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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. Convert 65% to a decimal
16-18
$6 -655.50
378 63
.65
2. 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 $1000 @ 10% simple interest for 5 years = 1000+(50.101000)
net sales
Markdown %
Simple interest formula
netprice with a 25/10/10 series discount
3. A form of closed-end credit used for purchasing durable goods such as cars
Current Assets
ROG
installment loan
Break Even Point Formula
4. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
stock turn
With cash discounts and calculating net price - when to add freight
Current Ratio
80/100
5. Convert 14% to a fraction
installment loan
types of expenses
% increase or decrease
14/100
6. 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)
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Internal Rate of Return
15
20%
7. Loss of items due to damaged goods - stealing - etc.
shrinkage
70%
Quick Ratio
$ COST
8. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Markup
$ Markdown
shortage
80/100
9. Net Sales / Average Retail Value of Inventory
Proportion
Inventory Turnover Rate
income statement
4%
10. Outside numbers in a ratio.
when multiplying numbers that contain decimals:
Extremes
41%
steps in strategic planning
11. A team won 16 games and lost 9 games. What percent of games did the team lose?
Extremes
36%
Current Ratio
1.304
12. A/b
COD
overages
The sum of a Geometric Progression
Multiplying Fractions
13. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
cost of goods sold formula (COGS)
90.9%
types of assets
DOI
14. 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
overages
COD
Adding Fractions
steps in strategic planning
15. Gross Margin/ Average Inventory Cost
GMROI
378 63
Break Even Point
50/100
16. The wholesale cost of an item (cost of goods - or COG)
Inventory Turnover Rate
Cost
Quick Ratio
income statement
17. Convert 41/100 to a percent
4%
14/100
41%
Markdown %
18. Convert .4 to a percent
Break Even Point Formula
4%
78
.7
19. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Markdown %
cost of goods sold formula (COGS)
Effective annual rate of interest formula
Gross margin %
20. Another way of counting part of a whole?
costs of goods sold
types of liabilities
To decrease a number by a given percentage - e.g. decrease 16 by 25%
percent
21. 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%
Stock to Sales Ratio
gross sales
Break Even Point
to determine equivalent single discount rate for 25/10/10 series discount
22. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
16-18
netprice with a 25/10/10 series discount
types of liabilities
.65
23. Inside numbers in a ratio.
Means
Average Collection Turnover
Inventory Turnover Rate
% increase or decrease
24. 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
DOI
20%
Current Ratio
Discounting Formula
25. When sales plans are underestimated and the stock purchases result in a low inventory
netprice with a 25/10/10 series discount
overages
underbought
$ Retail
26. What happens when your expenses - etc. are higher than your sales
increase=credit
Dividing Fractions
loss
Gross margin %
27. Convert 3 to a percent
Retail
underbought
increase=debit
3%
28. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
.7
Gross Margin Return On Inventory Investment (GMROII)
With cash discounts and calculating net price - when to add freight
shrinkage
29. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
Dividing Fractions
14/100
shortage
Average Collection Turnover
30. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
Break Even Point
Liquidity
To decrease a number by a given percentage - e.g. decrease 16 by 25%
31. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
Dividing Fractions
profit
Average Collection Turnover
OTB (retail)
32. Assets - cost of goods sold - expenses
increase=debit
types of liabilities
36%
per hundred
33. Direct labor - factory overhead - merchandise inventory - packaging - raw material
shrinkage
Adding Fractions
Current Assets
costs of goods sold
34. Cash or assets that can quickly be converted into cash.
70%
operating expenses
Current Assets
90.9%
35. 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)
improper
25%
Current Assets
36. (TY-LY)/ LY or (Plan-Actual)/
Liquidity
% increase or decrease
gross sales
1.304
37. Formula: GM = NS - COG; GM$ = NS$ X GM%
.65
gross margin
15
shrinkage
38. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
per hundred
increase=debit
Unit pricing
income statement
39. Two equivalent ratios joined by an equal sign.
70%
Proportion
20%
Liquidity of Assets
40. Turning assets into cash.
shrinkage
Liquidity of Assets
To decrease a number by a given percentage - e.g. decrease 16 by 25%
DOI
41. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
transportation
stock turn
types of liabilities
42. Wholesale cost
steps in strategic planning
cost of goods
60
$ Cost
43. A measure of the number of days needed to collect accounts receivable.
FOB destination
to determine equivalent single discount rate for 25/10/10 series discount
gross margin
Average Collection Turnover
44. 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
2.5% per month
Simple interest formula
COD
shrinkage
45. A/b - c/b = a-c/b
Average Collection Turnover
increase=debit
Subtracting Fractions
When Dividing With Exponents
46. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
Extremes
4%
The sum of a Geometric Progression
47. 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
Markdown %
Dividing Fractions
The sum of a Geometric Progression
netprice with a 25/10/10 series discount
48. Convert 20 to a percent
$ Markdown
increase=credit
20%
percent decrease
49. $ Cost/ (100%-markup%)
shrinkage
$ Retail
Break Even Point
Extremes
50. Convert 80% to a fraction
cost of goods
80/100
3%
125%
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