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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. Original retail price - Lower retail price
Mark Up %
$ Retail
$ COST
$ Markdown
2. The recommended house payment should be no more than _% of your monthly take-home pay.
Effective annual rate of interest formula
25
percent
types of liabilities
3. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
net sales
FOB destination
Discounting Formula
overbought
4. Convert 1/4 to a percent
25%
Break Even Point
gross margin
Liquidity of Assets
5. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
80/100
25
Effective annual rate of interest formula
To increase a number by a given percentage - e.g. increase 16 by 25%
6. Convert 70/100 to a percent
14/100
70%
Liquidity
Average Collection Turnover
7. Convert 10/11 to a percent
Liquidity of Assets
per hundred
overbought
90.9%
8. Convert 41/100 to a percent
$2 -127.66
cost of goods
41%
20%
9. Convert .4 to a percent
loss
4%
Break Even Point
FOB destination
10. The average person will have _ jobs in their lifetime.
Sell Thru %
16-18
overbought
70%
11. Convert 20 to a percent
Margin %
20%
With cash discounts and calculating net price - when to add freight
Stock to Sales Ratio
12. (TY-LY)/ LY or (Plan-Actual)/
Average Collection Turnover
stock turn
cost of goods sold formula (COGS)
% increase or decrease
13. The wholesale cost of goods plus the markup
Adding Fractions
gross sales
shrinkage
Retail
14. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
$ Retail
Current Ratio
shortage
125%
15. Convert 14% to a fraction
125%
14/100
62%
GMROI
16. $ retail x (100%-markup)
improper
$ Cost
FOB destination
Sell Thru %
17. Convert 3 to a percent
Current Ratio
shrinkage
3%
Extremes
18. What happens when your expenses - etc. are higher than your sales
income statement
physical inventory
loss
Effective annual rate of interest formula
19. Cash or assets that can quickly be converted into cash.
588 mph
80/100
loss
Current Assets
20. Convert 70% to a decimal
physical inventory
Average Collection Turnover
.7
when multiplying numbers that contain decimals:
21. Another way of counting part of a whole?
percent
$252
steps in strategic planning
Stock to Sales Ratio
22. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
income statement
Adding Fractions
Markdown %
FOB destination
23. Beginning inventory + Purchases - Ending inventory
125%
cost of goods sold formula (COGS)
Mark Up %
60
24. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
shortage
% increase or decrease
types of expenses
Effective annual rate of interest formula
25. 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
increase=credit
increase=debit
36%
transportation
26. BOM $ Stock/ Sales for period
4%
Stock to Sales Ratio
installment loan
$ Cost
27. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
Break Even Point
To decrease a number by a given percentage - e.g. decrease 16 by 25%
DOI
net sales
28. Capital stock - owner's equity (owner's funds invested in the business)
Gross Margin Return On Inventory Investment (GMROII)
$ Markdown
cost of goods
types of capital
29. He availability of your money is called _.
gross sales
14/100
Liquidity
Effective annual rate of interest formula
30. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
Of what number 16 is a 25% increase
To decrease a number by a given percentage - e.g. decrease 16 by 25%
.7
Means
31. Gross Margin/ Average Inventory Cost
588 mph
GMROI
Gross Margin Return On Inventory Investment (GMROII)
book value
32. If freight is to be paid by the seller - the shipping terms are...
shrinkage
FOB destination
Break Even Point
Current Ratio
33. Sales - cost of goods sold
physical inventory
$ Retail
The sum of a Geometric Progression
Gross margin dollars
34. Turning assets into cash.
Internal Rate of Return
EOM (in terms of invoice)
income statement
Liquidity of Assets
35. Net Sales for period/ Avg Stock for period
15
Turnover
Adding Fractions
Average Collection Turnover
36. ($ Retail x 100 / COST) - 100
Retail
Means
Mark Up %
shortage
37. Outside numbers in a ratio.
Extremes
Discounting Formula
Sales per Transaction
50/100
38. Direct labor - factory overhead - merchandise inventory - packaging - raw material
costs of goods sold
378 63
Gross margin dollars
Extremes
39. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
Liquidity
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=credit
Retail
40. A/b + c/b = (a+c)/b
increase=debit
To increase a number by a given percentage - e.g. increase 16 by 25%
Adding Fractions
Average Collection Turnover
41. A formal document that is used for a variety of functions within a retail business; it provides a big picture look at the succinct expression of the sales - markup - and profit for a business
installment loan
To decrease a number by a given percentage - e.g. decrease 16 by 25%
profit and loss statement
Multiplying Fractions
42. Amount decrease (Original - New) / Original amount = decimal= convert to %
when multiplying numbers that contain decimals:
percent decrease
Extremes
profit
43. current assets/ current liabilities
per hundred
Sales per Transaction
Current Ratio
Average Daily Sales
44. S=X(1+r1)^y(1+r
Internal Rate of Return
Quick Ratio
Compound interest formula with changing rates
profit and loss statement
45. A/b - c/b = a-c/b
GMROI
70%
stock turn
Subtracting Fractions
46. 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
Turnover
Discounting Formula
installment loan
loss
47. Formula: GM = NS - COG; GM$ = NS$ X GM%
Sales per Transaction
loss
gross margin
per hundred
48. What is the product of 3.26 and 0.4?
ROG
The sum of a Geometric Progression
Gross margin dollars
1.304
49. 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...
50/100
operating expenses
3%
Stock to Sales Ratio
50. Loss of items due to damaged goods - stealing - etc.
When Dividing With Exponents
$ Retail
types of capital
shrinkage