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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. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
types of assets
Quick Ratio
increase=debit
net sales
2. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
types of liabilities
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
14/100
ROG
3. A form of closed-end credit used for purchasing durable goods such as cars
Compound interest formula with changing rates
installment loan
cost of goods sold formula (COGS)
improper
4. total fixed costs/ selling price-variable cost
netprice with a 25/10/10 series discount
Break Even Point Formula
Adding Fractions
Current Assets
5. Formula: GM = NS - COG; GM$ = NS$ X GM%
OTB (retail)
90.9%
gross margin
Margin %
6. What happens when your sales are higher than your expenses - etc.
profit
Subtracting Fractions
Gross margin %
ROG
7. The wholesale cost of goods plus the markup
Compound interest formula with changing rates
Retail
installment loan
Liquidity
8. Net Sales / Average Retail Value of Inventory
Subtracting Fractions
90.9%
Inventory Turnover Rate
$ Markdown
9. $ RETAIL X (100 - GM %) / 100
$ COST
Sales per Transaction
15
physical inventory
10. 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.
$6 -655.50
net sales
Current Assets
EOM (in terms of invoice)
11. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
When Dividing With Exponents
Average Collection Turnover
Quick Ratio
gross sales
12. Gross Margin/ Average Inventory Cost
stock turn
transportation
improper
GMROI
13. (Retail - Cost)/ Retail
Mark Up %
41%
Gross Margin Return On Inventory Investment (GMROII)
Margin %
14. Convert 50% to a fraction
$252
To decrease a number by a given percentage - e.g. decrease 16 by 25%
income statement
50/100
15. Direct labor - factory overhead - merchandise inventory - packaging - raw material
types of expenses
25%
25
costs of goods sold
16. Convert 70/100 to a percent
36%
types of liabilities
improper
70%
17. Convert .36 to a percent
36%
Inventory Turnover Rate
Break Even Point
cost of goods sold formula (COGS)
18. Convert 65% to a decimal
types of incomes
$2 -127.66
.65
installment loan
19. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
78
percent decrease
To decrease a number by a given percentage - e.g. decrease 16 by 25%
shortage
20. Convert 56% to a decimal
.7
.56
Retail
to determine equivalent single discount rate for 25/10/10 series discount
21. $ Cost x (100 + Mark-up %) / 100
per hundred
16-18
$ Cost
$ Retail
22. Convert 14% to a fraction
% increase or decrease
types of capital
14/100
operating expenses
23. Outside numbers in a ratio.
4%
Multiplying Fractions
Cost
Extremes
24. Another way of counting part of a whole?
% increase or decrease
types of capital
Liquidity
percent
25. Convert 1.25 to a percent
.56
125%
Liquidity
DOI
26. (TY-LY)/ LY or (Plan-Actual)/
Mark Up %
overbought
$ Retail
% increase or decrease
27. Sales - cost of goods sold
physical inventory
Internal Rate of Return
Gross margin dollars
70%
28. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
increase=credit
Average Collection Turnover
types of liabilities
FOB destination
29. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
$ Markdown
Of what number 16 is a 25% increase
types of assets
ROG
30. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
gross sales
income statement
percent decrease
DOI
31. What happens when your expenses - etc. are higher than your sales
Turnover
types of assets
Unit pricing
loss
32. The point at which you stop losing money.
per hundred
Break Even Point
net sales
DOI
33. 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)
60
percent
types of capital
34. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
Adding Fractions
DOI
1.304
GMROI
35. 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)
improper
Extremes
Simple interest formula
Of what number 16 is a 25% increase
36. Wholesale cost
Unit pricing
588 mph
cost of goods
36%
37. 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
When Dividing With Exponents
netprice with a 25/10/10 series discount
To increase a number by a given percentage - e.g. increase 16 by 25%
38. Convert 20 to a percent
ROG
installment loan
.56
20%
39. A/b
COD
Dividing Fractions
Inventory Turnover Rate
$252
40. Liabilities - capital - income
increase=credit
Gross Margin Return On Inventory Investment (GMROII)
per hundred
588 mph
41. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
$2 -127.66
Mark Up %
physical inventory
stock turn
42. Convert 70% to a decimal
Turnover
.7
80/100
types of expenses
43. Convert 3 to a percent
3%
When Dividing With Exponents
90.9%
60
44. GMROII = GM% x (Sales / Average Value of Inventory)
78
$ Retail
Of what number 16 is a 25% increase
Gross Margin Return On Inventory Investment (GMROII)
45. 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
14/100
book value
$6 -655.50
46. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
Gross margin %
The sum of a Geometric Progression
shortage
costs of goods sold
47. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
when multiplying numbers that contain decimals:
GMROI
$ Markdown
48. A/b + c/b = (a+c)/b
Effective annual rate of interest formula
80/100
Adding Fractions
$2 -127.66
49. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
16-18
588 mph
EOM (in terms of invoice)
Extremes
50. The average car payment is $_ per month for _ months.
588 mph
378 63
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Gross margin dollars