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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. S=X(1+r1)^y(1+r
when multiplying numbers that contain decimals:
$ COST
Compound interest formula with changing rates
70%
2. Overage$ = book$ - physical count$; overage% = overage$/NS$
installment loan
14/100
Stock to Sales Ratio
overages
3. Convert 70/100 to a percent
20%
70%
14/100
Extremes
4. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
41%
overbought
14/100
GMROI
5. total fixed costs/ selling price-variable cost
types of incomes
profit and loss statement
$ Markdown
Break Even Point Formula
6. $ RETAIL X (100 - GM %) / 100
125%
Gross Margin Return On Inventory Investment (GMROII)
$ COST
.65
7. Two equivalent ratios joined by an equal sign.
when multiplying numbers that contain decimals:
steps in strategic planning
Proportion
DOI
8. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Average Collection Turnover
Discounting Formula
Effective annual rate of interest formula
Average Collection Turnover
9. Convert 1/4 to a percent
Turnover
costs of goods sold
increase=credit
25%
10. A/b - c/b = a-c/b
Subtracting Fractions
14/100
Gross margin dollars
increase=credit
11. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
income statement
$ COST
To increase a number by a given percentage - e.g. increase 16 by 25%
types of assets
12. Direct labor - factory overhead - merchandise inventory - packaging - raw material
types of assets
costs of goods sold
to determine equivalent single discount rate for 25/10/10 series discount
types of capital
13. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
gross margin
Gross margin %
Simple interest formula
gross sales
14. Commissions - fees for service - merchandise sales - rental income - royalties
types of incomes
shortage
Simple interest formula
Gross Margin Return On Inventory Investment (GMROII)
15. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
125%
$252
types of capital
types of assets
16. % of 90 days same as cash convert to payments.
Break Even Point Formula
78
Retail
types of expenses
17. Convert .36 to a percent
50/100
36%
FOB destination
.56
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
$6 -655.50
20%
transportation
increase=credit
19. Beginning inventory + Purchases - Ending inventory
$ COST
types of expenses
cost of goods sold formula (COGS)
Break Even Point
20. 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?
2.5% per month
Markdown %
Current Ratio
shrinkage
21. A/b
Gross Margin Return On Inventory Investment (GMROII)
types of expenses
percent decrease
Multiplying Fractions
22. The average car payment is $_ per month for _ months.
physical inventory
$ COST
36%
378 63
23. 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%
$ Retail
transportation
DOI
to determine equivalent single discount rate for 25/10/10 series discount
24. (Retail - Cost)/ Retail
cost of goods
Margin %
Liquidity of Assets
Dividing Fractions
25. Advertising - bad debt expense - conributions and donations - depreciation - educational expense - insurance - interest expense - licenses - office supplies - postage - rent - repairs - salaries and wages - supplies - taxes - travel and transportatio
types of expenses
$ Markdown
profit and loss statement
% increase or decrease
26. Net Sales / Average Retail Value of Inventory
16-18
Cost
Inventory Turnover Rate
$ Retail
27. Convert 14% to a fraction
14/100
increase=credit
overages
20%
28. Convert 65% to a decimal
types of expenses
1.304
shortage
.65
29. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
4%
.7
Quick Ratio
Of what number 16 is a 25% increase
30. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
Gross Margin Return On Inventory Investment (GMROII)
378 63
netprice with a 25/10/10 series discount
OTB (retail)
31. What does percent mean?
costs of goods sold
stock turn
80/100
per hundred
32. 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
COD
EOM (in terms of invoice)
to determine equivalent single discount rate for 25/10/10 series discount
20%
33. BOM $ Stock/ Sales for period
Stock to Sales Ratio
Subtracting Fractions
Of what number 16 is a 25% increase
types of assets
34. accounts receivable/ average daily sales
Average Collection Turnover
$ Cost
41%
Inventory Turnover Rate
35. Amount decrease (Original - New) / Original amount = decimal= convert to %
when multiplying numbers that contain decimals:
$252
1.304
percent decrease
36. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
net sales
per hundred
improper
Mark Up %
37. Turning assets into cash.
Average Collection Turnover
Discounting Formula
Liquidity of Assets
70%
38. 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?
Sales per Transaction
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
$2 -127.66
when multiplying numbers that contain decimals:
39. Inside numbers in a ratio.
Means
Current Ratio
.65
Markdown %
40. total annual sales/365
COD
Average Daily Sales
Discounting Formula
36%
41. 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
When Dividing With Exponents
Stock to Sales Ratio
net sales
42. cost of an item expressed per unit of measure or count.
$ COST
Turnover
Unit pricing
With cash discounts and calculating net price - when to add freight
43. cash + receivables/ current liabilities.
FOB destination
loss
Sell Thru %
Quick Ratio
44. The wholesale cost of an item (cost of goods - or COG)
profit
Markup
Of what number 16 is a 25% increase
Cost
45. Convert .4 to a percent
installment loan
overbought
4%
$ Markdown
46. 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%
80/100
per hundred
types of capital
47. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
gross sales
2.5% per month
types of liabilities
increase=credit
48. GMROII = GM% x (Sales / Average Value of Inventory)
Gross Margin Return On Inventory Investment (GMROII)
Adding Fractions
types of liabilities
COD
49. 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
Retail
16-18
underbought
50. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
$6 -655.50
Unit pricing
ROG
With cash discounts and calculating net price - when to add freight