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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. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
.56
78
With cash discounts and calculating net price - when to add freight
3%
2. 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
transportation
4%
Internal Rate of Return
percent decrease
3. A team won 16 games and lost 9 games. What percent of games did the team lose?
Turnover
Retail
overages
36%
4. A form of closed-end credit used for purchasing durable goods such as cars
25
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
loss
installment loan
5. 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%
The sum of a Geometric Progression
With cash discounts and calculating net price - when to add freight
$2 -127.66
to determine equivalent single discount rate for 25/10/10 series discount
6. 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
78
steps in strategic planning
Liquidity
Markup
7. (Retail - Cost)/ Retail
Margin %
Gross margin dollars
COD
Compound interest formula with changing rates
8. An electronics store is having a 40 percent off sale. Robert has been saving to purchase a stereo system that was originally priced at $420. If Robert purchases the system during the sale - what will be the cost?
90.9%
36%
$252
physical inventory
9. Convert 56% to a decimal
.56
90.9%
80/100
Adding Fractions
10. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
increase=debit
profit and loss statement
Stock to Sales Ratio
netprice with a 25/10/10 series discount
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
With cash discounts and calculating net price - when to add freight
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Average Daily Sales
4%
12. Convert 50% to a fraction
book value
Margin %
To decrease a number by a given percentage - e.g. decrease 16 by 25%
50/100
13. When sales plans are underestimated and the stock purchases result in a low inventory
Margin %
improper
gross sales
underbought
14. What happens when your expenses - etc. are higher than your sales
loss
15
steps in strategic planning
78
15. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Gross margin %
increase=credit
4%
Stock to Sales Ratio
16. Convert 14% to a fraction
Break Even Point
Markup
14/100
2.5% per month
17. cost of an item expressed per unit of measure or count.
To increase a number by a given percentage - e.g. increase 16 by 25%
Unit pricing
physical inventory
$ COST
18. Direct labor - factory overhead - merchandise inventory - packaging - raw material
costs of goods sold
Gross margin %
Means
60
19. accounts receivable/ average daily sales
underbought
Average Collection Turnover
OTB (retail)
Current Ratio
20. Amount decrease (Original - New) / Original amount = decimal= convert to %
shrinkage
overbought
percent decrease
improper
21. Loss of items due to damaged goods - stealing - etc.
Proportion
increase=debit
shrinkage
Compound interest formula with changing rates
22. BOM $ Stock/ Sales for period
installment loan
Markup
OTB (retail)
Stock to Sales Ratio
23. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
overages
Gross Margin Return On Inventory Investment (GMROII)
Markup
Internal Rate of Return
24. 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?
78
Compound interest formula with changing rates
$2 -127.66
125%
25. 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
gross margin
Gross margin %
COD
Stock to Sales Ratio
26. 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
$6 -655.50
steps in strategic planning
types of assets
profit and loss statement
27. % of 90 days same as cash convert to payments.
Average Collection Turnover
types of capital
78
percent
28. Convert .36 to a percent
To increase a number by a given percentage - e.g. increase 16 by 25%
36%
gross margin
cost of goods
29. Convert 20 to a percent
types of assets
Current Assets
Effective annual rate of interest formula
20%
30. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
types of assets
Markdown %
Retail
netprice with a 25/10/10 series discount
31. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
Average Daily Sales
60
OTB (retail)
per hundred
32. Formula: GM = NS - COG; GM$ = NS$ X GM%
EOM (in terms of invoice)
80/100
types of expenses
gross margin
33. Wholesale cost
improper
To decrease a number by a given percentage - e.g. decrease 16 by 25%
cost of goods
$2 -127.66
34. Convert 1/4 to a percent
25%
378 63
With cash discounts and calculating net price - when to add freight
to determine equivalent single discount rate for 25/10/10 series discount
35. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
types of liabilities
types of assets
net sales
Quick Ratio
36. What does percent mean?
Inventory Turnover Rate
Proportion
per hundred
$ Retail
37. Convert .62 to a percent
installment loan
stock turn
Current Ratio
62%
38. Convert 70/100 to a percent
improper
70%
15
378 63
39. 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)
EOM (in terms of invoice)
16-18
Internal Rate of Return
Markup
40. Two equivalent ratios joined by an equal sign.
Proportion
operating expenses
$6 -655.50
Dividing Fractions
41. A^m/a^n = a^(m-n)
The sum of a Geometric Progression
When Dividing With Exponents
Effective annual rate of interest formula
4%
42. Units Sold/ (Units Sold + On Hand Inventory)
OTB (retail)
62%
Quick Ratio
Sell Thru %
43. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
Inventory Turnover Rate
36%
income statement
1.304
44. Total Net Sales / Total Number of Transactions
Adding Fractions
Average Collection Turnover
60
Sales per Transaction
45. Inside numbers in a ratio.
Means
steps in strategic planning
FOB destination
Internal Rate of Return
46. Another way of counting part of a whole?
15
Break Even Point Formula
percent
Multiplying Fractions
47. Convert 10/11 to a percent
GMROI
shrinkage
90.9%
Markup
48. The recommended house payment should be no more than _% of your monthly take-home pay.
Gross Margin Return On Inventory Investment (GMROII)
25
125%
Stock to Sales Ratio
49. total fixed costs/ selling price-variable cost
60
Break Even Point Formula
Sell Thru %
EOM (in terms of invoice)
50. Alignment of the decimals is not important
Mark Up %
operating expenses
The sum of a Geometric Progression
when multiplying numbers that contain decimals: