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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.
Inventory Turnover Rate
78
588 mph
Quick Ratio
2. What happens when your expenses - etc. are higher than your sales
60
Average Daily Sales
loss
Gross margin %
3. (TY-LY)/ LY or (Plan-Actual)/
shrinkage
Gross Margin Return On Inventory Investment (GMROII)
% increase or decrease
25
4. Loss of items due to damaged goods - stealing - etc.
when multiplying numbers that contain decimals:
62%
Dividing Fractions
shrinkage
5. A measure of the number of days needed to collect accounts receivable.
types of liabilities
20%
41%
Average Collection Turnover
6. Inside numbers in a ratio.
when multiplying numbers that contain decimals:
The sum of a Geometric Progression
Means
netprice with a 25/10/10 series discount
7. If freight is to be paid by the seller - the shipping terms are...
when multiplying numbers that contain decimals:
FOB destination
To decrease a number by a given percentage - e.g. decrease 16 by 25%
$252
8. Two equivalent ratios joined by an equal sign.
Proportion
15
$6 -655.50
Unit pricing
9. Outside numbers in a ratio.
ROG
Liquidity
Dividing Fractions
Extremes
10. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
GMROI
$ COST
Gross margin %
book value
11. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
physical inventory
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
$6 -655.50
operating expenses
12. cash + receivables/ current liabilities.
income statement
To increase a number by a given percentage - e.g. increase 16 by 25%
Quick Ratio
FOB destination
13. Convert 56% to a decimal
.56
Unit pricing
cost of goods sold formula (COGS)
378 63
14. Gross Margin/ Average Inventory Cost
41%
Markup
16-18
GMROI
15. The average car payment is $_ per month for _ months.
378 63
Compound interest formula with changing rates
Cost
book value
16. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
2.5% per month
overbought
Dividing Fractions
OTB (retail)
17. $ RETAIL X (100 - GM %) / 100
Subtracting Fractions
$ COST
Turnover
$ Retail
18. 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
increase=debit
Inventory Turnover Rate
Simple interest formula
The sum of a Geometric Progression
19. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
DOI
percent
shortage
$ COST
20. Original retail price - Lower retail price
Of what number 16 is a 25% increase
25%
$ Markdown
Unit pricing
21. The average person will have _ jobs in their lifetime.
378 63
Inventory Turnover Rate
25%
16-18
22. Turning assets into cash.
Liquidity of Assets
$ Retail
Internal Rate of Return
To decrease a number by a given percentage - e.g. decrease 16 by 25%
23. 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
Simple interest formula
transportation
$252
24. What is the product of 3.26 and 0.4?
36%
1.304
378 63
Simple interest formula
25. The wholesale cost of an item (cost of goods - or COG)
physical inventory
Cost
Simple interest formula
percent
26. cost of an item expressed per unit of measure or count.
EOM (in terms of invoice)
Unit pricing
62%
to determine equivalent single discount rate for 25/10/10 series discount
27. Convert 41/100 to a percent
20%
41%
With cash discounts and calculating net price - when to add freight
overages
28. 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
Compound interest formula with changing rates
cost of goods
2.5% per month
29. The wholesale cost of goods plus the markup
Proportion
transportation
.7
Retail
30. Convert 50% to a fraction
Discounting Formula
Markup
50/100
36%
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%
GMROI
operating expenses
to determine equivalent single discount rate for 25/10/10 series discount
25%
32. total annual sales/365
profit and loss statement
Average Daily Sales
profit
Gross margin %
33. Net Sales for period/ Avg Stock for period
increase=debit
types of capital
Break Even Point
Turnover
34. $ retail x (100%-markup)
Margin %
.56
$ Cost
With cash discounts and calculating net price - when to add freight
35. 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
shrinkage
Cost
Current Assets
COD
36. What does percent mean?
per hundred
Turnover
loss
improper
37. A/b
FOB destination
COD
Sales per Transaction
Dividing Fractions
38. What happens when your sales are higher than your expenses - etc.
Cost
Average Daily Sales
Subtracting Fractions
profit
39. Commissions - fees for service - merchandise sales - rental income - royalties
netprice with a 25/10/10 series discount
36%
types of incomes
1.304
40. Convert 65% to a decimal
41%
Simple interest formula
.56
.65
41. A/b - c/b = a-c/b
Subtracting Fractions
14/100
Inventory Turnover Rate
20%
42. 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?
Markup
Sales per Transaction
improper
43. $ Cost x (100 + Mark-up %) / 100
$ Retail
80/100
Sales per Transaction
Dividing Fractions
44. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
1.304
Proportion
20%
Effective annual rate of interest formula
45. The recommended house payment should be no more than _% of your monthly take-home pay.
70%
25
To increase a number by a given percentage - e.g. increase 16 by 25%
GMROI
46. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
gross margin
3%
$6 -655.50
Markdown %
47. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
operating expenses
125%
types of liabilities
Average Daily Sales
48. A^m/a^n = a^(m-n)
net sales
When Dividing With Exponents
25
41%
49. Convert .36 to a percent
Turnover
To decrease a number by a given percentage - e.g. decrease 16 by 25%
36%
.7
50. Convert 10/11 to a percent
increase=debit
90.9%
70%
Break Even Point