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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. Commissions - fees for service - merchandise sales - rental income - royalties
types of incomes
netprice with a 25/10/10 series discount
Gross margin dollars
1.304
2. Capital stock - owner's equity (owner's funds invested in the business)
16-18
net sales
90.9%
types of capital
3. (TY-LY)/ LY or (Plan-Actual)/
Markup
% increase or decrease
Liquidity
50/100
4. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
overbought
Gross Margin Return On Inventory Investment (GMROII)
types of liabilities
percent
5. 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
16-18
types of liabilities
steps in strategic planning
Dividing Fractions
6. Original retail price - Lower retail price
$252
Multiplying Fractions
Markup
$ Markdown
7. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
types of assets
Gross margin dollars
Average Collection Turnover
profit and loss statement
8. The average person will have _ jobs in their lifetime.
16-18
Retail
COD
$ Cost
9. What happens when your sales are higher than your expenses - etc.
installment loan
Simple interest formula
Margin %
profit
10. Outside numbers in a ratio.
when multiplying numbers that contain decimals:
Extremes
The sum of a Geometric Progression
$ Cost
11. Cash or assets that can quickly be converted into cash.
Current Assets
Margin %
increase=debit
Inventory Turnover Rate
12. Convert 65% to a decimal
.65
Simple interest formula
overages
125%
13. Loss of items due to damaged goods - stealing - etc.
Of what number 16 is a 25% increase
shrinkage
378 63
transportation
14. 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)
types of incomes
types of assets
Internal Rate of Return
20%
15. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
Average Collection Turnover
Margin %
.65
ROG
16. 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?
62%
1.304
.56
2.5% per month
17. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
physical inventory
Means
Markdown %
increase=debit
18. When sales plans are underestimated and the stock purchases result in a low inventory
1.304
percent
underbought
ROG
19. Assets - cost of goods sold - expenses
increase=debit
.56
36%
installment loan
20. The recommended house payment should be no more than _% of your monthly take-home pay.
Average Daily Sales
per hundred
Subtracting Fractions
25
21. (Retail - Cost)/ Retail
Sales per Transaction
$6 -655.50
shortage
Margin %
22. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
when multiplying numbers that contain decimals:
Stock to Sales Ratio
ROG
book value
23. Net Sales / Average Retail Value of Inventory
Inventory Turnover Rate
costs of goods sold
Effective annual rate of interest formula
improper
24. Direct labor - factory overhead - merchandise inventory - packaging - raw material
When Dividing With Exponents
Compound interest formula with changing rates
costs of goods sold
per hundred
25. A/b
Turnover
types of expenses
Dividing Fractions
improper
26. 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?
Internal Rate of Return
25%
$252
Average Collection Turnover
27. Total Net Sales / Total Number of Transactions
With cash discounts and calculating net price - when to add freight
1.304
cost of goods
Sales per Transaction
28. Alignment of the decimals is not important
when multiplying numbers that contain decimals:
Simple interest formula
3%
Internal Rate of Return
29. A team won 16 games and lost 9 games. What percent of games did the team lose?
increase=debit
36%
underbought
60
30. Convert 1.25 to a percent
.56
DOI
Of what number 16 is a 25% increase
125%
31. S=X(1+r1)^y(1+r
overbought
Compound interest formula with changing rates
Markup
90.9%
32. GMROII = GM% x (Sales / Average Value of Inventory)
Liquidity of Assets
.56
Gross Margin Return On Inventory Investment (GMROII)
shortage
33. Convert 70/100 to a percent
70%
$ Markdown
$2 -127.66
Gross margin %
34. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
netprice with a 25/10/10 series discount
Markdown %
$ Retail
$ Cost
35. 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
Average Collection Turnover
types of liabilities
Effective annual rate of interest formula
The sum of a Geometric Progression
36. current assets/ current liabilities
Sell Thru %
Current Ratio
increase=debit
income statement
37. Another way of counting part of a whole?
16-18
percent
cost of goods sold formula (COGS)
to determine equivalent single discount rate for 25/10/10 series discount
38. 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)
62%
stock turn
378 63
types of capital
39. Convert 80% to a fraction
60
Current Ratio
Dividing Fractions
80/100
40. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
Gross margin dollars
Turnover
62%
To decrease a number by a given percentage - e.g. decrease 16 by 25%
41. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
shrinkage
Effective annual rate of interest formula
Markup
OTB (retail)
42. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
Of what number 16 is a 25% increase
Break Even Point
shortage
income statement
43. 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 $1000 @ 10% simple interest for 5 years = 1000+(50.101000)
125%
Retail
Simple interest formula
.7
44. Net Sales for period/ Avg Stock for period
80/100
DOI
COD
Turnover
45. Formula: GM = NS - COG; GM$ = NS$ X GM%
To decrease a number by a given percentage - e.g. decrease 16 by 25%
types of assets
gross margin
Cost
46. Convert 10/11 to a percent
80/100
$ COST
90.9%
loss
47. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
With cash discounts and calculating net price - when to add freight
.56
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
$ Retail
48. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
per hundred
types of assets
With cash discounts and calculating net price - when to add freight
Gross margin dollars
49. Convert 70% to a decimal
Average Daily Sales
378 63
.7
Gross margin %
50. Two equivalent ratios joined by an equal sign.
book value
20%
Proportion
$ Retail