SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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 .4 to a percent
increase=credit
Average Daily Sales
4%
14/100
2. Total Net Sales / Total Number of Transactions
Sales per Transaction
GMROI
book value
25
3. S=X(1+r1)^y(1+r
Average Collection Turnover
physical inventory
Compound interest formula with changing rates
FOB destination
4. Inside numbers in a ratio.
net sales
20%
Means
shrinkage
5. End of month; dating starts with the end of the month and the invoice is to be paid within the specified number of days after the end of the month in which goods are invoiced; ex: 8/10 EOM - n/90
EOM (in terms of invoice)
$ Cost
increase=credit
Quick Ratio
6. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
.56
overbought
Discounting Formula
OTB (retail)
7. The average person will have _ jobs in their lifetime.
improper
Gross margin %
16-18
profit
8. The average car payment is $_ per month for _ months.
percent
percent decrease
gross sales
378 63
9. You should never take out more than a _ year mortgage.
Dividing Fractions
15
cost of goods sold formula (COGS)
Of what number 16 is a 25% increase
10. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
installment loan
15
income statement
profit and loss statement
11. Convert 1/4 to a percent
25%
16-18
overages
Average Collection Turnover
12. 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
overbought
COD
shrinkage
When Dividing With Exponents
13. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
Extremes
to determine equivalent single discount rate for 25/10/10 series discount
Gross margin dollars
14. Convert 41/100 to a percent
netprice with a 25/10/10 series discount
41%
cost of goods sold formula (COGS)
Inventory Turnover Rate
15. BOM $ Stock/ Sales for period
36%
Average Daily Sales
Stock to Sales Ratio
25%
16. 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)
cost of goods sold formula (COGS)
Sell Thru %
Margin %
Simple interest formula
17. 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?
gross sales
Discounting Formula
$252
% increase or decrease
18. The cost of moving from the vendor's warehouse (loading dock) to the retail warehouse or store (loading dock) - may also include insurance to cover the merchandise while in transit
types of liabilities
transportation
Break Even Point Formula
overbought
19. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
$ Retail
EOM (in terms of invoice)
Internal Rate of Return
20. The average car will lose _% of its value in the first 4 years.
62%
When Dividing With Exponents
60
to determine equivalent single discount rate for 25/10/10 series discount
21. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
Retail
netprice with a 25/10/10 series discount
Of what number 16 is a 25% increase
$2 -127.66
22. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
To increase a number by a given percentage - e.g. increase 16 by 25%
36%
types of expenses
ROG
23. Two equivalent ratios joined by an equal sign.
Gross margin %
Break Even Point
Proportion
Gross Margin Return On Inventory Investment (GMROII)
24. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Average Collection Turnover
Markdown %
125%
25. % of 90 days same as cash convert to payments.
78
1.304
2.5% per month
EOM (in terms of invoice)
26. Units Sold/ (Units Sold + On Hand Inventory)
25
types of capital
Sell Thru %
Dividing Fractions
27. Commissions - fees for service - merchandise sales - rental income - royalties
stock turn
Gross margin dollars
types of incomes
Unit pricing
28. Turning assets into cash.
types of capital
operating expenses
Sell Thru %
Liquidity of Assets
29. Convert 1.25 to a percent
125%
EOM (in terms of invoice)
Liquidity of Assets
Of what number 16 is a 25% increase
30. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
Margin %
overbought
Gross margin dollars
25%
31. 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)
Of what number 16 is a 25% increase
increase=debit
Markup
Internal Rate of Return
32. ($ Retail x 100 / COST) - 100
Mark Up %
cost of goods sold formula (COGS)
Gross Margin Return On Inventory Investment (GMROII)
stock turn
33. 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
Unit pricing
per hundred
types of liabilities
Discounting Formula
34. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
costs of goods sold
when multiplying numbers that contain decimals:
book value
shortage
35. 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?
Gross Margin Return On Inventory Investment (GMROII)
Adding Fractions
2.5% per month
Markdown %
36. A^m/a^n = a^(m-n)
When Dividing With Exponents
16-18
$2 -127.66
net sales
37. Original retail price - Lower retail price
$ Markdown
Multiplying Fractions
GMROI
cost of goods
38. A/b + c/b = (a+c)/b
Break Even Point
Adding Fractions
ROG
$ Markdown
39. Convert 3 to a percent
Liquidity
OTB (retail)
3%
.7
40. (TY-LY)/ LY or (Plan-Actual)/
% increase or decrease
Compound interest formula with changing rates
Current Ratio
Average Collection Turnover
41. Direct labor - factory overhead - merchandise inventory - packaging - raw material
types of liabilities
Mark Up %
installment loan
costs of goods sold
42. The point at which you stop losing money.
Break Even Point
$ Retail
.7
80/100
43. Beginning inventory + Purchases - Ending inventory
installment loan
cost of goods sold formula (COGS)
36%
Compound interest formula with changing rates
44. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
percent decrease
With cash discounts and calculating net price - when to add freight
gross margin
378 63
45. He availability of your money is called _.
15
Subtracting Fractions
16-18
Liquidity
46. A/b
90.9%
types of liabilities
Multiplying Fractions
15
47. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Simple interest formula
Liquidity of Assets
$ Retail
Effective annual rate of interest formula
48. total fixed costs/ selling price-variable cost
Gross margin %
shortage
36%
Break Even Point Formula
49. $ Cost/ (100%-markup%)
steps in strategic planning
$ Retail
underbought
COD
50. $ Cost x (100 + Mark-up %) / 100
36%
Of what number 16 is a 25% increase
1.304
$ Retail