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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. If freight is to be paid by the seller - the shipping terms are...
41%
15
types of assets
FOB destination
2. % of 90 days same as cash convert to payments.
$ Retail
20%
Inventory Turnover Rate
78
3. ($ Retail x 100 / COST) - 100
$ Retail
Mark Up %
Break Even Point Formula
overbought
4. GMROII = GM% x (Sales / Average Value of Inventory)
4%
588 mph
% increase or decrease
Gross Margin Return On Inventory Investment (GMROII)
5. Units Sold/ (Units Sold + On Hand Inventory)
Dividing Fractions
Sell Thru %
GMROI
physical inventory
6. When sales plans are underestimated and the stock purchases result in a low inventory
Extremes
Adding Fractions
With cash discounts and calculating net price - when to add freight
underbought
7. 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?
Discounting Formula
increase=debit
2.5% per month
Simple interest formula
8. total annual sales/365
Average Daily Sales
$2 -127.66
percent
.7
9. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
operating expenses
125%
COD
To decrease a number by a given percentage - e.g. decrease 16 by 25%
10. $ RETAIL X (100 - GM %) / 100
gross sales
$ COST
% increase or decrease
to determine equivalent single discount rate for 25/10/10 series discount
11. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
20%
378 63
Of what number 16 is a 25% increase
Proportion
12. (Retail - Cost)/ Retail
Retail
Effective annual rate of interest formula
per hundred
Margin %
13. Convert 14% to a fraction
588 mph
14/100
overbought
percent decrease
14. 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...
book value
operating expenses
16-18
per hundred
15. 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
3%
Gross margin dollars
shrinkage
Discounting Formula
16. The recommended house payment should be no more than _% of your monthly take-home pay.
cost of goods sold formula (COGS)
operating expenses
25
25%
17. Convert .4 to a percent
cost of goods sold formula (COGS)
16-18
Current Ratio
4%
18. Total Net Sales / Total Number of Transactions
Sales per Transaction
EOM (in terms of invoice)
overbought
Margin %
19. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
OTB (retail)
Gross margin %
$ Markdown
types of incomes
20. Amount decrease (Original - New) / Original amount = decimal= convert to %
70%
Markup
.56
percent decrease
21. Convert 65% to a decimal
Compound interest formula with changing rates
Effective annual rate of interest formula
.65
percent decrease
22. Convert 3 to a percent
$ Markdown
$6 -655.50
Current Ratio
3%
23. Convert 20 to a percent
overbought
36%
20%
Adding Fractions
24. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
gross margin
$ Retail
When Dividing With Exponents
types of liabilities
25. Cash or assets that can quickly be converted into cash.
Current Assets
20%
Multiplying Fractions
15
26. Inside numbers in a ratio.
Means
$ Markdown
when multiplying numbers that contain decimals:
Sell Thru %
27. What is the product of 3.26 and 0.4?
1.304
FOB destination
16-18
Dividing Fractions
28. A/b
To increase a number by a given percentage - e.g. increase 16 by 25%
Dividing Fractions
Cost
$6 -655.50
29. Overage$ = book$ - physical count$; overage% = overage$/NS$
overages
14/100
EOM (in terms of invoice)
COD
30. Turning assets into cash.
15
increase=debit
Current Assets
Liquidity of Assets
31. A/b
Gross margin %
Internal Rate of Return
steps in strategic planning
Multiplying Fractions
32. 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
1.304
steps in strategic planning
Internal Rate of Return
The sum of a Geometric Progression
33. Capital stock - owner's equity (owner's funds invested in the business)
types of capital
GMROI
To decrease a number by a given percentage - e.g. decrease 16 by 25%
25
34. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
36%
378 63
3%
book value
35. Convert 10/11 to a percent
Adding Fractions
90.9%
underbought
50/100
36. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
To increase a number by a given percentage - e.g. increase 16 by 25%
Liquidity of Assets
percent decrease
Of what number 16 is a 25% increase
37. The average person will have _ jobs in their lifetime.
16-18
90.9%
Average Collection Turnover
percent decrease
38. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
transportation
shortage
installment loan
Gross margin %
39. A form of closed-end credit used for purchasing durable goods such as cars
2.5% per month
25
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
installment loan
40. 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)
$ Retail
Of what number 16 is a 25% increase
stock turn
when multiplying numbers that contain decimals:
41. A/b - c/b = a-c/b
Subtracting Fractions
increase=credit
25%
36%
42. 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?
Internal Rate of Return
Sell Thru %
$2 -127.66
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
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)
Simple interest formula
profit
60
50/100
44. Use compliments - Step 1 Find compliments 25% = 100-25%= 75% - 10%= 90% - 10%=90% Step 2 Multiple Compliments 75%x90%x90% .75x.90x.90= .6075 Step 3 Convert to Percentage .6075= 60.75% Step 4 Compliment it 100%-60.75%= 39.35%
25%
Retail
profit and loss statement
to determine equivalent single discount rate for 25/10/10 series discount
45. Another way of counting part of a whole?
Current Ratio
types of capital
percent
70%
46. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
25
netprice with a 25/10/10 series discount
Current Ratio
Adding Fractions
47. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
Markdown %
Retail
ROG
physical inventory
48. The wholesale cost of an item (cost of goods - or COG)
ROG
Cost
Current Assets
types of incomes
49. Convert 41/100 to a percent
41%
Liquidity
Current Assets
COD
50. A/b + c/b = (a+c)/b
overages
gross sales
Adding Fractions
$6 -655.50
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