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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 41/100 to a percent
$ Cost
underbought
41%
operating expenses
2. Direct labor - factory overhead - merchandise inventory - packaging - raw material
costs of goods sold
when multiplying numbers that contain decimals:
Current Ratio
With cash discounts and calculating net price - when to add freight
3. A/b
Break Even Point
Multiplying Fractions
installment loan
Markup
4. Convert 10/11 to a percent
90.9%
70%
The sum of a Geometric Progression
installment loan
5. Convert 70/100 to a percent
70%
Extremes
DOI
Turnover
6. 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%
GMROI
Simple interest formula
to determine equivalent single discount rate for 25/10/10 series discount
cost of goods sold formula (COGS)
7. Inside numbers in a ratio.
increase=credit
cost of goods sold formula (COGS)
Means
36%
8. BOM $ Stock/ Sales for period
loss
steps in strategic planning
Average Daily Sales
Stock to Sales Ratio
9. 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)
3%
stock turn
shortage
types of liabilities
10. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Gross margin %
50/100
Break Even Point Formula
$ Retail
11. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
to determine equivalent single discount rate for 25/10/10 series discount
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Mark Up %
25%
12. 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)
Simple interest formula
ROG
15
3%
13. If freight is to be paid by the seller - the shipping terms are...
Turnover
To increase a number by a given percentage - e.g. increase 16 by 25%
FOB destination
types of liabilities
14. Loss of items due to damaged goods - stealing - etc.
50/100
.7
shrinkage
The sum of a Geometric Progression
15. Convert 56% to a decimal
80/100
20%
The sum of a Geometric Progression
.56
16. 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
improper
378 63
70%
17. Alignment of the decimals is not important
Subtracting Fractions
Dividing Fractions
when multiplying numbers that contain decimals:
50/100
18. cash + receivables/ current liabilities.
Gross margin dollars
Quick Ratio
16-18
Average Collection Turnover
19. S=X(1+r1)^y(1+r
Compound interest formula with changing rates
overages
.56
Unit pricing
20. total annual sales/365
$ Retail
cost of goods sold formula (COGS)
$ Cost
Average Daily Sales
21. Formula: GM = NS - COG; GM$ = NS$ X GM%
50/100
Break Even Point Formula
gross margin
36%
22. The average car payment is $_ per month for _ months.
Retail
Discounting Formula
378 63
cost of goods
23. 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
when multiplying numbers that contain decimals:
Proportion
DOI
24. $ Cost/ (100%-markup%)
$ Retail
Retail
profit and loss statement
62%
25. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
ROG
profit and loss statement
book value
Average Daily Sales
26. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
36%
profit and loss statement
shortage
Current Ratio
27. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Current Ratio
Quick Ratio
Markdown %
Cost
28. Capital stock - owner's equity (owner's funds invested in the business)
profit and loss statement
increase=debit
$ Cost
types of capital
29. Amount decrease (Original - New) / Original amount = decimal= convert to %
Liquidity of Assets
percent decrease
3%
Sales per Transaction
30. Convert 1/4 to a percent
EOM (in terms of invoice)
25%
COD
profit and loss statement
31. 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?
Markdown %
2.5% per month
Unit pricing
increase=credit
32. 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
steps in strategic planning
costs of goods sold
Quick Ratio
33. Total Net Sales / Total Number of Transactions
percent decrease
Average Daily Sales
Sales per Transaction
profit and loss statement
34. 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?
types of capital
Cost
Current Ratio
35. 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
Internal Rate of Return
types of expenses
Gross Margin Return On Inventory Investment (GMROII)
gross sales
36. Sales - cost of goods sold
Liquidity of Assets
78
Gross margin dollars
stock turn
37. 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
25
Markdown %
transportation
When Dividing With Exponents
38. Liabilities - capital - income
Retail
increase=credit
Subtracting Fractions
$6 -655.50
39. Two equivalent ratios joined by an equal sign.
Stock to Sales Ratio
underbought
Proportion
overages
40. The wholesale cost of an item (cost of goods - or COG)
Cost
Average Collection Turnover
Multiplying Fractions
1.304
41. 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
Means
$2 -127.66
The sum of a Geometric Progression
36%
42. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
Simple interest formula
gross margin
physical inventory
transportation
43. (TY-LY)/ LY or (Plan-Actual)/
Liquidity
profit and loss statement
stock turn
% increase or decrease
44. He availability of your money is called _.
Sales per Transaction
Sell Thru %
Liquidity
Current Ratio
45. Convert 14% to a fraction
improper
operating expenses
14/100
increase=credit
46. Convert .62 to a percent
$ Retail
percent decrease
Effective annual rate of interest formula
62%
47. Convert .4 to a percent
4%
percent
25
When Dividing With Exponents
48. The recommended house payment should be no more than _% of your monthly take-home pay.
25
percent decrease
overages
book value
49. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
cost of goods
improper
netprice with a 25/10/10 series discount
Sell Thru %
50. total fixed costs/ selling price-variable cost
operating expenses
Break Even Point Formula
types of expenses
Sales per Transaction