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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 10/11 to a percent
overages
90.9%
Mark Up %
.56
2. Convert 80% to a fraction
80/100
improper
Markdown %
Margin %
3. Assets - cost of goods sold - expenses
increase=debit
25%
per hundred
25
4. (Retail - Cost)/ Retail
DOI
Margin %
FOB destination
$ Markdown
5. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
Average Collection Turnover
$252
$6 -655.50
income statement
6. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
COD
80/100
profit
stock turn
7. accounts receivable/ average daily sales
gross sales
Cost
gross margin
Average Collection Turnover
8. The wholesale cost of goods plus the markup
Retail
$ COST
Break Even Point
588 mph
9. 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
$ Markdown
profit and loss statement
When Dividing With Exponents
Simple interest formula
10. A/b
.7
per hundred
Multiplying Fractions
EOM (in terms of invoice)
11. A^m/a^n = a^(m-n)
$ Markdown
When Dividing With Exponents
Effective annual rate of interest formula
netprice with a 25/10/10 series discount
12. Convert 1.25 to a percent
125%
increase=debit
steps in strategic planning
To decrease a number by a given percentage - e.g. decrease 16 by 25%
13. What happens when your sales are higher than your expenses - etc.
Break Even Point Formula
costs of goods sold
$ COST
profit
14. Convert 3 to a percent
3%
loss
types of liabilities
$ Retail
15. Capital stock - owner's equity (owner's funds invested in the business)
The sum of a Geometric Progression
types of capital
4%
$252
16. What is the product of 3.26 and 0.4?
.56
1.304
cost of goods
Liquidity
17. He availability of your money is called _.
$ COST
Liquidity
percent
improper
18. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
50/100
Retail
operating expenses
Markdown %
19. The point at which you stop losing money.
Proportion
1.304
Break Even Point
$2 -127.66
20. 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)
shrinkage
Simple interest formula
underbought
Cost
21. current assets/ current liabilities
Current Ratio
Mark Up %
$2 -127.66
$ Cost
22. Convert .4 to a percent
Markdown %
125%
Gross margin %
4%
23. A team won 16 games and lost 9 games. What percent of games did the team lose?
EOM (in terms of invoice)
36%
Dividing Fractions
overages
24. 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 decrease a number by a given percentage - e.g. decrease 16 by 25%
Multiplying Fractions
36%
$ Retail
25. $ retail x (100%-markup)
Gross margin %
20%
Means
$ Cost
26. 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
DOI
$ Cost
70%
The sum of a Geometric Progression
27. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
Turnover
physical inventory
overbought
operating expenses
28. Convert 50% to a fraction
types of assets
50/100
OTB (retail)
DOI
29. S=X(1+r1)^y(1+r
15
Break Even Point
Compound interest formula with changing rates
book value
30. 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 $31.50. What was the rate of interest?
2.5% per month
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
125%
Multiplying Fractions
31. cost of an item expressed per unit of measure or count.
Unit pricing
62%
gross sales
50/100
32. The recommended house payment should be no more than _% of your monthly take-home pay.
80/100
25
Proportion
types of assets
33. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
book value
36%
shortage
FOB destination
34. GMROII = GM% x (Sales / Average Value of Inventory)
Cost
When Dividing With Exponents
Compound interest formula with changing rates
Gross Margin Return On Inventory Investment (GMROII)
35. Gross Margin/ Average Inventory Cost
GMROI
.56
steps in strategic planning
shrinkage
36. Turning assets into cash.
Liquidity of Assets
Effective annual rate of interest formula
Average Collection Turnover
Break Even Point
37. 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?
Mark Up %
Gross Margin Return On Inventory Investment (GMROII)
$2 -127.66
125%
38. cash + receivables/ current liabilities.
16-18
Quick Ratio
Liquidity of Assets
To increase a number by a given percentage - e.g. increase 16 by 25%
39. Convert .36 to a percent
Effective annual rate of interest formula
OTB (retail)
36%
588 mph
40. The average person will have _ jobs in their lifetime.
16-18
50/100
Subtracting Fractions
Liquidity
41. 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.
$6 -655.50
With cash discounts and calculating net price - when to add freight
Current Ratio
net sales
42. A/b + c/b = (a+c)/b
Adding Fractions
Stock to Sales Ratio
2.5% per month
types of expenses
43. The average car payment is $_ per month for _ months.
62%
378 63
The sum of a Geometric Progression
Gross Margin Return On Inventory Investment (GMROII)
44. Outside numbers in a ratio.
Extremes
14/100
3%
Sales per Transaction
45. The wholesale cost of an item (cost of goods - or COG)
cost of goods
underbought
Cost
588 mph
46. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
book value
25%
transportation
$ Retail
47. What does percent mean?
per hundred
types of incomes
Liquidity
41%
48. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Current Assets
Of what number 16 is a 25% increase
% increase or decrease
Liquidity of Assets
49. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
Simple interest formula
netprice with a 25/10/10 series discount
Unit pricing
When Dividing With Exponents
50. total annual sales/365
Average Daily Sales
Break Even Point
overbought
percent