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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. Convert 3 to a percent
$ Cost
3%
36%
15
2. $ Cost/ (100%-markup%)
$ Retail
loss
installment loan
Effective annual rate of interest formula
3. Total Net Sales / Total Number of Transactions
Average Collection Turnover
Sales per Transaction
70%
50/100
4. Direct labor - factory overhead - merchandise inventory - packaging - raw material
Proportion
costs of goods sold
41%
$ Retail
5. Convert .62 to a percent
62%
Gross Margin Return On Inventory Investment (GMROII)
to determine equivalent single discount rate for 25/10/10 series discount
To decrease a number by a given percentage - e.g. decrease 16 by 25%
6. Overage$ = book$ - physical count$; overage% = overage$/NS$
Average Daily Sales
types of expenses
Compound interest formula with changing rates
overages
7. Cash or assets that can quickly be converted into cash.
4%
Sales per Transaction
Stock to Sales Ratio
Current Assets
8. The recommended house payment should be no more than _% of your monthly take-home pay.
overages
378 63
25
Current Assets
9. Convert .4 to a percent
Adding Fractions
4%
Sales per Transaction
16-18
10. The wholesale cost of goods plus the markup
shortage
Inventory Turnover Rate
$6 -655.50
Retail
11. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
Markup
Liquidity
shortage
To decrease a number by a given percentage - e.g. decrease 16 by 25%
12. GMROII = GM% x (Sales / Average Value of Inventory)
types of expenses
Gross Margin Return On Inventory Investment (GMROII)
Unit pricing
shortage
13. Beginning inventory + Purchases - Ending inventory
loss
cost of goods sold formula (COGS)
4%
.56
14. 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
percent
Break Even Point Formula
Stock to Sales Ratio
profit and loss statement
15. A/b
percent decrease
OTB (retail)
gross margin
Dividing Fractions
16. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
underbought
With cash discounts and calculating net price - when to add freight
4%
transportation
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?
EOM (in terms of invoice)
to determine equivalent single discount rate for 25/10/10 series discount
$252
types of capital
18. Units Sold/ (Units Sold + On Hand Inventory)
COD
.56
cost of goods sold formula (COGS)
Sell Thru %
19. You should never take out more than a _ year mortgage.
2.5% per month
income statement
15
$6 -655.50
20. 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%
$252
income statement
Unit pricing
21. 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
GMROI
percent decrease
Markdown %
22. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
cost of goods sold formula (COGS)
underbought
378 63
Markup
23. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
shortage
GMROI
70%
Gross margin %
24. Loss of items due to damaged goods - stealing - etc.
shrinkage
Mark Up %
types of incomes
$ Cost
25. Convert 50% to a fraction
50/100
Means
types of capital
Of what number 16 is a 25% increase
26. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
installment loan
physical inventory
Markdown %
36%
27. The average person will have _ jobs in their lifetime.
The sum of a Geometric Progression
16-18
$ Retail
ROG
28. A^m/a^n = a^(m-n)
Sales per Transaction
When Dividing With Exponents
Subtracting Fractions
80/100
29. A team won 16 games and lost 9 games. What percent of games did the team lose?
Current Assets
percent
Cost
36%
30. He availability of your money is called _.
$2 -127.66
Liquidity
Of what number 16 is a 25% increase
transportation
31. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
Gross margin dollars
16-18
.56
32. Convert 1/4 to a percent
Markup
25%
1.304
50/100
33. total annual sales/365
125%
profit
Discounting Formula
Average Daily Sales
34. The average car payment is $_ per month for _ months.
378 63
Simple interest formula
Unit pricing
Inventory Turnover Rate
35. A/b
Unit pricing
Adding Fractions
Multiplying Fractions
$ Markdown
36. The wholesale cost of an item (cost of goods - or COG)
book value
Cost
FOB destination
Means
37. Actual retail sales; the retail price at which one tiem is sold is combined with the retail prices of all the items that are sold to become the net sales amount.
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
14/100
gross sales
net sales
38. What happens when your sales are higher than your expenses - etc.
net sales
per hundred
profit
$6 -655.50
39. Amount decrease (Original - New) / Original amount = decimal= convert to %
Current Ratio
62%
15
percent decrease
40. 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%
Internal Rate of Return
1.304
$6 -655.50
41. (TY-LY)/ LY or (Plan-Actual)/
types of assets
Dividing Fractions
125%
% increase or decrease
42. 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 $31.50. What was the rate of interest?
15
2.5% per month
loss
shortage
43. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
book value
62%
Gross margin %
Subtracting Fractions
44. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
Inventory Turnover Rate
378 63
shortage
588 mph
45. Original retail price - Lower retail price
Proportion
Stock to Sales Ratio
$ Markdown
Current Assets
46. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
Extremes
To decrease a number by a given percentage - e.g. decrease 16 by 25%
70%
Compound interest formula with changing rates
47. 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
Sell Thru %
COD
.7
Current Ratio
48. What does percent mean?
$6 -655.50
per hundred
80/100
Proportion
49. 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
Current Assets
$252
transportation
To increase a number by a given percentage - e.g. increase 16 by 25%
50. Convert 41/100 to a percent
41%
.7
to determine equivalent single discount rate for 25/10/10 series discount
Compound interest formula with changing rates