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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. A^m/a^n = a^(m-n)
income statement
$ Retail
90.9%
When Dividing With Exponents
2. A measure of the number of days needed to collect accounts receivable.
percent
Average Collection Turnover
Internal Rate of Return
4%
3. 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
Current Assets
$ Markdown
percent decrease
EOM (in terms of invoice)
4. Convert 70/100 to a percent
$252
OTB (retail)
50/100
70%
5. 1. develop a vision statement for the company - 2. scan the internal and external environments - 3. determine issues critical to the company - 4. select the problem to be solved - 5. determine the specific strategy to achieve the solution - 6. identi
Multiplying Fractions
1.304
steps in strategic planning
25%
6. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
loss
Quick Ratio
stock turn
To increase a number by a given percentage - e.g. increase 16 by 25%
7. Convert 80% to a fraction
80/100
types of capital
netprice with a 25/10/10 series discount
percent
8. ($ Retail x 100 / COST) - 100
62%
.56
60
Mark Up %
9. He availability of your money is called _.
14/100
$ Cost
Liquidity
Adding Fractions
10. Turning assets into cash.
Proportion
Liquidity of Assets
Cost
cost of goods
11. Aka - the terminal value of an investment to which equal annual amounts will be added S=[A(R^n -1)]/R-1 Where: S=the terminal value A=the first term R=the common ratio n=the number of terms
The sum of a Geometric Progression
125%
Cost
gross sales
12. 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?
Proportion
50/100
Average Collection Turnover
2.5% per month
13. Direct labor - factory overhead - merchandise inventory - packaging - raw material
60
costs of goods sold
Inventory Turnover Rate
increase=credit
14. Convert .4 to a percent
Unit pricing
41%
4%
overages
15. Convert 3 to a percent
Markdown %
loss
2.5% per month
3%
16. You should never take out more than a _ year mortgage.
percent
15
Extremes
OTB (retail)
17. When sales plans are underestimated and the stock purchases result in a low inventory
underbought
15
shortage
$ Cost
18. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
80/100
Average Daily Sales
shrinkage
types of assets
19. The average car payment is $_ per month for _ months.
netprice with a 25/10/10 series discount
378 63
$ Cost
Margin %
20. 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
90.9%
36%
Gross margin %
types of expenses
21. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
125%
70%
Gross margin %
profit
22. Loss of items due to damaged goods - stealing - etc.
physical inventory
shrinkage
.7
80/100
23. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
Means
70%
When Dividing With Exponents
ROG
24. Convert 14% to a fraction
.56
14/100
378 63
improper
25. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
DOI
to determine equivalent single discount rate for 25/10/10 series discount
With cash discounts and calculating net price - when to add freight
Internal Rate of Return
26. What is the product of 3.26 and 0.4?
1.304
costs of goods sold
Compound interest formula with changing rates
% increase or decrease
27. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
Compound interest formula with changing rates
costs of goods sold
60
$6 -655.50
28. The average car will lose _% of its value in the first 4 years.
underbought
$252
$ COST
60
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
Of what number 16 is a 25% increase
50/100
With cash discounts and calculating net price - when to add freight
4%
30. What happens when your sales are higher than your expenses - etc.
$ Retail
types of assets
profit
$ COST
31. 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%
$2 -127.66
Inventory Turnover Rate
to determine equivalent single discount rate for 25/10/10 series discount
80/100
32. A/b
GMROI
FOB destination
The sum of a Geometric Progression
Multiplying Fractions
33. 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
When Dividing With Exponents
cost of goods
profit and loss statement
Margin %
34. A/b - c/b = a-c/b
ROG
Subtracting Fractions
.7
net sales
35. The wholesale cost of an item (cost of goods - or COG)
Gross Margin Return On Inventory Investment (GMROII)
net sales
Cost
types of capital
36. Outside numbers in a ratio.
$ Cost
Extremes
20%
36%
37. Overage$ = book$ - physical count$; overage% = overage$/NS$
20%
costs of goods sold
overages
Unit pricing
38. 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)
Gross Margin Return On Inventory Investment (GMROII)
gross margin
25
Simple interest formula
39. BOM $ Stock/ Sales for period
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Effective annual rate of interest formula
Adding Fractions
Stock to Sales Ratio
40. 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.
cost of goods sold formula (COGS)
to determine equivalent single discount rate for 25/10/10 series discount
net sales
Cost
41. Convert 70% to a decimal
.7
types of expenses
Unit pricing
Multiplying Fractions
42. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...
Means
steps in strategic planning
operating expenses
DOI
43. Original retail price - Lower retail price
To increase a number by a given percentage - e.g. increase 16 by 25%
$ Markdown
Turnover
to determine equivalent single discount rate for 25/10/10 series discount
44. cash + receivables/ current liabilities.
When Dividing With Exponents
DOI
Quick Ratio
shortage
45. S=X(1+r1)^y(1+r
Internal Rate of Return
Compound interest formula with changing rates
book value
underbought
46. Convert 41/100 to a percent
41%
80/100
underbought
Markup
47. Convert 1/4 to a percent
15
Subtracting Fractions
With cash discounts and calculating net price - when to add freight
25%
48. accounts receivable/ average daily sales
Compound interest formula with changing rates
Average Collection Turnover
$ Retail
profit and loss statement
49. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
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%
increase=credit
20%
50. current assets/ current liabilities
netprice with a 25/10/10 series discount
Cost
Current Ratio
25%