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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. (Retail - Cost)/ Retail
Margin %
1.304
types of liabilities
Average Collection Turnover
2. Wholesale cost
The sum of a Geometric Progression
cost of goods sold formula (COGS)
cost of goods
4%
3. 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 multiplying numbers that contain decimals:
Means
ROG
4. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
physical inventory
gross sales
Liquidity of Assets
Quick Ratio
5. 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
3%
improper
OTB (retail)
6. accounts receivable/ average daily sales
Average Collection Turnover
$ Retail
80/100
.7
7. A^m/a^n = a^(m-n)
Current Assets
When Dividing With Exponents
improper
gross sales
8. The recommended house payment should be no more than _% of your monthly take-home pay.
COD
shrinkage
profit and loss statement
25
9. A team won 16 games and lost 9 games. What percent of games did the team lose?
36%
cost of goods sold formula (COGS)
DOI
shrinkage
10. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
physical inventory
588 mph
125%
To increase a number by a given percentage - e.g. increase 16 by 25%
11. Gross Margin/ Average Inventory Cost
$ Retail
14/100
GMROI
Subtracting Fractions
12. Convert 1/4 to a percent
costs of goods sold
25%
profit and loss statement
36%
13. What does percent mean?
types of capital
per hundred
Internal Rate of Return
installment loan
14. $ Cost/ (100%-markup%)
14/100
profit
income statement
$ Retail
15. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
The sum of a Geometric Progression
Stock to Sales Ratio
profit
Of what number 16 is a 25% increase
16. Formula: GM = NS - COG; GM$ = NS$ X GM%
Simple interest formula
Multiplying Fractions
Gross Margin Return On Inventory Investment (GMROII)
gross margin
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?
$252
Multiplying Fractions
shortage
Current Ratio
18. The wholesale cost of an item (cost of goods - or COG)
Cost
Retail
when multiplying numbers that contain decimals:
Of what number 16 is a 25% increase
19. $ retail x (100%-markup)
Liquidity
Average Daily Sales
underbought
$ Cost
20. The average car will lose _% of its value in the first 4 years.
60
50/100
when multiplying numbers that contain decimals:
Multiplying Fractions
21. $ RETAIL X (100 - GM %) / 100
Mark Up %
$ COST
cost of goods sold formula (COGS)
25%
22. A form of closed-end credit used for purchasing durable goods such as cars
profit and loss statement
Cost
$ Markdown
installment loan
23. The average person will have _ jobs in their lifetime.
25
16-18
50/100
Average Collection Turnover
24. Beginning inventory + Purchases - Ending inventory
cost of goods sold formula (COGS)
When Dividing With Exponents
2.5% per month
$ Markdown
25. If freight is to be paid by the seller - the shipping terms are...
physical inventory
FOB destination
$252
gross margin
26. Net Sales / Average Retail Value of Inventory
.65
Dividing Fractions
Inventory Turnover Rate
cost of goods sold formula (COGS)
27. Capital stock - owner's equity (owner's funds invested in the business)
14/100
Subtracting Fractions
types of capital
EOM (in terms of invoice)
28. Units Sold/ (Units Sold + On Hand Inventory)
125%
Sell Thru %
COD
increase=credit
29. 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
$252
Discounting Formula
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
gross margin
30. Convert 70% to a decimal
when multiplying numbers that contain decimals:
Inventory Turnover Rate
Turnover
.7
31. Direct labor - factory overhead - merchandise inventory - packaging - raw material
Discounting Formula
Dividing Fractions
costs of goods sold
loss
32. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
Of what number 16 is a 25% increase
$2 -127.66
DOI
when multiplying numbers that contain decimals:
33. Sales - cost of goods sold
EOM (in terms of invoice)
Gross margin dollars
78
Retail
34. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
Average Daily Sales
80/100
Multiplying Fractions
35. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
ROG
Simple interest formula
Compound interest formula with changing rates
underbought
36. What happens when your sales are higher than your expenses - etc.
90.9%
transportation
to determine equivalent single discount rate for 25/10/10 series discount
profit
37. Convert 41/100 to a percent
Cost
62%
41%
overages
38. A/b
Dividing Fractions
Markdown %
The sum of a Geometric Progression
$2 -127.66
39. Outside numbers in a ratio.
per hundred
Sales per Transaction
Extremes
$ Markdown
40. Convert .36 to a percent
installment loan
To decrease a number by a given percentage - e.g. decrease 16 by 25%
stock turn
36%
41. Inside numbers in a ratio.
types of incomes
Means
Inventory Turnover Rate
increase=debit
42. Cash or assets that can quickly be converted into cash.
$ Markdown
Current Assets
improper
income statement
43. Net Sales for period/ Avg Stock for period
when multiplying numbers that contain decimals:
Turnover
steps in strategic planning
Adding Fractions
44. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
Quick Ratio
25
income statement
Of what number 16 is a 25% increase
45. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
Turnover
588 mph
$ Cost
Adding Fractions
46. ($ Retail x 100 / COST) - 100
types of assets
Mark Up %
to determine equivalent single discount rate for 25/10/10 series discount
2.5% per month
47. total fixed costs/ selling price-variable cost
GMROI
$252
steps in strategic planning
Break Even Point Formula
48. $ Cost x (100 + Mark-up %) / 100
physical inventory
Liquidity
$ Retail
378 63
49. What happens when your expenses - etc. are higher than your sales
When Dividing With Exponents
loss
overbought
GMROI
50. 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
90.9%
125%
% increase or decrease