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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. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
income statement
Adding Fractions
25%
gross margin
2. Net Sales for period/ Avg Stock for period
Internal Rate of Return
Turnover
Markup
Effective annual rate of interest formula
3. 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)
physical inventory
Internal Rate of Return
Gross Margin Return On Inventory Investment (GMROII)
operating expenses
4. (Retail - Cost)/ Retail
Margin %
types of liabilities
Inventory Turnover Rate
per hundred
5. $ Cost/ (100%-markup%)
book value
Current Ratio
$ Retail
Sales per Transaction
6. Beginning inventory + Purchases - Ending inventory
$252
to determine equivalent single discount rate for 25/10/10 series discount
cost of goods sold formula (COGS)
15
7. Cash or assets that can quickly be converted into cash.
3%
installment loan
Current Assets
1.304
8. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
36%
3%
To decrease a number by a given percentage - e.g. decrease 16 by 25%
types of liabilities
9. $ Cost x (100 + Mark-up %) / 100
overages
types of liabilities
$ Retail
increase=credit
10. Convert 14% to a fraction
loss
14/100
Sales per Transaction
GMROI
11. Capital stock - owner's equity (owner's funds invested in the business)
types of capital
Turnover
36%
stock turn
12. 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?
types of liabilities
125%
2.5% per month
.56
13. If freight is to be paid by the seller - the shipping terms are...
when multiplying numbers that contain decimals:
GMROI
Compound interest formula with changing rates
FOB destination
14. 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
types of assets
COD
overbought
$ COST
15. 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)
stock turn
With cash discounts and calculating net price - when to add freight
41%
COD
16. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Effective annual rate of interest formula
loss
36%
shortage
17. A/b + c/b = (a+c)/b
Adding Fractions
$ Markdown
gross sales
Turnover
18. Convert 56% to a decimal
Unit pricing
.56
Stock to Sales Ratio
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
19. S=X(1+r1)^y(1+r
62%
Discounting Formula
types of expenses
Compound interest formula with changing rates
20. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
shrinkage
Multiplying Fractions
16-18
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
21. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
improper
stock turn
1.304
90.9%
22. 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?
62%
$2 -127.66
Extremes
50/100
23. X=S*[1/(1+r)^n] Where: S=the sum to be received after n time periods X=the present value of that sum r=the rate of return (as a proportion) n=the number of time periods - r - rate - is sometimes called cost of capital
With cash discounts and calculating net price - when to add freight
Discounting Formula
OTB (retail)
types of assets
24. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
book value
physical inventory
gross margin
increase=debit
25. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Multiplying Fractions
cost of goods sold formula (COGS)
profit
Markup
26. Overage$ = book$ - physical count$; overage% = overage$/NS$
Gross margin dollars
Internal Rate of Return
overages
COD
27. Total Net Sales / Total Number of Transactions
$ COST
Sales per Transaction
Proportion
$ Retail
28. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
OTB (retail)
loss
cost of goods sold formula (COGS)
income statement
29. Convert .4 to a percent
DOI
EOM (in terms of invoice)
Dividing Fractions
4%
30. What does percent mean?
With cash discounts and calculating net price - when to add freight
Average Collection Turnover
per hundred
EOM (in terms of invoice)
31. accounts receivable/ average daily sales
78
overages
types of expenses
Average Collection Turnover
32. current assets/ current liabilities
cost of goods sold formula (COGS)
Current Ratio
1.304
Simple interest formula
33. Amount decrease (Original - New) / Original amount = decimal= convert to %
Current Assets
588 mph
Margin %
percent decrease
34. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
operating expenses
netprice with a 25/10/10 series discount
$6 -655.50
loss
35. ($ Retail x 100 / COST) - 100
Mark Up %
Average Collection Turnover
378 63
1.304
36. 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
Cost
80/100
transportation
60
37. 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...
overages
profit
operating expenses
loss
38. 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
The sum of a Geometric Progression
60
15
steps in strategic planning
39. He availability of your money is called _.
Liquidity
$ Markdown
Retail
netprice with a 25/10/10 series discount
40. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
Break Even Point Formula
improper
types of assets
78
41. Convert 41/100 to a percent
profit
Break Even Point
41%
Means
42. cash + receivables/ current liabilities.
Gross margin %
378 63
Quick Ratio
$ Markdown
43. Formula: GM = NS - COG; GM$ = NS$ X GM%
improper
OTB (retail)
80/100
gross margin
44. A/b
Discounting Formula
Subtracting Fractions
costs of goods sold
Multiplying Fractions
45. The wholesale cost of goods plus the markup
Simple interest formula
Compound interest formula with changing rates
Break Even Point Formula
Retail
46. Gross Margin/ Average Inventory Cost
GMROI
increase=debit
netprice with a 25/10/10 series discount
Stock to Sales Ratio
47. 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%
Extremes
Sales per Transaction
to determine equivalent single discount rate for 25/10/10 series discount
Gross Margin Return On Inventory Investment (GMROII)
48. 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
$ Markdown
Internal Rate of Return
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
49. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
25%
Quick Ratio
ROG
.65
50. Convert 20 to a percent
90.9%
60
Cost
20%