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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. Net Sales / Average Retail Value of Inventory
profit
Gross margin %
Inventory Turnover Rate
Simple interest formula
2. $ Cost/ (100%-markup%)
$ Retail
Multiplying Fractions
when multiplying numbers that contain decimals:
percent decrease
3. Units Sold/ (Units Sold + On Hand Inventory)
Sell Thru %
90.9%
.56
Extremes
4. The average car payment is $_ per month for _ months.
book value
$252
16-18
378 63
5. S=X(1+r1)^y(1+r
Gross margin %
Of what number 16 is a 25% increase
OTB (retail)
Compound interest formula with changing rates
6. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
20%
36%
Simple interest formula
With cash discounts and calculating net price - when to add freight
7. Overage$ = book$ - physical count$; overage% = overage$/NS$
Compound interest formula with changing rates
Average Collection Turnover
overages
Stock to Sales Ratio
8. Convert 1.25 to a percent
50/100
profit and loss statement
25
125%
9. The average person will have _ jobs in their lifetime.
Sales per Transaction
70%
% increase or decrease
16-18
10. A^m/a^n = a^(m-n)
gross margin
Average Collection Turnover
36%
When Dividing With Exponents
11. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Gross margin %
ROG
gross margin
Of what number 16 is a 25% increase
12. cash + receivables/ current liabilities.
Effective annual rate of interest formula
types of expenses
16-18
Quick Ratio
13. 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
Sales per Transaction
types of assets
operating expenses
transportation
14. Total Net Sales / Total Number of Transactions
25
With cash discounts and calculating net price - when to add freight
physical inventory
Sales per Transaction
15. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Markup
overbought
to determine equivalent single discount rate for 25/10/10 series discount
41%
16. Convert 56% to a decimal
To decrease a number by a given percentage - e.g. decrease 16 by 25%
.56
$6 -655.50
Unit pricing
17. A team won 16 games and lost 9 games. What percent of games did the team lose?
Average Collection Turnover
% increase or decrease
36%
Adding Fractions
18. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
.65
netprice with a 25/10/10 series discount
3%
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
19. 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?
types of expenses
improper
378 63
$2 -127.66
20. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
Break Even Point Formula
profit and loss statement
OTB (retail)
Of what number 16 is a 25% increase
21. total fixed costs/ selling price-variable cost
378 63
net sales
Break Even Point Formula
Gross margin dollars
22. 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.
3%
Cost
net sales
Break Even Point
23. What does percent mean?
36%
per hundred
netprice with a 25/10/10 series discount
shortage
24. A/b
20%
Multiplying Fractions
Mark Up %
$252
25. Inside numbers in a ratio.
Means
percent
$ Retail
increase=debit
26. Direct labor - factory overhead - merchandise inventory - packaging - raw material
overbought
costs of goods sold
Sell Thru %
OTB (retail)
27. 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
GMROI
types of expenses
book value
gross sales
28. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
types of assets
$2 -127.66
underbought
gross sales
29. total annual sales/365
80/100
Average Daily Sales
$ Markdown
gross margin
30. Cash or assets that can quickly be converted into cash.
ROG
Current Assets
.65
types of incomes
31. $ Cost x (100 + Mark-up %) / 100
50/100
$ Retail
COD
$ Markdown
32. The point at which you stop losing money.
net sales
Break Even Point
50/100
The sum of a Geometric Progression
33. If freight is to be paid by the seller - the shipping terms are...
cost of goods
The sum of a Geometric Progression
ROG
FOB destination
34. accounts receivable/ average daily sales
physical inventory
70%
Average Collection Turnover
percent
35. 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%
percent decrease
gross sales
to determine equivalent single discount rate for 25/10/10 series discount
physical inventory
36. You should never take out more than a _ year mortgage.
operating expenses
gross sales
DOI
15
37. 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
$2 -127.66
operating expenses
62%
EOM (in terms of invoice)
38. A form of closed-end credit used for purchasing durable goods such as cars
Internal Rate of Return
$ Retail
installment loan
Subtracting Fractions
39. A/b + c/b = (a+c)/b
cost of goods sold formula (COGS)
Adding Fractions
To increase a number by a given percentage - e.g. increase 16 by 25%
COD
40. current assets/ current liabilities
GMROI
Extremes
netprice with a 25/10/10 series discount
Current Ratio
41. What is the product of 3.26 and 0.4?
$6 -655.50
36%
shrinkage
1.304
42. Commissions - fees for service - merchandise sales - rental income - royalties
78
types of incomes
Break Even Point
36%
43. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
costs of goods sold
Extremes
stock turn
net sales
44. 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
Current Ratio
Subtracting Fractions
125%
steps in strategic planning
45. A/b - c/b = a-c/b
80/100
Markup
Subtracting Fractions
16-18
46. Original retail price - Lower retail price
16-18
$ Markdown
15
improper
47. (TY-LY)/ LY or (Plan-Actual)/
% increase or decrease
Retail
net sales
installment loan
48. Convert 3 to a percent
Inventory Turnover Rate
36%
125%
3%
49. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Simple interest formula
types of incomes
Markdown %
80/100
50. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
16-18
physical inventory
underbought
shortage