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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. % of 90 days same as cash convert to payments.
Gross margin dollars
stock turn
types of incomes
78
2. Liabilities - capital - income
increase=credit
types of expenses
80/100
Sales per Transaction
3. Convert 56% to a decimal
16-18
.56
Unit pricing
Adding Fractions
4. 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
$6 -655.50
80/100
types of expenses
Mark Up %
5. (TY-LY)/ LY or (Plan-Actual)/
25
% increase or decrease
20%
80/100
6. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
Average Daily Sales
gross sales
underbought
income statement
7. total fixed costs/ selling price-variable cost
Extremes
$ Retail
Break Even Point Formula
shortage
8. Convert 65% to a decimal
50/100
.65
Sales per Transaction
increase=debit
9. 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
Extremes
70%
Inventory Turnover Rate
10. 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
Average Collection Turnover
Multiplying Fractions
With cash discounts and calculating net price - when to add freight
11. The average car will lose _% of its value in the first 4 years.
$ COST
Gross Margin Return On Inventory Investment (GMROII)
60
$252
12. He availability of your money is called _.
income statement
Current Ratio
costs of goods sold
Liquidity
13. What does percent mean?
20%
when multiplying numbers that contain decimals:
per hundred
steps in strategic planning
14. GMROII = GM% x (Sales / Average Value of Inventory)
Gross Margin Return On Inventory Investment (GMROII)
When Dividing With Exponents
Unit pricing
percent
15. 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%
Subtracting Fractions
Liquidity of Assets
Extremes
to determine equivalent single discount rate for 25/10/10 series discount
16. 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...
378 63
operating expenses
loss
Markdown %
17. A/b
Unit pricing
$2 -127.66
Dividing Fractions
To increase a number by a given percentage - e.g. increase 16 by 25%
18. A form of closed-end credit used for purchasing durable goods such as cars
installment loan
improper
gross sales
profit and loss statement
19. Convert 50% to a fraction
gross margin
With cash discounts and calculating net price - when to add freight
GMROI
50/100
20. Convert 1/4 to a percent
25%
profit
when multiplying numbers that contain decimals:
physical inventory
21. Convert 20 to a percent
ROG
20%
Sales per Transaction
78
22. IRR=1 + [(NPV1/NPV1-NPV2)(2-1)]% Where: 1=one interest rate 2=the other NPV1=the NPV at rate 1 NPV2=the NPV at rate 2 (NPV = Net Present Value)
Gross Margin Return On Inventory Investment (GMROII)
Internal Rate of Return
gross margin
FOB destination
23. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
% increase or decrease
shrinkage
To increase a number by a given percentage - e.g. increase 16 by 25%
24. What happens when your expenses - etc. are higher than your sales
588 mph
loss
Dividing Fractions
With cash discounts and calculating net price - when to add freight
25. Units Sold/ (Units Sold + On Hand Inventory)
Sell Thru %
Sales per Transaction
36%
14/100
26. When sales plans are underestimated and the stock purchases result in a low inventory
transportation
Compound interest formula with changing rates
Sales per Transaction
underbought
27. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
$252
To decrease a number by a given percentage - e.g. decrease 16 by 25%
netprice with a 25/10/10 series discount
transportation
28. S=X(1+r1)^y(1+r
Break Even Point Formula
OTB (retail)
types of incomes
Compound interest formula with changing rates
29. Gross Margin/ Average Inventory Cost
$ Cost
GMROI
% increase or decrease
62%
30. Direct labor - factory overhead - merchandise inventory - packaging - raw material
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Liquidity
profit
costs of goods sold
31. Outside numbers in a ratio.
70%
50/100
Extremes
To decrease a number by a given percentage - e.g. decrease 16 by 25%
32. ($ Retail x 100 / COST) - 100
Cost
Mark Up %
25
Unit pricing
33. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
DOI
percent decrease
Markdown %
70%
34. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
Sell Thru %
To increase a number by a given percentage - e.g. increase 16 by 25%
types of expenses
36%
35. current assets/ current liabilities
With cash discounts and calculating net price - when to add freight
Current Ratio
Of what number 16 is a 25% increase
2.5% per month
36. 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
underbought
70%
Discounting Formula
types of capital
37. Convert 70/100 to a percent
70%
2.5% per month
Liquidity
20%
38. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
Sales per Transaction
$6 -655.50
net sales
Gross Margin Return On Inventory Investment (GMROII)
39. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Cost
Markdown %
When Dividing With Exponents
Markup
40. Inside numbers in a ratio.
Simple interest formula
types of incomes
Means
16-18
41. You should never take out more than a _ year mortgage.
$ Retail
Markup
Compound interest formula with changing rates
15
42. cost of an item expressed per unit of measure or count.
Gross margin dollars
Unit pricing
COD
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
43. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
ROG
41%
Cost
With cash discounts and calculating net price - when to add freight
44. Wholesale cost
Means
percent decrease
cost of goods
Stock to Sales Ratio
45. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
378 63
percent
Gross Margin Return On Inventory Investment (GMROII)
Markdown %
46. 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?
types of expenses
588 mph
$2 -127.66
Liquidity of Assets
47. Beginning inventory + Purchases - Ending inventory
.56
cost of goods sold formula (COGS)
Average Collection Turnover
Current Ratio
48. Net Sales / Average Retail Value of Inventory
installment loan
Inventory Turnover Rate
FOB destination
netprice with a 25/10/10 series discount
49. (Retail - Cost)/ Retail
types of assets
underbought
Margin %
70%
50. Convert 41/100 to a percent
ROG
FOB destination
Markdown %
41%