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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. Net Sales for period/ Avg Stock for period
Sales per Transaction
Turnover
Average Collection Turnover
OTB (retail)
2. The average person will have _ jobs in their lifetime.
steps in strategic planning
$ COST
16-18
Retail
3. % of 90 days same as cash convert to payments.
70%
loss
78
overages
4. The average car will lose _% of its value in the first 4 years.
improper
$6 -655.50
installment loan
60
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
Internal Rate of Return
operating expenses
Dividing Fractions
steps in strategic planning
6. Convert .36 to a percent
36%
.65
cost of goods
50/100
7. Wholesale cost
cost of goods
Quick Ratio
Liquidity of Assets
overbought
8. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
types of capital
When Dividing With Exponents
The sum of a Geometric Progression
ROG
9. Outside numbers in a ratio.
3%
Extremes
types of assets
stock turn
10. What is the product of 3.26 and 0.4?
$252
Break Even Point Formula
1.304
.7
11. Convert 1/4 to a percent
25%
increase=credit
EOM (in terms of invoice)
OTB (retail)
12. Sales - cost of goods sold
16-18
15
Gross margin dollars
Adding Fractions
13. Commissions - fees for service - merchandise sales - rental income - royalties
$ Retail
types of incomes
Quick Ratio
income statement
14. total fixed costs/ selling price-variable cost
$6 -655.50
Gross margin dollars
Break Even Point Formula
To increase a number by a given percentage - e.g. increase 16 by 25%
15. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
Margin %
The sum of a Geometric Progression
To increase a number by a given percentage - e.g. increase 16 by 25%
62%
16. (Retail - Cost)/ Retail
Internal Rate of Return
Discounting Formula
Margin %
Sales per Transaction
17. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
OTB (retail)
overages
The sum of a Geometric Progression
gross sales
18. Formula: GM = NS - COG; GM$ = NS$ X GM%
Markup
gross margin
Internal Rate of Return
overbought
19. Original retail price - Lower retail price
$ Markdown
Average Daily Sales
Adding Fractions
$ Cost
20. A team won 16 games and lost 9 games. What percent of games did the team lose?
$ COST
36%
increase=credit
To decrease a number by a given percentage - e.g. decrease 16 by 25%
21. A/b
20%
improper
book value
Dividing Fractions
22. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
GMROI
percent
Of what number 16 is a 25% increase
.7
23. IRR=1 + [(NPV1/NPV1-NPV2)(2-1)]% Where: 1=one interest rate 2=the other NPV1=the NPV at rate 1 NPV2=the NPV at rate 2 (NPV = Net Present Value)
installment loan
41%
Internal Rate of Return
overages
24. $ retail x (100%-markup)
book value
$ Cost
Sales per Transaction
3%
25. Convert 65% to a decimal
$ Retail
Average Daily Sales
ROG
.65
26. Convert .4 to a percent
Average Daily Sales
4%
transportation
cost of goods
27. Convert 70% to a decimal
Break Even Point
.7
50/100
Gross margin %
28. accounts receivable/ average daily sales
Gross margin %
Average Collection Turnover
percent
overages
29. 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
Turnover
profit and loss statement
underbought
$2 -127.66
30. Turning assets into cash.
1.304
Compound interest formula with changing rates
Liquidity of Assets
15
31. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
transportation
DOI
3%
80/100
32. The point at which you stop losing money.
Extremes
Sell Thru %
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Break Even Point
33. X=S*[1/(1+r)^n] Where: S=the sum to be received after n time periods X=the present value of that sum r=the rate of return (as a proportion) n=the number of time periods - r - rate - is sometimes called cost of capital
Retail
20%
Discounting Formula
.7
34. Convert 80% to a fraction
cost of goods
80/100
Turnover
underbought
35. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
% increase or decrease
DOI
types of liabilities
EOM (in terms of invoice)
36. Liabilities - capital - income
stock turn
operating expenses
increase=credit
Average Collection Turnover
37. Total Net Sales / Total Number of Transactions
Sales per Transaction
Inventory Turnover Rate
Quick Ratio
types of capital
38. Beginning inventory + Purchases - Ending inventory
$ Retail
cost of goods sold formula (COGS)
per hundred
percent decrease
39. total annual sales/365
378 63
Turnover
Average Daily Sales
The sum of a Geometric Progression
40. What does percent mean?
.56
physical inventory
70%
per hundred
41. Two equivalent ratios joined by an equal sign.
types of assets
Proportion
shortage
ROG
42. Direct labor - factory overhead - merchandise inventory - packaging - raw material
When Dividing With Exponents
50/100
profit and loss statement
costs of goods sold
43. A/b
per hundred
Multiplying Fractions
Markdown %
types of assets
44. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
78
types of incomes
transportation
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
45. Net Sales / Average Retail Value of Inventory
Inventory Turnover Rate
net sales
60
70%
46. A^m/a^n = a^(m-n)
25%
When Dividing With Exponents
Margin %
Dividing Fractions
47. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Markdown %
Margin %
FOB destination
60
48. 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
20%
The sum of a Geometric Progression
$2 -127.66
Quick Ratio
49. Convert 1.25 to a percent
80/100
installment loan
125%
FOB destination
50. Overage$ = book$ - physical count$; overage% = overage$/NS$
overages
The sum of a Geometric Progression
Gross Margin Return On Inventory Investment (GMROII)
Discounting Formula