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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. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
125%
OTB (retail)
Current Assets
GMROI
2. Inside numbers in a ratio.
Cost
90.9%
Means
When Dividing With Exponents
3. If freight is to be paid by the seller - the shipping terms are...
FOB destination
gross margin
book value
types of expenses
4. Convert 20 to a percent
20%
Turnover
.65
DOI
5. Loss of items due to damaged goods - stealing - etc.
$ Markdown
shrinkage
COD
shortage
6. Convert .62 to a percent
1.304
$ Cost
62%
Mark Up %
7. A form of closed-end credit used for purchasing durable goods such as cars
80/100
.7
installment loan
Average Collection Turnover
8. Convert 1.25 to a percent
cost of goods
Stock to Sales Ratio
125%
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
9. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
Current Ratio
overbought
income statement
GMROI
10. 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
To increase a number by a given percentage - e.g. increase 16 by 25%
588 mph
when multiplying numbers that contain decimals:
COD
11. 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?
$ Retail
stock turn
$ Retail
$2 -127.66
12. 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
With cash discounts and calculating net price - when to add freight
cost of goods sold formula (COGS)
.56
13. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
Cost
OTB (retail)
types of liabilities
Effective annual rate of interest formula
14. Gross Margin/ Average Inventory Cost
GMROI
.7
Gross margin dollars
ROG
15. Total Net Sales / Total Number of Transactions
% increase or decrease
Proportion
Sales per Transaction
Markup
16. The average car payment is $_ per month for _ months.
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
3%
Discounting Formula
378 63
17. 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)
Proportion
Sell Thru %
Simple interest formula
3%
18. Convert 70/100 to a percent
per hundred
Break Even Point
transportation
70%
19. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
underbought
Gross margin %
Markdown %
36%
20. Turning assets into cash.
Quick Ratio
Liquidity of Assets
shrinkage
Gross Margin Return On Inventory Investment (GMROII)
21. Net Sales / Average Retail Value of Inventory
ROG
underbought
Inventory Turnover Rate
percent decrease
22. Convert .36 to a percent
36%
Current Ratio
Markup
Sales per Transaction
23. Amount decrease (Original - New) / Original amount = decimal= convert to %
types of capital
percent decrease
netprice with a 25/10/10 series discount
.56
24. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
netprice with a 25/10/10 series discount
20%
Markdown %
OTB (retail)
25. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
With cash discounts and calculating net price - when to add freight
41%
overbought
overages
26. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
50/100
.56
overbought
36%
27. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Quick Ratio
Of what number 16 is a 25% increase
costs of goods sold
$ Retail
28. Convert 14% to a fraction
DOI
$252
70%
14/100
29. BOM $ Stock/ Sales for period
Stock to Sales Ratio
shortage
increase=credit
Inventory Turnover Rate
30. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Gross margin %
to determine equivalent single discount rate for 25/10/10 series discount
To increase a number by a given percentage - e.g. increase 16 by 25%
cost of goods
31. S=X(1+r1)^y(1+r
Compound interest formula with changing rates
per hundred
when multiplying numbers that contain decimals:
Cost
32. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
increase=debit
Unit pricing
$6 -655.50
overages
33. (TY-LY)/ LY or (Plan-Actual)/
50/100
installment loan
OTB (retail)
% increase or decrease
34. A team won 16 games and lost 9 games. What percent of games did the team lose?
Liquidity
net sales
per hundred
36%
35. $ RETAIL X (100 - GM %) / 100
$ COST
15
transportation
Means
36. Assets - cost of goods sold - expenses
underbought
percent decrease
increase=debit
62%
37. (Retail - Cost)/ Retail
$ Retail
Margin %
36%
types of incomes
38. 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
physical inventory
4%
GMROI
39. He availability of your money is called _.
3%
Liquidity
shortage
90.9%
40. total fixed costs/ selling price-variable cost
Average Collection Turnover
income statement
shrinkage
Break Even Point Formula
41. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
shortage
% increase or decrease
Extremes
types of assets
42. total annual sales/365
36%
Stock to Sales Ratio
588 mph
Average Daily Sales
43. $ retail x (100%-markup)
cost of goods
.56
$ Cost
Markup
44. Convert 1/4 to a percent
Liquidity of Assets
25%
DOI
Unit pricing
45. A/b - c/b = a-c/b
book value
588 mph
.7
Subtracting Fractions
46. The wholesale cost of goods plus the markup
stock turn
underbought
Retail
$252
47. Sales - cost of goods sold
stock turn
Gross margin dollars
25%
gross margin
48. What happens when your expenses - etc. are higher than your sales
Unit pricing
cost of goods sold formula (COGS)
loss
shrinkage
49. Convert 3 to a percent
Dividing Fractions
3%
.7
78
50. 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.
$ Markdown
16-18
net sales
stock turn