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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. He availability of your money is called _.
Break Even Point Formula
To increase a number by a given percentage - e.g. increase 16 by 25%
Liquidity
OTB (retail)
2. Beginning inventory + Purchases - Ending inventory
15
percent decrease
$ Retail
cost of goods sold formula (COGS)
3. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
overages
125%
To increase a number by a given percentage - e.g. increase 16 by 25%
netprice with a 25/10/10 series discount
4. 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)
Internal Rate of Return
Gross margin dollars
$252
.65
5. cash + receivables/ current liabilities.
overages
Quick Ratio
gross margin
Extremes
6. A/b + c/b = (a+c)/b
588 mph
Adding Fractions
$ Markdown
Sales per Transaction
7. 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
Gross margin dollars
78
EOM (in terms of invoice)
improper
8. $ Cost x (100 + Mark-up %) / 100
Liquidity
When Dividing With Exponents
$ Retail
36%
9. $ Cost/ (100%-markup%)
profit
$ Retail
Sell Thru %
36%
10. Convert 56% to a decimal
1.304
Effective annual rate of interest formula
.56
Stock to Sales Ratio
11. A measure of the number of days needed to collect accounts receivable.
With cash discounts and calculating net price - when to add freight
net sales
Average Collection Turnover
gross margin
12. $ retail x (100%-markup)
$ Cost
16-18
4%
shrinkage
13. The average car payment is $_ per month for _ months.
378 63
book value
COD
gross margin
14. Overage$ = book$ - physical count$; overage% = overage$/NS$
when multiplying numbers that contain decimals:
overages
1.304
Of what number 16 is a 25% increase
15. 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?
$2 -127.66
The sum of a Geometric Progression
$ Retail
To increase a number by a given percentage - e.g. increase 16 by 25%
16. Commissions - fees for service - merchandise sales - rental income - royalties
types of incomes
types of assets
COD
Markdown %
17. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
60
Means
overages
18. 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
The sum of a Geometric Progression
Inventory Turnover Rate
percent
19. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
Compound interest formula with changing rates
588 mph
Average Daily Sales
20%
20. Capital stock - owner's equity (owner's funds invested in the business)
types of assets
To decrease a number by a given percentage - e.g. decrease 16 by 25%
OTB (retail)
types of capital
21. A form of closed-end credit used for purchasing durable goods such as cars
Compound interest formula with changing rates
Turnover
installment loan
125%
22. 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
costs of goods sold
$2 -127.66
types of expenses
to determine equivalent single discount rate for 25/10/10 series discount
23. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
percent
types of liabilities
Markup
62%
24. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
overbought
Gross margin %
Markdown %
3%
25. Convert .36 to a percent
net sales
36%
netprice with a 25/10/10 series discount
Discounting Formula
26. Cash or assets that can quickly be converted into cash.
Cost
per hundred
.7
Current Assets
27. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
3%
Discounting Formula
62%
To decrease a number by a given percentage - e.g. decrease 16 by 25%
28. $ RETAIL X (100 - GM %) / 100
increase=credit
DOI
FOB destination
$ COST
29. cost of an item expressed per unit of measure or count.
3%
Unit pricing
To increase a number by a given percentage - e.g. increase 16 by 25%
When Dividing With Exponents
30. Convert 41/100 to a percent
Margin %
41%
90.9%
125%
31. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
16-18
$252
improper
Stock to Sales Ratio
32. Convert 20 to a percent
FOB destination
Turnover
20%
Adding Fractions
33. The recommended house payment should be no more than _% of your monthly take-home pay.
shortage
$ Cost
80/100
25
34. The point at which you stop losing money.
stock turn
78
Break Even Point
netprice with a 25/10/10 series discount
35. What happens when your expenses - etc. are higher than your sales
loss
installment loan
The sum of a Geometric Progression
overbought
36. BOM $ Stock/ Sales for period
Stock to Sales Ratio
costs of goods sold
Sales per Transaction
shortage
37. Net Sales for period/ Avg Stock for period
62%
types of assets
Turnover
FOB destination
38. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
Sell Thru %
ROG
90.9%
Dividing Fractions
39. A/b
$ Retail
Multiplying Fractions
net sales
Liquidity of Assets
40. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
Dividing Fractions
transportation
To increase a number by a given percentage - e.g. increase 16 by 25%
increase=credit
41. 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?
41%
$252
types of liabilities
Cost
42. Convert 1/4 to a percent
25%
60
25
Gross Margin Return On Inventory Investment (GMROII)
43. A team won 16 games and lost 9 games. What percent of games did the team lose?
Turnover
costs of goods sold
36%
DOI
44. Outside numbers in a ratio.
overbought
Extremes
Dividing Fractions
Liquidity
45. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
types of expenses
Average Collection Turnover
Retail
physical inventory
46. Convert 70% to a decimal
$ Retail
.7
Liquidity
COD
47. 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
profit and loss statement
.65
Discounting Formula
Gross margin %
48. Direct labor - factory overhead - merchandise inventory - packaging - raw material
FOB destination
types of liabilities
costs of goods sold
2.5% per month
49. What does percent mean?
DOI
types of assets
Liquidity of Assets
per hundred
50. Convert 70/100 to a percent
Quick Ratio
70%
$ COST
types of incomes
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