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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. Direct labor - factory overhead - merchandise inventory - packaging - raw material
The sum of a Geometric Progression
DOI
costs of goods sold
Quick Ratio
2. 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)
Discounting Formula
Proportion
Simple interest formula
Break Even Point
3. A team won 16 games and lost 9 games. What percent of games did the team lose?
With cash discounts and calculating net price - when to add freight
Average Daily Sales
36%
When Dividing With Exponents
4. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
Subtracting Fractions
DOI
cost of goods
EOM (in terms of invoice)
5. 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%
book value
3%
Gross Margin Return On Inventory Investment (GMROII)
6. cost of an item expressed per unit of measure or count.
Unit pricing
$ Retail
To decrease a number by a given percentage - e.g. decrease 16 by 25%
types of expenses
7. $ retail x (100%-markup)
The sum of a Geometric Progression
$ Cost
types of expenses
With cash discounts and calculating net price - when to add freight
8. Inside numbers in a ratio.
Unit pricing
types of expenses
Means
Sales per Transaction
9. Net Sales for period/ Avg Stock for period
Turnover
Proportion
378 63
% increase or decrease
10. A/b + c/b = (a+c)/b
net sales
To increase a number by a given percentage - e.g. increase 16 by 25%
Proportion
Adding Fractions
11. What does percent mean?
overages
cost of goods sold formula (COGS)
per hundred
$ Retail
12. 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%
Liquidity of Assets
gross sales
125%
60
13. 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?
25
Discounting Formula
2.5% per month
operating expenses
14. Amount decrease (Original - New) / Original amount = decimal= convert to %
types of incomes
percent decrease
Retail
Markup
15. What is the product of 3.26 and 0.4?
3%
1.304
netprice with a 25/10/10 series discount
Discounting Formula
16. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
Discounting Formula
physical inventory
$ Retail
Break Even Point Formula
17. A form of closed-end credit used for purchasing durable goods such as cars
stock turn
Current Ratio
cost of goods sold formula (COGS)
installment loan
18. Convert .62 to a percent
62%
Average Collection Turnover
costs of goods sold
Gross margin %
19. A^m/a^n = a^(m-n)
types of incomes
78
When Dividing With Exponents
operating expenses
20. 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.
EOM (in terms of invoice)
net sales
62%
14/100
21. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
loss
types of liabilities
90.9%
36%
22. Convert 3 to a percent
Of what number 16 is a 25% increase
EOM (in terms of invoice)
3%
FOB destination
23. 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
shortage
Average Daily Sales
COD
GMROI
24. S=X(1+r1)^y(1+r
Compound interest formula with changing rates
$252
types of assets
gross sales
25. accounts receivable/ average daily sales
Margin %
Average Collection Turnover
Extremes
Gross Margin Return On Inventory Investment (GMROII)
26. 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
percent decrease
steps in strategic planning
62%
$ Cost
27. You should never take out more than a _ year mortgage.
percent decrease
Current Ratio
Multiplying Fractions
15
28. If freight is to be paid by the seller - the shipping terms are...
Liquidity of Assets
Markup
gross margin
FOB destination
29. Commissions - fees for service - merchandise sales - rental income - royalties
types of incomes
With cash discounts and calculating net price - when to add freight
GMROI
The sum of a Geometric Progression
30. Turning assets into cash.
$ Markdown
shrinkage
Liquidity of Assets
improper
31. When sales plans are underestimated and the stock purchases result in a low inventory
underbought
ROG
Quick Ratio
70%
32. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Gross margin %
Average Collection Turnover
Adding Fractions
14/100
33. Convert .36 to a percent
$ Cost
80/100
36%
underbought
34. ($ Retail x 100 / COST) - 100
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
FOB destination
Mark Up %
percent
35. $ Cost/ (100%-markup%)
Gross margin dollars
$ Retail
2.5% per month
improper
36. Convert 10/11 to a percent
90.9%
overages
when multiplying numbers that contain decimals:
$ Markdown
37. Convert 70% to a decimal
60
Current Assets
.7
Stock to Sales Ratio
38. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
.56
Markdown %
588 mph
cost of goods sold formula (COGS)
39. Total Net Sales / Total Number of Transactions
increase=debit
overbought
cost of goods
Sales per Transaction
40. Convert 20 to a percent
2.5% per month
.56
20%
costs of goods sold
41. GMROII = GM% x (Sales / Average Value of Inventory)
.7
Current Assets
transportation
Gross Margin Return On Inventory Investment (GMROII)
42. Cash or assets that can quickly be converted into cash.
Markup
125%
physical inventory
Current Assets
43. Convert 41/100 to a percent
41%
Cost
When Dividing With Exponents
improper
44. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
.7
profit
Liquidity
Effective annual rate of interest formula
45. 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
588 mph
The sum of a Geometric Progression
Retail
EOM (in terms of invoice)
46. Gross Margin/ Average Inventory Cost
GMROI
15
Liquidity of Assets
Effective annual rate of interest formula
47. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
70%
378 63
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%
48. 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?
Simple interest formula
Gross margin dollars
$ Cost
$252
49. The average car will lose _% of its value in the first 4 years.
overages
Of what number 16 is a 25% increase
60
types of expenses
50. Alignment of the decimals is not important
Extremes
when multiplying numbers that contain decimals:
costs of goods sold
types of incomes