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. 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)
shortage
stock turn
Internal Rate of Return
$252
2. X=S*[1/(1+r)^n] Where: S=the sum to be received after n time periods X=the present value of that sum r=the rate of return (as a proportion) n=the number of time periods - r - rate - is sometimes called cost of capital
steps in strategic planning
Simple interest formula
Stock to Sales Ratio
Discounting Formula
3. Two equivalent ratios joined by an equal sign.
Proportion
Retail
gross sales
16-18
4. ($ Retail x 100 / COST) - 100
To increase a number by a given percentage - e.g. increase 16 by 25%
$ Retail
1.304
Mark Up %
5. $ retail x (100%-markup)
$ Cost
to determine equivalent single discount rate for 25/10/10 series discount
.56
14/100
6. The recommended house payment should be no more than _% of your monthly take-home pay.
Sell Thru %
50/100
25
Dividing Fractions
7. The average car will lose _% of its value in the first 4 years.
profit and loss statement
Gross margin dollars
Sell Thru %
60
8. (Retail - Cost)/ Retail
Margin %
Break Even Point Formula
COD
steps in strategic planning
9. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
% increase or decrease
4%
income statement
$ Markdown
10. 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...
operating expenses
Discounting Formula
percent
2.5% per month
11. 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
20%
shortage
profit and loss statement
increase=credit
12. Alignment of the decimals is not important
Average Collection Turnover
Compound interest formula with changing rates
when multiplying numbers that contain decimals:
16-18
13. Convert 1.25 to a percent
GMROI
types of incomes
125%
Markdown %
14. Cash or assets that can quickly be converted into cash.
increase=debit
Current Assets
$ Markdown
shortage
15. (TY-LY)/ LY or (Plan-Actual)/
$ Markdown
Mark Up %
% increase or decrease
improper
16. $ RETAIL X (100 - GM %) / 100
$ COST
FOB destination
Current Ratio
378 63
17. 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
underbought
41%
steps in strategic planning
.65
18. % of 90 days same as cash convert to payments.
Adding Fractions
Break Even Point
Mark Up %
78
19. The wholesale cost of an item (cost of goods - or COG)
378 63
Cost
costs of goods sold
Markup
20. Convert 3 to a percent
Cost
3%
Break Even Point Formula
types of assets
21. Convert 50% to a fraction
Margin %
50/100
Average Collection Turnover
income statement
22. S=X(1+r1)^y(1+r
% increase or decrease
Compound interest formula with changing rates
Dividing Fractions
costs of goods sold
23. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
Liquidity of Assets
1.304
Inventory Turnover Rate
improper
24. 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
types of capital
transportation
book value
OTB (retail)
25. Convert 70/100 to a percent
Quick Ratio
With cash discounts and calculating net price - when to add freight
Break Even Point Formula
70%
26. Wholesale cost
60
cost of goods
.65
DOI
27. The wholesale cost of goods plus the markup
1.304
Retail
$ COST
Liquidity
28. Liabilities - capital - income
When Dividing With Exponents
increase=credit
$2 -127.66
Inventory Turnover Rate
29. The average person will have _ jobs in their lifetime.
16-18
types of liabilities
36%
EOM (in terms of invoice)
30. Convert 14% to a fraction
50/100
14/100
steps in strategic planning
GMROI
31. Convert 20 to a percent
Discounting Formula
20%
Liquidity
increase=debit
32. Inside numbers in a ratio.
overbought
Means
With cash discounts and calculating net price - when to add freight
36%
33. cash + receivables/ current liabilities.
2.5% per month
$ Retail
Quick Ratio
80/100
34. A team won 16 games and lost 9 games. What percent of games did the team lose?
COD
36%
increase=debit
types of assets
35. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
Proportion
Adding Fractions
types of liabilities
50/100
36. A/b
Sales per Transaction
gross margin
With cash discounts and calculating net price - when to add freight
Multiplying Fractions
37. What does percent mean?
percent decrease
$ Cost
per hundred
book value
38. A/b
25%
.7
cost of goods
Dividing Fractions
39. 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.
improper
net sales
Unit pricing
Extremes
40. If freight is to be paid by the seller - the shipping terms are...
types of assets
Gross Margin Return On Inventory Investment (GMROII)
$252
FOB destination
41. Outside numbers in a ratio.
Extremes
.56
increase=credit
Margin %
42. Convert 56% to a decimal
.56
shortage
Sell Thru %
percent decrease
43. Convert .36 to a percent
gross sales
Break Even Point
14/100
36%
44. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
.56
when multiplying numbers that contain decimals:
book value
transportation
45. What happens when your expenses - etc. are higher than your sales
$ Cost
income statement
loss
.56
46. A/b - c/b = a-c/b
14/100
Subtracting Fractions
70%
Gross margin dollars
47. Overage$ = book$ - physical count$; overage% = overage$/NS$
overages
Sales per Transaction
Compound interest formula with changing rates
Effective annual rate of interest formula
48. Convert .4 to a percent
overbought
Sell Thru %
4%
$6 -655.50
49. Turning assets into cash.
Sell Thru %
Liquidity of Assets
percent
25%
50. Units Sold/ (Units Sold + On Hand Inventory)
Sell Thru %
to determine equivalent single discount rate for 25/10/10 series discount
book value
14/100