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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
Multiplying Fractions
Sell Thru %
70%
90.9%
2. Convert 20 to a percent
Liquidity of Assets
costs of goods sold
Stock to Sales Ratio
20%
3. Capital stock - owner's equity (owner's funds invested in the business)
Markup
types of capital
Average Collection Turnover
OTB (retail)
4. Sales - cost of goods sold
When Dividing With Exponents
increase=debit
Gross margin dollars
To increase a number by a given percentage - e.g. increase 16 by 25%
5. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...
$ Retail
$2 -127.66
operating expenses
Gross Margin Return On Inventory Investment (GMROII)
6. What does percent mean?
gross margin
netprice with a 25/10/10 series discount
per hundred
increase=debit
7. The average person will have _ jobs in their lifetime.
% increase or decrease
when multiplying numbers that contain decimals:
percent
16-18
8. Net Sales / Average Retail Value of Inventory
Inventory Turnover Rate
Of what number 16 is a 25% increase
per hundred
14/100
9. The average car payment is $_ per month for _ months.
EOM (in terms of invoice)
378 63
Simple interest formula
Markdown %
10. Alignment of the decimals is not important
Means
when multiplying numbers that contain decimals:
Liquidity
Cost
11. Liabilities - capital - income
EOM (in terms of invoice)
increase=credit
14/100
Average Collection Turnover
12. Loss of items due to damaged goods - stealing - etc.
Dividing Fractions
Cost
shrinkage
4%
13. Amount decrease (Original - New) / Original amount = decimal= convert to %
$ Retail
COD
percent decrease
125%
14. 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
2.5% per month
Average Daily Sales
types of expenses
15. Convert 56% to a decimal
$ Cost
.65
36%
.56
16. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
OTB (retail)
cost of goods sold formula (COGS)
Margin %
Adding Fractions
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%
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
gross sales
per hundred
increase=credit
18. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Gross margin %
78
To increase a number by a given percentage - e.g. increase 16 by 25%
Average Collection Turnover
19. BOM $ Stock/ Sales for period
underbought
Break Even Point Formula
Stock to Sales Ratio
cost of goods
20. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
With cash discounts and calculating net price - when to add freight
netprice with a 25/10/10 series discount
$ Retail
Mark Up %
21. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
percent decrease
physical inventory
Retail
Gross margin %
22. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$ Markdown
$6 -655.50
Liquidity of Assets
types of expenses
23. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
net sales
Sales per Transaction
types of assets
Cost
24. 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
Discounting Formula
125%
When Dividing With Exponents
50/100
25. He availability of your money is called _.
Liquidity
Effective annual rate of interest formula
90.9%
types of incomes
26. Convert 80% to a fraction
$ Cost
Current Ratio
15
80/100
27. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
Multiplying Fractions
588 mph
types of expenses
per hundred
28. Convert 14% to a fraction
Stock to Sales Ratio
14/100
GMROI
installment loan
29. The average car will lose _% of its value in the first 4 years.
Discounting Formula
Dividing Fractions
60
25
30. 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)
underbought
types of incomes
stock turn
80/100
31. A/b - c/b = a-c/b
Subtracting Fractions
COD
income statement
increase=credit
32. Convert 50% to a fraction
Internal Rate of Return
50/100
Average Daily Sales
90.9%
33. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
With cash discounts and calculating net price - when to add freight
41%
DOI
Simple interest formula
34. Convert 70/100 to a percent
percent
net sales
The sum of a Geometric Progression
70%
35. Outside numbers in a ratio.
Markdown %
1.304
Liquidity
Extremes
36. total fixed costs/ selling price-variable cost
Break Even Point Formula
$ Markdown
COD
Margin %
37. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
588 mph
$ COST
Markdown %
Effective annual rate of interest formula
38. A form of closed-end credit used for purchasing durable goods such as cars
Proportion
Quick Ratio
gross margin
installment loan
39. Beginning inventory + Purchases - Ending inventory
cost of goods sold formula (COGS)
The sum of a Geometric Progression
stock turn
Discounting Formula
40. A^m/a^n = a^(m-n)
types of assets
When Dividing With Exponents
Unit pricing
15
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.
net sales
Gross margin %
25
OTB (retail)
42. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
Liquidity
installment loan
percent decrease
43. Convert 1/4 to a percent
Cost
Unit pricing
25%
COD
44. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
$2 -127.66
percent decrease
Turnover
45. 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
Retail
.7
types of incomes
profit and loss statement
46. Turning assets into cash.
15
Liquidity of Assets
Gross Margin Return On Inventory Investment (GMROII)
.56
47. Convert .36 to a percent
$ Markdown
Gross margin %
per hundred
36%
48. Units Sold/ (Units Sold + On Hand Inventory)
Sell Thru %
transportation
to determine equivalent single discount rate for 25/10/10 series discount
Gross Margin Return On Inventory Investment (GMROII)
49. Use compliments - Step 1 Find compliments 25% = 100-25%= 75% - 10%= 90% - 10%=90% Step 2 Multiple Compliments 75%x90%x90% .75x.90x.90= .6075 Step 3 Convert to Percentage .6075= 60.75% Step 4 Compliment it 100%-60.75%= 39.35%
Mark Up %
types of liabilities
to determine equivalent single discount rate for 25/10/10 series discount
Margin %
50. 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?
.7
loss
Effective annual rate of interest formula
$2 -127.66