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. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
Simple interest formula
Gross Margin Return On Inventory Investment (GMROII)
To decrease a number by a given percentage - e.g. decrease 16 by 25%
overages
2. When sales plans are underestimated and the stock purchases result in a low inventory
book value
Average Collection Turnover
Average Collection Turnover
underbought
3. End of month; dating starts with the end of the month and the invoice is to be paid within the specified number of days after the end of the month in which goods are invoiced; ex: 8/10 EOM - n/90
EOM (in terms of invoice)
COD
Quick Ratio
overages
4. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
$ COST
588 mph
Inventory Turnover Rate
Average Daily Sales
5. Sales - cost of goods sold
types of liabilities
Gross margin dollars
41%
Gross margin %
6. 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
The sum of a Geometric Progression
installment loan
netprice with a 25/10/10 series discount
steps in strategic planning
7. Convert 65% to a decimal
DOI
% increase or decrease
gross sales
.65
8. accounts receivable/ average daily sales
percent
shortage
operating expenses
Average Collection Turnover
9. Outside numbers in a ratio.
operating expenses
Extremes
Break Even Point Formula
Discounting Formula
10. Convert .62 to a percent
62%
Of what number 16 is a 25% increase
$252
Markup
11. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
improper
transportation
Turnover
book value
12. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
With cash discounts and calculating net price - when to add freight
$ Retail
Adding Fractions
$ COST
13. Convert 1/4 to a percent
25%
types of liabilities
Gross margin %
25
14. Formula: GM = NS - COG; GM$ = NS$ X GM%
types of capital
gross margin
Of what number 16 is a 25% increase
Gross margin %
15. Convert 20 to a percent
Proportion
gross margin
steps in strategic planning
20%
16. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
25%
costs of goods sold
To increase a number by a given percentage - e.g. increase 16 by 25%
Discounting Formula
17. 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%
Markup
Average Daily Sales
378 63
to determine equivalent single discount rate for 25/10/10 series discount
18. Original retail price - Lower retail price
$ Markdown
When Dividing With Exponents
Sell Thru %
per hundred
19. A/b - c/b = a-c/b
cost of goods sold formula (COGS)
Proportion
Subtracting Fractions
3%
20. 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?
When Dividing With Exponents
$252
Liquidity of Assets
Compound interest formula with changing rates
21. Net Sales / Average Retail Value of Inventory
DOI
Simple interest formula
Inventory Turnover Rate
Multiplying Fractions
22. The average car will lose _% of its value in the first 4 years.
Liquidity
60
Gross margin %
Turnover
23. Inside numbers in a ratio.
FOB destination
2.5% per month
$ Retail
Means
24. What does percent mean?
percent decrease
increase=credit
per hundred
Margin %
25. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
Gross Margin Return On Inventory Investment (GMROII)
Sell Thru %
OTB (retail)
Average Daily Sales
26. A/b
62%
Multiplying Fractions
% increase or decrease
gross margin
27. Convert 14% to a fraction
14/100
shrinkage
netprice with a 25/10/10 series discount
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
28. BOM $ Stock/ Sales for period
Stock to Sales Ratio
$2 -127.66
when multiplying numbers that contain decimals:
Liquidity of Assets
29. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Effective annual rate of interest formula
loss
Sales per Transaction
30. Two equivalent ratios joined by an equal sign.
Proportion
With cash discounts and calculating net price - when to add freight
The sum of a Geometric Progression
Extremes
31. What happens when your expenses - etc. are higher than your sales
Liquidity
shrinkage
loss
percent
32. A measure of the number of days needed to collect accounts receivable.
transportation
36%
Average Collection Turnover
Extremes
33. What is the product of 3.26 and 0.4?
$6 -655.50
1.304
90.9%
70%
34. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
physical inventory
14/100
With cash discounts and calculating net price - when to add freight
profit and loss statement
35. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
$6 -655.50
90.9%
Sales per Transaction
ROG
36. $ Cost x (100 + Mark-up %) / 100
Unit pricing
$ Retail
2.5% per month
types of liabilities
37. 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?
Break Even Point Formula
EOM (in terms of invoice)
Internal Rate of Return
38. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
when multiplying numbers that contain decimals:
Gross margin %
book value
physical inventory
39. Alignment of the decimals is not important
Stock to Sales Ratio
.65
when multiplying numbers that contain decimals:
operating expenses
40. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
DOI
16-18
Mark Up %
types of assets
41. The wholesale cost of an item (cost of goods - or COG)
80/100
Break Even Point
Cost
Dividing Fractions
42. Another way of counting part of a whole?
when multiplying numbers that contain decimals:
percent
Compound interest formula with changing rates
4%
43. Turning assets into cash.
36%
1.304
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Liquidity of Assets
44. current assets/ current liabilities
Inventory Turnover Rate
$ Retail
Current Ratio
improper
45. $ Cost/ (100%-markup%)
cost of goods
$ Retail
62%
installment loan
46. Net Sales for period/ Avg Stock for period
overbought
588 mph
net sales
Turnover
47. Capital stock - owner's equity (owner's funds invested in the business)
Proportion
types of capital
Unit pricing
To decrease a number by a given percentage - e.g. decrease 16 by 25%
48. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
income statement
Break Even Point Formula
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
EOM (in terms of invoice)
49. total annual sales/365
To increase a number by a given percentage - e.g. increase 16 by 25%
FOB destination
Average Daily Sales
operating expenses
50. A/b + c/b = (a+c)/b
DOI
Average Collection Turnover
Adding Fractions
1.304