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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 70% to a decimal
Means
$2 -127.66
.7
$ Markdown
2. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
types of liabilities
shrinkage
Margin %
588 mph
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
$ Cost
Proportion
loss
steps in strategic planning
4. 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
125%
COD
2.5% per month
5. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
.56
to determine equivalent single discount rate for 25/10/10 series discount
stock turn
6. Net Sales for period/ Avg Stock for period
Turnover
book value
70%
With cash discounts and calculating net price - when to add freight
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
Of what number 16 is a 25% increase
OTB (retail)
The sum of a Geometric Progression
1.304
8. Convert 65% to a decimal
$ COST
.65
$ Markdown
% increase or decrease
9. 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
COD
36%
Sales per Transaction
Average Collection Turnover
10. (Retail - Cost)/ Retail
physical inventory
Margin %
Extremes
$2 -127.66
11. Capital stock - owner's equity (owner's funds invested in the business)
FOB destination
types of capital
Break Even Point Formula
Extremes
12. Convert 70/100 to a percent
.65
When Dividing With Exponents
70%
increase=credit
13. Wholesale cost
Unit pricing
3%
60
cost of goods
14. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
Of what number 16 is a 25% increase
Subtracting Fractions
overages
To increase a number by a given percentage - e.g. increase 16 by 25%
15. The wholesale cost of an item (cost of goods - or COG)
Multiplying Fractions
Cost
41%
Means
16. Original retail price - Lower retail price
$ Markdown
$ Retail
FOB destination
.65
17. 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?
types of assets
Gross margin dollars
$252
Gross margin %
18. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
installment loan
Break Even Point Formula
Stock to Sales Ratio
19. Inside numbers in a ratio.
Sales per Transaction
Proportion
Means
gross margin
20. (TY-LY)/ LY or (Plan-Actual)/
% increase or decrease
Break Even Point Formula
70%
125%
21. ($ Retail x 100 / COST) - 100
Mark Up %
overages
percent
Cost
22. A team won 16 games and lost 9 games. What percent of games did the team lose?
Effective annual rate of interest formula
transportation
Compound interest formula with changing rates
36%
23. Convert 3 to a percent
Compound interest formula with changing rates
Gross margin %
Break Even Point
3%
24. A/b
Dividing Fractions
installment loan
.7
shortage
25. $ Cost/ (100%-markup%)
$ Retail
transportation
costs of goods sold
Sell Thru %
26. Direct labor - factory overhead - merchandise inventory - packaging - raw material
To increase a number by a given percentage - e.g. increase 16 by 25%
costs of goods sold
Multiplying Fractions
shortage
27. 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)
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
20%
stock turn
Gross margin %
28. Loss of items due to damaged goods - stealing - etc.
4%
$6 -655.50
378 63
shrinkage
29. total fixed costs/ selling price-variable cost
125%
When Dividing With Exponents
Break Even Point Formula
Gross Margin Return On Inventory Investment (GMROII)
30. 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.
transportation
percent
net sales
physical inventory
31. Another way of counting part of a whole?
Adding Fractions
percent
income statement
Effective annual rate of interest formula
32. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
costs of goods sold
improper
Multiplying Fractions
Liquidity
33. Total Net Sales / Total Number of Transactions
36%
Sales per Transaction
$2 -127.66
To decrease a number by a given percentage - e.g. decrease 16 by 25%
34. $ RETAIL X (100 - GM %) / 100
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
$ COST
percent
When Dividing With Exponents
35. Advertising - bad debt expense - conributions and donations - depreciation - educational expense - insurance - interest expense - licenses - office supplies - postage - rent - repairs - salaries and wages - supplies - taxes - travel and transportatio
types of expenses
underbought
Proportion
COD
36. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
Break Even Point Formula
Turnover
378 63
income statement
37. accounts receivable/ average daily sales
profit and loss statement
Average Collection Turnover
net sales
$ COST
38. 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%
to determine equivalent single discount rate for 25/10/10 series discount
types of expenses
Subtracting Fractions
Gross margin dollars
39. cost of an item expressed per unit of measure or count.
4%
stock turn
costs of goods sold
Unit pricing
40. Convert 41/100 to a percent
41%
The sum of a Geometric Progression
profit and loss statement
20%
41. If freight is to be paid by the seller - the shipping terms are...
Current Assets
FOB destination
Gross margin dollars
Sell Thru %
42. Commissions - fees for service - merchandise sales - rental income - royalties
shrinkage
types of incomes
when multiplying numbers that contain decimals:
$ COST
43. Convert 1/4 to a percent
25%
types of expenses
62%
60
44. Convert 56% to a decimal
Current Ratio
Extremes
.56
Markdown %
45. A/b + c/b = (a+c)/b
Margin %
Simple interest formula
Turnover
Adding Fractions
46. The wholesale cost of goods plus the markup
COD
Retail
operating expenses
$6 -655.50
47. Two equivalent ratios joined by an equal sign.
Proportion
Cost
$ Retail
Current Ratio
48. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Subtracting Fractions
With cash discounts and calculating net price - when to add freight
3%
Effective annual rate of interest formula
49. 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)
Simple interest formula
15
types of liabilities
EOM (in terms of invoice)
50. $ retail x (100%-markup)
$ Cost
25%
Margin %
Markdown %