of invoice)
9. 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
stock turn
to determine equivalent single discount rate for 25/10/10 series discount
steps in strategic planning
FOB destination
10. Convert .4 to a percent
4%
Turnover
stock turn
Cost
11. What happens when your expenses - etc. are higher than your sales
overages
Current Assets
Unit pricing
loss
12. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
Sell Thru %
$6 -655.50
profit
41%
13. cash + receivables/ current liabilities.
Quick Ratio
when multiplying numbers that contain decimals:
types of expenses
types of liabilities
14. Amount decrease (Original - New) / Original amount = decimal= convert to %
costs of goods sold
percent decrease
Sales per Transaction
cost of goods
15. Convert 70% to a decimal
$ Retail
$ Markdown
overbought
.7
16. Convert 20 to a percent
Dividing Fractions
20%
$ COST
62%
17. A/b
$ Markdown
Dividing Fractions
types of expenses
25%
18. total fixed costs/ selling price-variable cost
Break Even Point Formula
62%
Gross Margin Return On Inventory Investment (GMROII)
cost of goods sold formula (COGS)
19. Gross Margin/ Average Inventory Cost
DOI
profit and loss statement
GMROI
To increase a number by a given percentage - e.g. increase 16 by 25%
20. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
underbought
With cash discounts and calculating net price - when to add freight
36%
DOI
21. If freight is to be paid by the seller - the shipping terms are...
book value
profit and loss statement
FOB destination
Break Even Point Formula
22. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
Multiplying Fractions
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
overbought
Internal Rate of Return
23. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
underbought
$6 -655.50
steps in strategic planning
To increase a number by a given percentage - e.g. increase 16 by 25%
24. Sales - cost of goods sold
Gross margin dollars
Gross margin %
36%
loss
25. Capital stock - owner's equity (owner's funds invested in the business)
types of capital
Current Ratio
book value
per hundred
26. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
36%
Gross margin dollars
$252
27. Aka - the terminal value of an investment to which equal annual amounts will be added S=[A(R^n -1)]/R-1 Where: S=the terminal value A=the first term R=the common ratio n=the number of terms
378 63
income statement
To increase a number by a given percentage - e.g. increase 16 by 25%
The sum of a Geometric Progression
28. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
increase=credit
Of what number 16 is a 25% increase
physical inventory
profit
29. Net Sales for period/ Avg Stock for period
Average Daily Sales
To increase a number by a given percentage - e.g. increase 16 by 25%
Turnover
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
30. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
gross margin
net sales
shortage
1.304
31. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
types of liabilities
62%
Sales per Transaction
3%
32. (Retail - Cost)/ Retail
overbought
DOI
When Dividing With Exponents
Margin %
33. Convert 50% to a fraction
70%
per hundred
Average Collection Turnover
50/100
34. Convert 65% to a decimal
25
.65
When Dividing With Exponents
types of assets
35. 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
Liquidity
.65
50/100
transportation
36. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Discounting Formula
Gross margin %
Of what number 16 is a 25% increase
Gross margin dollars
37. Beginning inventory + Purchases - Ending inventory
Average Collection Turnover
Subtracting Fractions
25%
cost of goods sold formula (COGS)
38. Liabilities - capital - income
16-18
36%
increase=credit
90.9%
39. Convert 1/4 to a percent
36%
16-18
25%
loss
40. Outside numbers in a ratio.
36%
increase=debit
Extremes
Dividing Fractions
41. Two equivalent ratios joined by an equal sign.
increase=debit
2.5% per month
70%
Proportion
42. Rose borrowed money to buy a ring priced at $420. When she repaid the loan at the end of 3 months - the interest charge was $31.50. What was the rate of interest?
2.5% per month
36%
.56
FOB destination
43. A team won 16 games and lost 9 games. What percent of games did the team lose?
underbought
$ Retail
36%
overbought
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)
Current Assets
Quick Ratio
$6 -655.50
45. cost of an item expressed per unit of measure or count.
Average Daily Sales
Break Even Point
OTB (retail)
Unit pricing
46. Direct labor - factory overhead - merchandise inventory - packaging - raw material
loss
costs of goods sold
netprice with a 25/10/10 series discount
steps in strategic planning
47. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
increase=credit
To decrease a number by a given percentage - e.g. decrease 16 by 25%
types of assets
COD
48. Commissions - fees for service - merchandise sales - rental income - royalties
Subtracting Fractions
Means
When Dividing With Exponents
types of incomes
49. What happens when your sales are higher than your expenses - etc.
profit
costs of goods sold
income statement
types of expenses
50. Convert 41/100 to a percent
operating expenses
types of incomes
41%
overages