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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. (Retail - Cost)/ Retail
profit
$ Retail
Margin %
Markup
2. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
DOI
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Average Collection Turnover
Adding Fractions
3. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Markup
41%
OTB (retail)
Current Ratio
4. The wholesale cost of goods plus the markup
Retail
Means
Break Even Point
14/100
5. What happens when your sales are higher than your expenses - etc.
16-18
profit
378 63
book value
6. total annual sales/365
Average Daily Sales
types of capital
62%
Markdown %
7. 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
$ Markdown
125%
Average Collection Turnover
8. Convert 1.25 to a percent
Current Ratio
125%
Effective annual rate of interest formula
Mark Up %
9. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
Markdown %
Liquidity of Assets
Average Collection Turnover
shortage
10. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
costs of goods sold
overbought
OTB (retail)
percent decrease
11. Convert 56% to a decimal
.56
3%
$2 -127.66
125%
12. Convert 65% to a decimal
cost of goods sold formula (COGS)
Means
$ Cost
.65
13. $ Cost/ (100%-markup%)
Average Collection Turnover
increase=debit
$ Retail
types of incomes
14. 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 liabilities
60
Gross margin %
transportation
15. The average car payment is $_ per month for _ months.
$ Markdown
FOB destination
378 63
Quick Ratio
16. Wholesale cost
types of capital
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
$ Retail
cost of goods
17. The recommended house payment should be no more than _% of your monthly take-home pay.
Of what number 16 is a 25% increase
Quick Ratio
25
1.304
18. Formula: GM = NS - COG; GM$ = NS$ X GM%
ROG
62%
gross margin
profit and loss statement
19. 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?
$252
overages
2.5% per month
physical inventory
20. A/b
profit and loss statement
$6 -655.50
Dividing Fractions
$ Cost
21. Convert 10/11 to a percent
3%
FOB destination
90.9%
$ COST
22. cash + receivables/ current liabilities.
To increase a number by a given percentage - e.g. increase 16 by 25%
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Quick Ratio
Simple interest formula
23. Convert 50% to a fraction
50/100
Adding Fractions
Effective annual rate of interest formula
Inventory Turnover Rate
24. Total Net Sales / Total Number of Transactions
Sales per Transaction
profit
steps in strategic planning
gross sales
25. The average person will have _ jobs in their lifetime.
Stock to Sales Ratio
80/100
16-18
378 63
26. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
Margin %
When Dividing With Exponents
overbought
percent decrease
27. What happens when your expenses - etc. are higher than your sales
loss
shrinkage
Current Ratio
COD
28. (TY-LY)/ LY or (Plan-Actual)/
Break Even Point
% increase or decrease
gross margin
Average Daily Sales
29. Another way of counting part of a whole?
41%
36%
Sell Thru %
percent
30. Convert 70/100 to a percent
36%
% increase or decrease
shrinkage
70%
31. Beginning inventory + Purchases - Ending inventory
shortage
cost of goods sold formula (COGS)
25
when multiplying numbers that contain decimals:
32. Convert 70% to a decimal
Simple interest formula
Gross Margin Return On Inventory Investment (GMROII)
.7
Margin %
33. When sales plans are underestimated and the stock purchases result in a low inventory
underbought
per hundred
Dividing Fractions
Discounting Formula
34. Assets - cost of goods sold - expenses
increase=debit
Simple interest formula
Liquidity
types of expenses
35. cost of an item expressed per unit of measure or count.
loss
Current Assets
Subtracting Fractions
Unit pricing
36. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
Markdown %
Discounting Formula
To decrease a number by a given percentage - e.g. decrease 16 by 25%
70%
37. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
book value
41%
Inventory Turnover Rate
overages
38. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
gross sales
stock turn
Turnover
Margin %
39. Convert 41/100 to a percent
41%
Liquidity
types of liabilities
Means
40. accounts receivable/ average daily sales
per hundred
net sales
588 mph
Average Collection Turnover
41. What is the product of 3.26 and 0.4?
1.304
14/100
types of incomes
The sum of a Geometric Progression
42. To take advantage of the 6% cash discount - a retailer made a $2 -000 partial payment during the discount period. How much was the retailer credited for the $2 -000 partial payment?
16-18
loss
125%
$2 -127.66
43. A measure of the number of days needed to collect accounts receivable.
Adding Fractions
overages
GMROI
Average Collection Turnover
44. 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?
cost of goods
Mark Up %
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
2.5% per month
45. BOM $ Stock/ Sales for period
Unit pricing
.65
Stock to Sales Ratio
Liquidity
46. Convert .4 to a percent
2.5% per month
$6 -655.50
378 63
4%
47. % of 90 days same as cash convert to payments.
78
types of incomes
Internal Rate of Return
Stock to Sales Ratio
48. Convert 1/4 to a percent
4%
underbought
Markup
25%
49. Overage$ = book$ - physical count$; overage% = overage$/NS$
overages
Internal Rate of Return
36%
50/100
50. Units Sold/ (Units Sold + On Hand Inventory)
Sell Thru %
62%
Effective annual rate of interest formula
16-18