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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. 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.
Means
$252
percent decrease
net sales
2. Original retail price - Lower retail price
Simple interest formula
$ Markdown
% increase or decrease
Discounting Formula
3. BOM $ Stock/ Sales for period
62%
Stock to Sales Ratio
Adding Fractions
15
4. Convert .36 to a percent
To decrease a number by a given percentage - e.g. decrease 16 by 25%
78
Extremes
36%
5. A/b - c/b = a-c/b
80/100
Break Even Point
Subtracting Fractions
overbought
6. He availability of your money is called _.
378 63
Liquidity
588 mph
% increase or decrease
7. 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
$252
16-18
Internal Rate of Return
8. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
Inventory Turnover Rate
25
gross sales
underbought
9. 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
Dividing Fractions
Cost
income statement
10. Net Sales for period/ Avg Stock for period
Break Even Point Formula
Internal Rate of Return
Sales per Transaction
Turnover
11. 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
% increase or decrease
4%
netprice with a 25/10/10 series discount
The sum of a Geometric Progression
12. 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
costs of goods sold
EOM (in terms of invoice)
Compound interest formula with changing rates
increase=credit
13. What does percent mean?
per hundred
types of incomes
Average Daily Sales
COD
14. Convert 3 to a percent
3%
Simple interest formula
Markdown %
percent decrease
15. Two equivalent ratios joined by an equal sign.
types of incomes
Proportion
GMROI
ROG
16. Formula: GM = NS - COG; GM$ = NS$ X GM%
$2 -127.66
Retail
.56
gross margin
17. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
improper
to determine equivalent single discount rate for 25/10/10 series discount
Sales per Transaction
Of what number 16 is a 25% increase
18. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
$ Markdown
OTB (retail)
transportation
19. Net Sales / Average Retail Value of Inventory
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?
stock turn
Inventory Turnover Rate
20. You should never take out more than a _ year mortgage.
Unit pricing
15
Gross Margin Return On Inventory Investment (GMROII)
Current Assets
21. 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
COD
Current Ratio
transportation
profit and loss statement
22. current assets/ current liabilities
Current Ratio
physical inventory
GMROI
gross margin
23. 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
netprice with a 25/10/10 series discount
Discounting Formula
78
percent decrease
24. $ Cost/ (100%-markup%)
41%
Internal Rate of Return
income statement
$ Retail
25. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
Margin %
types of capital
When Dividing With Exponents
shortage
26. S=X(1+r1)^y(1+r
$252
90.9%
Compound interest formula with changing rates
steps in strategic planning
27. Outside numbers in a ratio.
Dividing Fractions
Inventory Turnover Rate
types of liabilities
Extremes
28. cost of an item expressed per unit of measure or count.
Unit pricing
physical inventory
net sales
$252
29. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
book value
$ Retail
36%
improper
30. Cash or assets that can quickly be converted into cash.
Dividing Fractions
types of expenses
Current Assets
78
31. $ Cost x (100 + Mark-up %) / 100
25
$6 -655.50
$ Retail
income statement
32. A team won 16 games and lost 9 games. What percent of games did the team lose?
36%
$ Retail
DOI
types of incomes
33. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
80/100
.56
To increase a number by a given percentage - e.g. increase 16 by 25%
34. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Markdown %
Turnover
Break Even Point
shortage
35. Convert 1/4 to a percent
588 mph
shrinkage
physical inventory
25%
36. The point at which you stop losing money.
15
Gross margin %
Break Even Point
Markup
37. The wholesale cost of an item (cost of goods - or COG)
Cost
stock turn
Liquidity of Assets
book value
38. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
To increase a number by a given percentage - e.g. increase 16 by 25%
2.5% per month
$ Retail
588 mph
39. Sales - cost of goods sold
DOI
Gross margin dollars
Inventory Turnover Rate
gross margin
40. Liabilities - capital - income
$2 -127.66
Extremes
588 mph
increase=credit
41. Direct labor - factory overhead - merchandise inventory - packaging - raw material
70%
Sales per Transaction
OTB (retail)
costs of goods sold
42. 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
steps in strategic planning
Liquidity
Multiplying Fractions
90.9%
43. Inside numbers in a ratio.
Means
% increase or decrease
.7
Average Collection Turnover
44. Convert 41/100 to a percent
1.304
41%
$ Retail
Break Even Point Formula
45. Convert 20 to a percent
When Dividing With Exponents
20%
overbought
$2 -127.66
46. Beginning inventory + Purchases - Ending inventory
Gross Margin Return On Inventory Investment (GMROII)
percent decrease
cost of goods sold formula (COGS)
Current Assets
47. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
Markdown %
OTB (retail)
Average Collection Turnover
Current Ratio
48. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
types of liabilities
90.9%
types of incomes
Sales per Transaction
49. Total Net Sales / Total Number of Transactions
When Dividing With Exponents
Sales per Transaction
$ Markdown
costs of goods sold
50. 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
types of incomes
Average Daily Sales
to determine equivalent single discount rate for 25/10/10 series discount