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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. (Retail - Cost)/ Retail
cost of goods sold formula (COGS)
Margin %
15
$6 -655.50
2. 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)
Quick Ratio
Internal Rate of Return
Margin %
$2 -127.66
3. 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?
$2 -127.66
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Mark Up %
when multiplying numbers that contain decimals:
4. Use compliments - Step 1 Find compliments 25% = 100-25%= 75% - 10%= 90% - 10%=90% Step 2 Multiple Compliments 75%x90%x90% .75x.90x.90= .6075 Step 3 Convert to Percentage .6075= 60.75% Step 4 Compliment it 100%-60.75%= 39.35%
Sell Thru %
to determine equivalent single discount rate for 25/10/10 series discount
125%
378 63
5. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
Average Collection Turnover
41%
ROG
6. Formula: GM = NS - COG; GM$ = NS$ X GM%
Quick Ratio
Current Ratio
income statement
gross margin
7. What happens when your sales are higher than your expenses - etc.
DOI
to determine equivalent single discount rate for 25/10/10 series discount
operating expenses
profit
8. 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
COD
per hundred
gross margin
Discounting Formula
9. The average person will have _ jobs in their lifetime.
Retail
16-18
To decrease a number by a given percentage - e.g. decrease 16 by 25%
41%
10. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
90.9%
80/100
costs of goods sold
11. 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
cost of goods
The sum of a Geometric Progression
netprice with a 25/10/10 series discount
1.304
12. Convert 70/100 to a percent
16-18
70%
per hundred
percent
13. Inside numbers in a ratio.
Markdown %
Means
Current Ratio
Extremes
14. The point at which you stop losing money.
Break Even Point
gross margin
operating expenses
1.304
15. Convert 80% to a fraction
80/100
Gross margin dollars
125%
operating expenses
16. The average car will lose _% of its value in the first 4 years.
Margin %
overbought
$2 -127.66
60
17. Two equivalent ratios joined by an equal sign.
Proportion
Mark Up %
DOI
when multiplying numbers that contain decimals:
18. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
types of assets
gross sales
shortage
types of incomes
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?
increase=credit
2.5% per month
Means
.65
20. Gross Margin/ Average Inventory Cost
3%
Break Even Point Formula
GMROI
Stock to Sales Ratio
21. A/b
15
The sum of a Geometric Progression
To increase a number by a given percentage - e.g. increase 16 by 25%
Multiplying Fractions
22. $ RETAIL X (100 - GM %) / 100
overbought
$ COST
gross margin
underbought
23. If freight is to be paid by the seller - the shipping terms are...
per hundred
FOB destination
when multiplying numbers that contain decimals:
To increase a number by a given percentage - e.g. increase 16 by 25%
24. Net Sales / Average Retail Value of Inventory
Current Ratio
Inventory Turnover Rate
16-18
COD
25. Convert .36 to a percent
Markdown %
$ Retail
36%
Simple interest formula
26. $ Cost x (100 + Mark-up %) / 100
Effective annual rate of interest formula
per hundred
percent decrease
$ Retail
27. Wholesale cost
cost of goods
Average Collection Turnover
Subtracting Fractions
types of expenses
28. Alignment of the decimals is not important
netprice with a 25/10/10 series discount
25
cost of goods sold formula (COGS)
when multiplying numbers that contain decimals:
29. 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
588 mph
Discounting Formula
transportation
steps in strategic planning
30. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
physical inventory
Mark Up %
14/100
shortage
31. S=X(1+r1)^y(1+r
types of assets
.65
1.304
Compound interest formula with changing rates
32. % of 90 days same as cash convert to payments.
62%
netprice with a 25/10/10 series discount
$ Retail
78
33. 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%
$ Retail
percent
Subtracting Fractions
gross sales
34. A/b + c/b = (a+c)/b
transportation
When Dividing With Exponents
Adding Fractions
cost of goods sold formula (COGS)
35. Overage$ = book$ - physical count$; overage% = overage$/NS$
Markdown %
overages
Proportion
Gross Margin Return On Inventory Investment (GMROII)
36. Convert .62 to a percent
when multiplying numbers that contain decimals:
increase=debit
Turnover
62%
37. 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?
Stock to Sales Ratio
Dividing Fractions
COD
$252
38. Convert 65% to a decimal
types of capital
Turnover
Mark Up %
.65
39. Net Sales for period/ Avg Stock for period
$ Markdown
Turnover
36%
Extremes
40. The recommended house payment should be no more than _% of your monthly take-home pay.
transportation
overages
1.304
25
41. Convert 3 to a percent
increase=credit
70%
3%
Quick Ratio
42. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
3%
profit
$ Retail
43. What is the product of 3.26 and 0.4?
Of what number 16 is a 25% increase
To increase a number by a given percentage - e.g. increase 16 by 25%
Multiplying Fractions
1.304
44. A/b - c/b = a-c/b
When Dividing With Exponents
profit
gross margin
Subtracting Fractions
45. 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)
stock turn
$ Retail
transportation
Markdown %
46. A team won 16 games and lost 9 games. What percent of games did the team lose?
Gross Margin Return On Inventory Investment (GMROII)
36%
Turnover
.7
47. 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
125%
COD
overages
Current Assets
48. A/b
Dividing Fractions
Proportion
588 mph
$ Retail
49. Amount decrease (Original - New) / Original amount = decimal= convert to %
net sales
Liquidity
loss
percent decrease
50. Convert 50% to a fraction
Sales per Transaction
Current Ratio
50/100
types of assets