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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. 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?
125%
2.5% per month
16-18
Simple interest formula
2. current assets/ current liabilities
percent decrease
Current Ratio
Proportion
Gross margin dollars
3. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Current Assets
$252
Effective annual rate of interest formula
Markdown %
4. Beginning inventory + Purchases - Ending inventory
cost of goods sold formula (COGS)
percent decrease
Gross margin dollars
3%
5. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
shrinkage
gross sales
20%
To decrease a number by a given percentage - e.g. decrease 16 by 25%
6. The average car will lose _% of its value in the first 4 years.
$252
60
increase=credit
The sum of a Geometric Progression
7. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Retail
physical inventory
overbought
Markup
8. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
70%
60
3%
To decrease a number by a given percentage - e.g. decrease 16 by 25%
9. Convert .36 to a percent
4%
shrinkage
$ Retail
36%
10. If freight is to be paid by the seller - the shipping terms are...
FOB destination
4%
cost of goods sold formula (COGS)
physical inventory
11. He availability of your money is called _.
Markdown %
Liquidity
book value
To increase a number by a given percentage - e.g. increase 16 by 25%
12. (Retail - Cost)/ Retail
installment loan
Margin %
When Dividing With Exponents
Internal Rate of Return
13. 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
15
The sum of a Geometric Progression
$ COST
EOM (in terms of invoice)
14. 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
DOI
profit and loss statement
Inventory Turnover Rate
15. Direct labor - factory overhead - merchandise inventory - packaging - raw material
2.5% per month
costs of goods sold
$ Retail
.65
16. The average person will have _ jobs in their lifetime.
Break Even Point Formula
$252
Discounting Formula
16-18
17. Convert .4 to a percent
FOB destination
per hundred
4%
When Dividing With Exponents
18. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
Liquidity of Assets
Gross margin %
Markup
stock turn
19. total annual sales/365
book value
Average Daily Sales
20%
cost of goods sold formula (COGS)
20. 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)
ROG
Internal Rate of Return
Liquidity
Simple interest formula
21. Cash or assets that can quickly be converted into cash.
Compound interest formula with changing rates
COD
Current Assets
Turnover
22. A form of closed-end credit used for purchasing durable goods such as cars
$2 -127.66
net sales
installment loan
Inventory Turnover Rate
23. $ retail x (100%-markup)
With cash discounts and calculating net price - when to add freight
$ Cost
Average Daily Sales
.56
24. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
$ Retail
Gross margin %
Markdown %
ROG
25. Convert 41/100 to a percent
41%
Subtracting Fractions
3%
$ Retail
26. 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
90.9%
costs of goods sold
The sum of a Geometric Progression
types of expenses
27. 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)
profit
per hundred
16-18
Internal Rate of Return
28. The wholesale cost of an item (cost of goods - or COG)
DOI
4%
Current Assets
Cost
29. What happens when your expenses - etc. are higher than your sales
loss
types of assets
costs of goods sold
25%
30. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
profit and loss statement
$6 -655.50
Liquidity
underbought
31. Liabilities - capital - income
125%
Gross Margin Return On Inventory Investment (GMROII)
increase=credit
Sell Thru %
32. Commissions - fees for service - merchandise sales - rental income - royalties
types of expenses
types of incomes
15
$ Cost
33. Convert 70% to a decimal
DOI
.7
To increase a number by a given percentage - e.g. increase 16 by 25%
Turnover
34. total fixed costs/ selling price-variable cost
$6 -655.50
Break Even Point Formula
1.304
4%
35. A team won 16 games and lost 9 games. What percent of games did the team lose?
36%
To decrease a number by a given percentage - e.g. decrease 16 by 25%
types of assets
Adding Fractions
36. You should never take out more than a _ year mortgage.
underbought
to determine equivalent single discount rate for 25/10/10 series discount
Of what number 16 is a 25% increase
15
37. A^m/a^n = a^(m-n)
$ Retail
When Dividing With Exponents
Cost
when multiplying numbers that contain decimals:
38. The recommended house payment should be no more than _% of your monthly take-home pay.
when multiplying numbers that contain decimals:
Simple interest formula
cost of goods sold formula (COGS)
25
39. Total Net Sales / Total Number of Transactions
Effective annual rate of interest formula
Sales per Transaction
percent
loss
40. 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
types of liabilities
62%
Proportion
profit and loss statement
41. GMROII = GM% x (Sales / Average Value of Inventory)
to determine equivalent single discount rate for 25/10/10 series discount
Break Even Point
Gross Margin Return On Inventory Investment (GMROII)
Sell Thru %
42. The point at which you stop losing money.
profit
Break Even Point
62%
costs of goods sold
43. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
Average Collection Turnover
book value
25%
ROG
44. Loss of items due to damaged goods - stealing - etc.
Unit pricing
shrinkage
Proportion
types of expenses
45. 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
Proportion
Gross margin dollars
underbought
46. Convert 1.25 to a percent
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
16-18
125%
costs of goods sold
47. Sales - cost of goods sold
Adding Fractions
Proportion
Gross margin dollars
Average Collection Turnover
48. Net Sales for period/ Avg Stock for period
The sum of a Geometric Progression
Turnover
Average Collection Turnover
4%
49. Convert .62 to a percent
Multiplying Fractions
overbought
loss
62%
50. A measure of the number of days needed to collect accounts receivable.
types of capital
operating expenses
Average Collection Turnover
.56
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