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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. Two equivalent ratios joined by an equal sign.
Proportion
profit and loss statement
378 63
per hundred
2. 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
types of incomes
netprice with a 25/10/10 series discount
Internal Rate of Return
3. 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)
improper
Internal Rate of Return
20%
15
4. Outside numbers in a ratio.
70%
Retail
Extremes
Markup
5. The average car payment is $_ per month for _ months.
$ Cost
To decrease a number by a given percentage - e.g. decrease 16 by 25%
14/100
378 63
6. The recommended house payment should be no more than _% of your monthly take-home pay.
Gross Margin Return On Inventory Investment (GMROII)
Simple interest formula
Discounting Formula
25
7. Convert 50% to a fraction
20%
Effective annual rate of interest formula
50/100
% increase or decrease
8. The average car will lose _% of its value in the first 4 years.
60
ROG
transportation
Current Ratio
9. S=X(1+r1)^y(1+r
1.304
Compound interest formula with changing rates
588 mph
COD
10. The wholesale cost of an item (cost of goods - or COG)
With cash discounts and calculating net price - when to add freight
78
GMROI
Cost
11. BOM $ Stock/ Sales for period
80/100
36%
36%
Stock to Sales Ratio
12. 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.
transportation
net sales
Mark Up %
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
13. Units Sold/ (Units Sold + On Hand Inventory)
25%
DOI
$ COST
Sell Thru %
14. Convert 14% to a fraction
to determine equivalent single discount rate for 25/10/10 series discount
overages
Liquidity
14/100
15. 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
To increase a number by a given percentage - e.g. increase 16 by 25%
Gross margin %
EOM (in terms of invoice)
The sum of a Geometric Progression
16. Gross Margin/ Average Inventory Cost
Markdown %
GMROI
% increase or decrease
Gross Margin Return On Inventory Investment (GMROII)
17. Net Sales for period/ Avg Stock for period
types of incomes
Turnover
Compound interest formula with changing rates
Sell Thru %
18. 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 $1000 @ 10% simple interest for 5 years = 1000+(50.101000)
Simple interest formula
14/100
Gross margin %
increase=debit
19. The average person will have _ jobs in their lifetime.
gross sales
25
16-18
types of capital
20. A form of closed-end credit used for purchasing durable goods such as cars
installment loan
% increase or decrease
increase=credit
378 63
21. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
FOB destination
$ Cost
Average Collection Turnover
shortage
22. When sales plans are underestimated and the stock purchases result in a low inventory
profit and loss statement
GMROI
3%
underbought
23. Amount decrease (Original - New) / Original amount = decimal= convert to %
Gross margin dollars
percent decrease
To increase a number by a given percentage - e.g. increase 16 by 25%
shrinkage
24. Formula: GM = NS - COG; GM$ = NS$ X GM%
operating expenses
36%
gross margin
GMROI
25. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
book value
Liquidity
.65
overbought
26. Convert 10/11 to a percent
90.9%
Liquidity
To increase a number by a given percentage - e.g. increase 16 by 25%
profit
27. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
physical inventory
increase=debit
The sum of a Geometric Progression
COD
28. total annual sales/365
378 63
36%
Average Daily Sales
installment loan
29. $ Cost x (100 + Mark-up %) / 100
stock turn
$ Retail
Average Collection Turnover
Sales per Transaction
30. What is the product of 3.26 and 0.4?
.65
50/100
Break Even Point
1.304
31. 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?
1.304
$ Markdown
125%
$252
32. 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
GMROI
cost of goods
increase=credit
COD
33. Convert 3 to a percent
The sum of a Geometric Progression
Of what number 16 is a 25% increase
70%
3%
34. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
increase=debit
20%
FOB destination
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
35. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
Markdown %
types of assets
net sales
20%
36. Cash or assets that can quickly be converted into cash.
Quick Ratio
80/100
1.304
Current Assets
37. Commissions - fees for service - merchandise sales - rental income - royalties
underbought
types of incomes
Unit pricing
profit and loss statement
38. The wholesale cost of goods plus the markup
COD
types of liabilities
$ Retail
Retail
39. 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?
cost of goods sold formula (COGS)
Markup
Dividing Fractions
$2 -127.66
40. Net Sales / Average Retail Value of Inventory
$6 -655.50
Stock to Sales Ratio
income statement
Inventory Turnover Rate
41. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...
operating expenses
Extremes
Internal Rate of Return
Mark Up %
42. cash + receivables/ current liabilities.
Quick Ratio
Internal Rate of Return
$ Cost
improper
43. 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
cost of goods
Margin %
net sales
44. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Gross margin %
cost of goods
4%
COD
45. Total Net Sales / Total Number of Transactions
types of capital
The sum of a Geometric Progression
Sales per Transaction
gross margin
46. current assets/ current liabilities
Current Ratio
15
With cash discounts and calculating net price - when to add freight
4%
47. A/b + c/b = (a+c)/b
50/100
Adding Fractions
Extremes
Internal Rate of Return
48. You should never take out more than a _ year mortgage.
15
Gross margin %
Compound interest formula with changing rates
profit
49. A/b - c/b = a-c/b
$ COST
4%
Means
Subtracting Fractions
50. If freight is to be paid by the seller - the shipping terms are...
physical inventory
GMROI
Stock to Sales Ratio
FOB destination