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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. Convert 1.25 to a percent
percent
Turnover
$6 -655.50
125%
2. 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
The sum of a Geometric Progression
.65
profit and loss statement
Cost
3. % of 90 days same as cash convert to payments.
.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?
The sum of a Geometric Progression
78
4. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Means
Gross Margin Return On Inventory Investment (GMROII)
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Of what number 16 is a 25% increase
5. 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
$ COST
50/100
transportation
Margin %
6. 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
80/100
Sales per Transaction
steps in strategic planning
installment loan
7. Alignment of the decimals is not important
profit and loss statement
To decrease a number by a given percentage - e.g. decrease 16 by 25%
25
when multiplying numbers that contain decimals:
8. 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.
gross margin
types of liabilities
net sales
36%
9. cost of an item expressed per unit of measure or count.
types of capital
$ COST
Sell Thru %
Unit pricing
10. Formula: GM = NS - COG; GM$ = NS$ X GM%
gross margin
Means
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
increase=debit
11. What happens when your expenses - etc. are higher than your sales
Gross margin dollars
loss
41%
3%
12. 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
Inventory Turnover Rate
costs of goods sold
when multiplying numbers that contain decimals:
EOM (in terms of invoice)
13. Convert 65% to a decimal
.65
.56
Liquidity
types of incomes
14. Outside numbers in a ratio.
Extremes
Dividing Fractions
70%
2.5% per month
15. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
improper
to determine equivalent single discount rate for 25/10/10 series discount
Current Assets
types of incomes
16. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
DOI
when multiplying numbers that contain decimals:
Gross margin %
The sum of a Geometric Progression
17. What is the product of 3.26 and 0.4?
Sell Thru %
15
Multiplying Fractions
1.304
18. 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...
Effective annual rate of interest formula
operating expenses
Gross margin dollars
cost of goods
19. 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%
Multiplying Fractions
Simple interest formula
Sell Thru %
20. $ Cost/ (100%-markup%)
To increase a number by a given percentage - e.g. increase 16 by 25%
percent
$ Retail
increase=credit
21. A^m/a^n = a^(m-n)
When Dividing With Exponents
stock turn
OTB (retail)
To decrease a number by a given percentage - e.g. decrease 16 by 25%
22. Gross Margin/ Average Inventory Cost
per hundred
Current Assets
GMROI
Effective annual rate of interest formula
23. Original retail price - Lower retail price
$ Markdown
COD
Simple interest formula
overages
24. Convert 10/11 to a percent
Proportion
Gross margin %
Current Ratio
90.9%
25. Loss of items due to damaged goods - stealing - etc.
shrinkage
.56
15
Current Ratio
26. Beginning inventory + Purchases - Ending inventory
increase=credit
cost of goods sold formula (COGS)
loss
shortage
27. Convert 80% to a fraction
80/100
types of capital
Extremes
OTB (retail)
28. Convert 70% to a decimal
125%
overbought
62%
.7
29. Sales - cost of goods sold
50/100
20%
shortage
Gross margin dollars
30. S=X(1+r1)^y(1+r
Compound interest formula with changing rates
588 mph
types of expenses
Unit pricing
31. Total Net Sales / Total Number of Transactions
Simple interest formula
60
Sales per Transaction
20%
32. Convert 70/100 to a percent
transportation
70%
$2 -127.66
3%
33. (TY-LY)/ LY or (Plan-Actual)/
Discounting Formula
78
increase=credit
% increase or decrease
34. $ RETAIL X (100 - GM %) / 100
$ COST
% increase or decrease
$2 -127.66
To increase a number by a given percentage - e.g. increase 16 by 25%
35. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
Adding Fractions
loss
OTB (retail)
Stock to Sales Ratio
36. He availability of your money is called _.
Margin %
Liquidity
Adding Fractions
25%
37. 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
DOI
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Average Daily Sales
COD
38. 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
installment loan
OTB (retail)
profit and loss statement
Unit pricing
39. What happens when your sales are higher than your expenses - etc.
net sales
Break Even Point Formula
80/100
profit
40. 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?
OTB (retail)
$252
netprice with a 25/10/10 series discount
FOB destination
41. Convert .36 to a percent
$ Markdown
36%
Break Even Point
ROG
42. Convert .62 to a percent
book value
62%
Average Collection Turnover
60
43. (Retail - Cost)/ Retail
Effective annual rate of interest formula
62%
types of capital
Margin %
44. Units Sold/ (Units Sold + On Hand Inventory)
underbought
overages
Sell Thru %
Extremes
45. A/b
Internal Rate of Return
Multiplying Fractions
types of incomes
3%
46. Assets - cost of goods sold - expenses
increase=debit
underbought
90.9%
125%
47. The wholesale cost of an item (cost of goods - or COG)
$2 -127.66
Proportion
.65
Cost
48. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
overages
$ Retail
types of incomes
shortage
49. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
costs of goods sold
3%
Proportion
588 mph
50. What does percent mean?
OTB (retail)
costs of goods sold
per hundred
Proportion