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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. Assets - cost of goods sold - expenses
62%
increase=debit
Break Even Point Formula
Quick Ratio
2. You should never take out more than a _ year mortgage.
Gross margin dollars
Adding Fractions
15
36%
3. Convert 20 to a percent
Margin %
20%
62%
Break Even Point Formula
4. 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
Adding Fractions
income statement
Means
5. $ Cost x (100 + Mark-up %) / 100
$2 -127.66
With cash discounts and calculating net price - when to add freight
$ Retail
$ Cost
6. A measure of the number of days needed to collect accounts receivable.
when multiplying numbers that contain decimals:
overbought
Average Collection Turnover
4%
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
EOM (in terms of invoice)
Cost
Internal Rate of Return
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
8. Two equivalent ratios joined by an equal sign.
Break Even Point Formula
Compound interest formula with changing rates
Proportion
36%
9. Liabilities - capital - income
increase=credit
ROG
Gross margin dollars
Compound interest formula with changing rates
10. total fixed costs/ selling price-variable cost
Average Collection Turnover
Break Even Point Formula
Gross Margin Return On Inventory Investment (GMROII)
25%
11. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
net sales
90.9%
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Markup
12. total annual sales/365
cost of goods sold formula (COGS)
Average Daily Sales
FOB destination
Gross Margin Return On Inventory Investment (GMROII)
13. X=S*[1/(1+r)^n] Where: S=the sum to be received after n time periods X=the present value of that sum r=the rate of return (as a proportion) n=the number of time periods - r - rate - is sometimes called cost of capital
gross sales
loss
netprice with a 25/10/10 series discount
Discounting Formula
14. Convert 70/100 to a percent
.56
overages
70%
With cash discounts and calculating net price - when to add freight
15. 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
Markdown %
Dividing Fractions
Mark Up %
COD
16. What is the product of 3.26 and 0.4?
1.304
Break Even Point Formula
Proportion
$ COST
17. Convert 3 to a percent
3%
60
41%
378 63
18. Loss of items due to damaged goods - stealing - etc.
50/100
60
net sales
shrinkage
19. 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)
Current Assets
Internal Rate of Return
transportation
cost of goods
20. Direct labor - factory overhead - merchandise inventory - packaging - raw material
70%
Markdown %
41%
costs of goods sold
21. A/b
netprice with a 25/10/10 series discount
Multiplying Fractions
cost of goods
types of expenses
22. 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
Dividing Fractions
Of what number 16 is a 25% increase
60
23. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
cost of goods sold formula (COGS)
increase=debit
To increase a number by a given percentage - e.g. increase 16 by 25%
Means
24. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
50/100
$ Cost
EOM (in terms of invoice)
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
25. 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
types of incomes
types of capital
steps in strategic planning
cost of goods sold formula (COGS)
26. Amount decrease (Original - New) / Original amount = decimal= convert to %
Markup
$6 -655.50
gross margin
percent decrease
27. Commissions - fees for service - merchandise sales - rental income - royalties
gross margin
types of incomes
physical inventory
$ Retail
28. The wholesale cost of an item (cost of goods - or COG)
transportation
Cost
50/100
Average Collection Turnover
29. Another way of counting part of a whole?
book value
$ Markdown
percent
$2 -127.66
30. accounts receivable/ average daily sales
.56
Average Collection Turnover
3%
Gross Margin Return On Inventory Investment (GMROII)
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?
steps in strategic planning
$252
Retail
.56
32. 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
36%
25%
Liquidity of Assets
33. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
cost of goods sold formula (COGS)
50/100
Gross margin %
types of assets
34. The average car payment is $_ per month for _ months.
types of liabilities
Average Collection Turnover
COD
378 63
35. The average car will lose _% of its value in the first 4 years.
60
Of what number 16 is a 25% increase
overbought
steps in strategic planning
36. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
COD
50/100
Cost
DOI
37. A/b
Dividing Fractions
Subtracting Fractions
FOB destination
underbought
38. cash + receivables/ current liabilities.
$ Retail
netprice with a 25/10/10 series discount
Quick Ratio
Stock to Sales Ratio
39. Original retail price - Lower retail price
$ Markdown
80/100
costs of goods sold
Unit pricing
40. ($ Retail x 100 / COST) - 100
installment loan
book value
types of expenses
Mark Up %
41. 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 $31.50. What was the rate of interest?
Turnover
2.5% per month
ROG
25%
42. The recommended house payment should be no more than _% of your monthly take-home pay.
90.9%
36%
25
OTB (retail)
43. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
Break Even Point
overages
3%
physical inventory
44. Formula: GM = NS - COG; GM$ = NS$ X GM%
Average Collection Turnover
gross margin
types of capital
costs of goods sold
45. 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 %
Break Even Point
stock turn
To decrease a number by a given percentage - e.g. decrease 16 by 25%
46. 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...
loss
operating expenses
% increase or decrease
Gross margin dollars
47. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
cost of goods
cost of goods sold formula (COGS)
physical inventory
Markdown %
48. Inside numbers in a ratio.
Means
588 mph
percent
2.5% per month
49. Sales - cost of goods sold
Average Daily Sales
Gross margin dollars
With cash discounts and calculating net price - when to add freight
$252
50. 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
15
gross margin
transportation
Dividing Fractions