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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. (TY-LY)/ LY or (Plan-Actual)/
% increase or decrease
Simple interest formula
78
book value
2. Convert 70/100 to a percent
operating expenses
$ Markdown
70%
Stock to Sales Ratio
3. Units Sold/ (Units Sold + On Hand Inventory)
types of incomes
Sell Thru %
Proportion
increase=credit
4. BOM $ Stock/ Sales for period
installment loan
Stock to Sales Ratio
.65
underbought
5. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
book value
EOM (in terms of invoice)
underbought
$6 -655.50
6. total annual sales/365
gross margin
Average Daily Sales
Average Collection Turnover
Liquidity
7. Direct labor - factory overhead - merchandise inventory - packaging - raw material
increase=debit
costs of goods sold
Current Ratio
Inventory Turnover Rate
8. Inside numbers in a ratio.
types of liabilities
stock turn
Means
80/100
9. If freight is to be paid by the seller - the shipping terms are...
book value
$6 -655.50
Internal Rate of Return
FOB destination
10. Convert 65% to a decimal
.65
overbought
Dividing Fractions
Turnover
11. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
stock turn
income statement
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
profit and loss statement
12. current assets/ current liabilities
Break Even Point
Of what number 16 is a 25% increase
Current Ratio
Multiplying Fractions
13. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Subtracting Fractions
gross margin
OTB (retail)
Effective annual rate of interest formula
14. 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)
profit and loss statement
gross sales
80/100
15. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
cost of goods sold formula (COGS)
overbought
To decrease a number by a given percentage - e.g. decrease 16 by 25%
When Dividing With Exponents
16. What is the product of 3.26 and 0.4?
$2 -127.66
36%
types of expenses
1.304
17. When sales plans are underestimated and the stock purchases result in a low inventory
underbought
15
types of expenses
78
18. Net Sales for period/ Avg Stock for period
Break Even Point
Liquidity of Assets
80/100
Turnover
19. $ RETAIL X (100 - GM %) / 100
Effective annual rate of interest formula
$ Markdown
overages
$ COST
20. The average car will lose _% of its value in the first 4 years.
ROG
60
shortage
36%
21. 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?
2.5% per month
gross margin
Discounting Formula
transportation
22. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
book value
types of liabilities
netprice with a 25/10/10 series discount
transportation
23. He availability of your money is called _.
Retail
when multiplying numbers that contain decimals:
The sum of a Geometric Progression
Liquidity
24. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
types of incomes
Of what number 16 is a 25% increase
125%
20%
25. 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
Inventory Turnover Rate
cost of goods
profit and loss statement
Liquidity of Assets
26. Alignment of the decimals is not important
588 mph
Discounting Formula
Average Collection Turnover
when multiplying numbers that contain decimals:
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)
shrinkage
14/100
Internal Rate of Return
Discounting Formula
28. The average car payment is $_ per month for _ months.
378 63
Sell Thru %
Average Daily Sales
Simple interest formula
29. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
Markdown %
Sell Thru %
improper
Multiplying Fractions
30. A/b
.65
net sales
Dividing Fractions
15
31. Capital stock - owner's equity (owner's funds invested in the business)
net sales
Internal Rate of Return
Liquidity
types of capital
32. Amount decrease (Original - New) / Original amount = decimal= convert to %
Mark Up %
percent decrease
cost of goods sold formula (COGS)
78
33. 1. develop a vision statement for the company - 2. scan the internal and external environments - 3. determine issues critical to the company - 4. select the problem to be solved - 5. determine the specific strategy to achieve the solution - 6. identi
15
Current Assets
steps in strategic planning
Markup
34. Total Net Sales / Total Number of Transactions
Sales per Transaction
25
50/100
ROG
35. The point at which you stop losing money.
The sum of a Geometric Progression
Break Even Point
Multiplying Fractions
378 63
36. X=S*[1/(1+r)^n] Where: S=the sum to be received after n time periods X=the present value of that sum r=the rate of return (as a proportion) n=the number of time periods - r - rate - is sometimes called cost of capital
Discounting Formula
Margin %
41%
378 63
37. Convert 14% to a fraction
14/100
Internal Rate of Return
COD
Inventory Turnover Rate
38. Formula: GM = NS - COG; GM$ = NS$ X GM%
$ Cost
90.9%
gross margin
16-18
39. 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 $1000 @ 10% simple interest for 5 years = 1000+(50.101000)
cost of goods
588 mph
Simple interest formula
90.9%
40. Two equivalent ratios joined by an equal sign.
588 mph
loss
Proportion
gross sales
41. Outside numbers in a ratio.
Break Even Point
When Dividing With Exponents
Extremes
Stock to Sales Ratio
42. Net Sales / Average Retail Value of Inventory
Extremes
% increase or decrease
Inventory Turnover Rate
overbought
43. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
Subtracting Fractions
Margin %
profit and loss statement
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
44. Convert .62 to a percent
Compound interest formula with changing rates
62%
Average Collection Turnover
Unit pricing
45. Convert .36 to a percent
types of capital
DOI
operating expenses
36%
46. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
underbought
steps in strategic planning
shortage
Cost
47. 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%
Gross margin dollars
25%
to determine equivalent single discount rate for 25/10/10 series discount
% increase or decrease
48. Convert 20 to a percent
70%
types of expenses
20%
Subtracting Fractions
49. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
net sales
When Dividing With Exponents
$ Retail
physical inventory
50. $ retail x (100%-markup)
to determine equivalent single discount rate for 25/10/10 series discount
Multiplying Fractions
Stock to Sales Ratio
$ Cost