## Test your basic knowledge |

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 .62 to a percent

2. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33

3. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory

4. What does percent mean?

5. A team won 16 games and lost 9 games. What percent of games did the team lose?

6. Shortage\$ = book\$ - physical count\$; shortage% = shortage\$/NS\$

7. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30

8. 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

9. BOM \$ Stock/ Sales for period

10. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions

11. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour

12. Wholesale cost

13. Direct labor - factory overhead - merchandise inventory - packaging - raw material

14. Convert .36 to a percent

15. 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)

16. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit

17. Convert 10/11 to a percent

18. He availability of your money is called _.

19. 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)

20. cost of an item expressed per unit of measure or count.

21. The average car will lose _% of its value in the first 4 years.

22. 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)

23. Convert 65% to a decimal

24. (\$ Retail x 100 / COST) - 100

25. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods

26. Convert 1.25 to a percent

27. \$ retail x (100%-markup)

28. 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...

29. (TY-LY)/ LY or (Plan-Actual)/

30. Sales - cost of goods sold

31. Convert 20 to a percent

32. 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.

33. \$ Markdown/ \$ Net Sales (multiply result by 100 to express as percentage)

34. A/b

35. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM

36. Formula: GM = NS - COG; GM\$ = NS\$ X GM%

37. Assets - cost of goods sold - expenses

38. Liabilities - capital - income

39. Convert 70% to a decimal

40. Two equivalent ratios joined by an equal sign.

41. Original retail price - Lower retail price

42. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses

43. 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

44. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16

45. current assets/ current liabilities

46. Total Net Sales / Total Number of Transactions

47. You should never take out more than a _ year mortgage.

48. cash + receivables/ current liabilities.

49. Capital stock - owner's equity (owner's funds invested in the business)

50. What happens when your sales are higher than your expenses - etc.