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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 X (100 - GM %) / 100
EOM (in terms of invoice)
36%
$ COST
DOI
2. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Unit pricing
$2 -127.66
ROG
Gross margin %
3. total annual sales/365
net sales
14/100
Average Daily Sales
percent decrease
4. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
Extremes
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Effective annual rate of interest formula
Gross margin %
5. Sales - cost of goods sold
$ Cost
Simple interest formula
$ Retail
Gross margin dollars
6. Beginning inventory + Purchases - Ending inventory
improper
cost of goods sold formula (COGS)
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
14/100
7. The average car will lose _% of its value in the first 4 years.
steps in strategic planning
Average Collection Turnover
60
when multiplying numbers that contain decimals:
8. (TY-LY)/ LY or (Plan-Actual)/
90.9%
% increase or decrease
EOM (in terms of invoice)
Markdown %
9. 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
36%
The sum of a Geometric Progression
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 Daily Sales
10. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
Sales per Transaction
profit
Average Daily Sales
11. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
types of liabilities
To increase a number by a given percentage - e.g. increase 16 by 25%
Average Collection Turnover
4%
12. Convert 80% to a fraction
80/100
Discounting Formula
cost of goods
GMROI
13. 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?
OTB (retail)
Liquidity
2.5% per month
installment loan
14. Amount decrease (Original - New) / Original amount = decimal= convert to %
percent decrease
2.5% per month
Inventory Turnover Rate
Discounting Formula
15. Gross Margin/ Average Inventory Cost
Break Even Point Formula
Current Ratio
Average Collection Turnover
GMROI
16. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
16-18
Subtracting Fractions
Markup
Average Collection Turnover
17. What does percent mean?
per hundred
125%
underbought
$ Cost
18. Two equivalent ratios joined by an equal sign.
16-18
types of capital
cost of goods sold formula (COGS)
Proportion
19. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
Liquidity
78
netprice with a 25/10/10 series discount
Simple interest formula
20. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
When Dividing With Exponents
DOI
70%
% increase or decrease
21. A formal document that is used for a variety of functions within a retail business; it provides a big picture look at the succinct expression of the sales - markup - and profit for a business
Gross margin %
Break Even Point
profit and loss statement
16-18
22. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
gross sales
Break Even Point Formula
profit and loss statement
.7
23. 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)
Markup
percent decrease
Internal Rate of Return
125%
24. 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
Sell Thru %
25%
operating expenses
25. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
80/100
Retail
income statement
loss
26. Total Net Sales / Total Number of Transactions
types of assets
.56
Sales per Transaction
netprice with a 25/10/10 series discount
27. The wholesale cost of an item (cost of goods - or COG)
Cost
book value
Proportion
When Dividing With Exponents
28. 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
cost of goods sold formula (COGS)
transportation
shortage
Markdown %
29. Convert 10/11 to a percent
cost of goods sold formula (COGS)
90.9%
OTB (retail)
gross margin
30. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
25%
OTB (retail)
book value
percent decrease
31. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
36%
Liquidity
$6 -655.50
80/100
32. $ retail x (100%-markup)
Cost
4%
$ Cost
increase=credit
33. Cash or assets that can quickly be converted into cash.
Current Ratio
Current Assets
Cost
41%
34. A team won 16 games and lost 9 games. What percent of games did the team lose?
36%
percent
Liquidity
16-18
35. Convert 1/4 to a percent
profit and loss statement
Subtracting Fractions
COD
25%
36. 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
netprice with a 25/10/10 series discount
profit
Average Collection Turnover
37. cost of an item expressed per unit of measure or count.
Unit pricing
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Subtracting Fractions
25%
38. The average car payment is $_ per month for _ months.
Sales per Transaction
Effective annual rate of interest formula
378 63
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
39. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
stock turn
cost of goods
60
40. Net Sales for period/ Avg Stock for period
EOM (in terms of invoice)
Turnover
types of incomes
$ Retail
41. GMROII = GM% x (Sales / Average Value of Inventory)
Inventory Turnover Rate
Adding Fractions
Gross Margin Return On Inventory Investment (GMROII)
With cash discounts and calculating net price - when to add freight
42. Assets - cost of goods sold - expenses
improper
Subtracting Fractions
when multiplying numbers that contain decimals:
increase=debit
43. The point at which you stop losing money.
Break Even Point
.56
transportation
$ Cost
44. Commissions - fees for service - merchandise sales - rental income - royalties
percent decrease
Cost
3%
types of incomes
45. 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.
80/100
net sales
41%
1.304
46. Liabilities - capital - income
Proportion
increase=credit
DOI
Liquidity of Assets
47. The average person will have _ jobs in their lifetime.
Margin %
net sales
16-18
types of incomes
48. A^m/a^n = a^(m-n)
percent
When Dividing With Exponents
book value
profit and loss statement
49. What is the product of 3.26 and 0.4?
net sales
% increase or decrease
4%
1.304
50. Inside numbers in a ratio.
overages
types of liabilities
percent
Means