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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. Loss of items due to damaged goods - stealing - etc.
Discounting Formula
percent
shrinkage
80/100
2. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
Markdown %
types of capital
per hundred
ROG
3. 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
types of expenses
Liquidity of Assets
types of assets
steps in strategic planning
4. Net Sales / Average Retail Value of Inventory
$252
Inventory Turnover Rate
$2 -127.66
Mark Up %
5. Net Sales for period/ Avg Stock for period
types of capital
Markup
shrinkage
Turnover
6. Convert 70/100 to a percent
$6 -655.50
125%
$252
70%
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
Liquidity
Retail
.65
The sum of a Geometric Progression
8. The average person will have _ jobs in their lifetime.
Gross Margin Return On Inventory Investment (GMROII)
16-18
$ Cost
Multiplying Fractions
9. 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%
Mark Up %
increase=debit
shortage
gross sales
10. A/b
percent
Multiplying Fractions
Extremes
netprice with a 25/10/10 series discount
11. Capital stock - owner's equity (owner's funds invested in the business)
4%
Proportion
types of capital
underbought
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 $31.50. What was the rate of interest?
net sales
types of assets
% increase or decrease
2.5% per month
13. Overage$ = book$ - physical count$; overage% = overage$/NS$
378 63
25%
overages
to determine equivalent single discount rate for 25/10/10 series discount
14. The wholesale cost of goods plus the markup
Retail
types of assets
loss
.7
15. 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)
overages
Internal Rate of Return
Average Collection Turnover
125%
16. Convert 80% to a fraction
80/100
gross sales
costs of goods sold
% increase or decrease
17. $ retail x (100%-markup)
percent
$ Cost
.65
Cost
18. Units Sold/ (Units Sold + On Hand Inventory)
Proportion
Sell Thru %
COD
steps in strategic planning
19. A team won 16 games and lost 9 games. What percent of games did the team lose?
3%
36%
improper
EOM (in terms of invoice)
20. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
$ Retail
operating expenses
588 mph
21. Liabilities - capital - income
90.9%
types of expenses
increase=credit
Unit pricing
22. 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
profit and loss statement
To decrease a number by a given percentage - e.g. decrease 16 by 25%
125%
to determine equivalent single discount rate for 25/10/10 series discount
23. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
overbought
$6 -655.50
income statement
ROG
24. The point at which you stop losing money.
36%
.56
Break Even Point
$ Retail
25. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
types of liabilities
78
netprice with a 25/10/10 series discount
Liquidity of Assets
26. 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)
% increase or decrease
Margin %
$252
Simple interest formula
27. 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?
To decrease a number by a given percentage - e.g. decrease 16 by 25%
$2 -127.66
3%
gross sales
28. 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
Unit pricing
gross sales
Break Even Point
29. Convert 50% to a fraction
50/100
25
378 63
36%
30. What happens when your sales are higher than your expenses - etc.
15
Discounting Formula
profit
profit and loss statement
31. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
$ COST
Effective annual rate of interest formula
steps in strategic planning
32. Convert .4 to a percent
378 63
$6 -655.50
4%
36%
33. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
profit
operating expenses
41%
shortage
34. Convert 70% to a decimal
$ Retail
net sales
FOB destination
.7
35. % of 90 days same as cash convert to payments.
stock turn
Extremes
588 mph
78
36. Convert 65% to a decimal
GMROI
60
Sales per Transaction
.65
37. A/b + c/b = (a+c)/b
20%
Break Even Point Formula
percent decrease
Adding Fractions
38. BOM $ Stock/ Sales for period
Dividing Fractions
$6 -655.50
Average Collection Turnover
Stock to Sales Ratio
39. 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
$ Retail
COD
types of expenses
The sum of a Geometric Progression
40. accounts receivable/ average daily sales
When Dividing With Exponents
Average Collection Turnover
gross margin
20%
41. 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
income statement
net sales
$ COST
EOM (in terms of invoice)
42. Convert 10/11 to a percent
90.9%
$ Retail
Effective annual rate of interest formula
To decrease a number by a given percentage - e.g. decrease 16 by 25%
43. When sales plans are underestimated and the stock purchases result in a low inventory
Margin %
36%
underbought
shortage
44. Alignment of the decimals is not important
Markup
COD
when multiplying numbers that contain decimals:
Subtracting Fractions
45. Inside numbers in a ratio.
588 mph
25%
Means
Break Even Point Formula
46. The recommended house payment should be no more than _% of your monthly take-home pay.
gross margin
Subtracting Fractions
GMROI
25
47. S=X(1+r1)^y(1+r
Compound interest formula with changing rates
Current Assets
$ COST
15
48. GMROII = GM% x (Sales / Average Value of Inventory)
Gross Margin Return On Inventory Investment (GMROII)
stock turn
.65
Adding Fractions
49. If freight is to be paid by the seller - the shipping terms are...
Liquidity
FOB destination
physical inventory
cost of goods sold formula (COGS)
50. He availability of your money is called _.
Liquidity
Inventory Turnover Rate
EOM (in terms of invoice)
$ Markdown