SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. 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
transportation
$252
Sales per Transaction
Of what number 16 is a 25% increase
2. Direct labor - factory overhead - merchandise inventory - packaging - raw material
Compound interest formula with changing rates
types of expenses
125%
costs of goods sold
3. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
Means
operating expenses
Mark Up %
$6 -655.50
4. Wholesale cost
shrinkage
stock turn
Effective annual rate of interest formula
cost of goods
5. Convert 65% to a decimal
to determine equivalent single discount rate for 25/10/10 series discount
book value
.65
50/100
6. Alignment of the decimals is not important
when multiplying numbers that contain decimals:
Break Even Point Formula
Adding Fractions
Unit pricing
7. 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
transportation
The sum of a Geometric Progression
to determine equivalent single discount rate for 25/10/10 series discount
Turnover
8. A/b + c/b = (a+c)/b
Means
FOB destination
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Adding Fractions
9. S=X(1+r1)^y(1+r
70%
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Current Ratio
Compound interest formula with changing rates
10. 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
Discounting Formula
steps in strategic planning
stock turn
improper
11. total fixed costs/ selling price-variable cost
Gross margin %
Break Even Point Formula
$252
Gross Margin Return On Inventory Investment (GMROII)
12. Overage$ = book$ - physical count$; overage% = overage$/NS$
improper
overages
36%
costs of goods sold
13. A measure of the number of days needed to collect accounts receivable.
The sum of a Geometric Progression
Average Collection Turnover
operating expenses
profit
14. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Markup
types of expenses
shrinkage
loss
15. % of 90 days same as cash convert to payments.
book value
78
3%
Discounting Formula
16. Convert 56% to a decimal
Sell Thru %
25%
588 mph
.56
17. Convert 80% to a fraction
80/100
3%
gross sales
15
18. $ RETAIL X (100 - GM %) / 100
$ COST
Current Ratio
60
shortage
19. 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?
costs of goods sold
2.5% per month
types of assets
DOI
20. Beginning inventory + Purchases - Ending inventory
78
income statement
cost of goods sold formula (COGS)
percent decrease
21. The average car payment is $_ per month for _ months.
90.9%
gross sales
378 63
2.5% per month
22. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
Extremes
DOI
588 mph
ROG
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
70%
shortage
ROG
cost of goods sold formula (COGS)
24. Convert .62 to a percent
Effective annual rate of interest formula
25%
62%
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
25. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
physical inventory
$ Retail
.65
gross margin
26. 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
$ COST
14/100
when multiplying numbers that contain decimals:
27. Amount decrease (Original - New) / Original amount = decimal= convert to %
profit and loss statement
gross margin
percent decrease
increase=debit
28. total annual sales/365
Average Daily Sales
$6 -655.50
ROG
Quick Ratio
29. Gross Margin/ Average Inventory Cost
$ COST
1.304
GMROI
types of capital
30. The average car will lose _% of its value in the first 4 years.
loss
Margin %
60
1.304
31. Convert 1/4 to a percent
Inventory Turnover Rate
.65
types of capital
25%
32. What does percent mean?
per hundred
4%
underbought
overages
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
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Sales per Transaction
$ COST
profit and loss statement
34. A/b
Turnover
Liquidity
Dividing Fractions
Sell Thru %
35. 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 $1000 @ 10% simple interest for 5 years = 1000+(50.101000)
Simple interest formula
types of capital
book value
types of liabilities
36. A^m/a^n = a^(m-n)
When Dividing With Exponents
15
Cost
percent decrease
37. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
Liquidity of Assets
62%
Retail
book value
38. 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.
Dividing Fractions
3%
costs of goods sold
net sales
39. 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?
percent decrease
$2 -127.66
cost of goods
Break Even Point
40. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
profit and loss statement
Multiplying Fractions
types of assets
25
41. A form of closed-end credit used for purchasing durable goods such as cars
125%
gross sales
installment loan
EOM (in terms of invoice)
42. What happens when your expenses - etc. are higher than your sales
increase=credit
70%
Effective annual rate of interest formula
loss
43. Net Sales / Average Retail Value of Inventory
underbought
Current Ratio
gross margin
Inventory Turnover Rate
44. Turning assets into cash.
Gross margin %
EOM (in terms of invoice)
Liquidity of Assets
80/100
45. Original retail price - Lower retail price
shortage
$ Cost
steps in strategic planning
$ Markdown
46. GMROII = GM% x (Sales / Average Value of Inventory)
25
Gross Margin Return On Inventory Investment (GMROII)
stock turn
Cost
47. Formula: GM = NS - COG; GM$ = NS$ X GM%
gross margin
transportation
125%
78
48. Convert 70% to a decimal
.7
Dividing Fractions
Sales per Transaction
25
49. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
when multiplying numbers that contain decimals:
Effective annual rate of interest formula
Sales per Transaction
70%
50. $ Cost x (100 + Mark-up %) / 100
$ Retail
4%
profit and loss statement
Break Even Point