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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. Loss of items due to damaged goods - stealing - etc.
transportation
15
To decrease a number by a given percentage - e.g. decrease 16 by 25%
shrinkage
2. Convert 56% to a decimal
Simple interest formula
When Dividing With Exponents
80/100
.56
3. Convert 20 to a percent
$252
$ Retail
20%
profit and loss statement
4. Sales - cost of goods sold
cost of goods
ROG
Break Even Point
Gross margin dollars
5. 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
COD
Stock to Sales Ratio
profit and loss statement
36%
6. Advertising - bad debt expense - conributions and donations - depreciation - educational expense - insurance - interest expense - licenses - office supplies - postage - rent - repairs - salaries and wages - supplies - taxes - travel and transportatio
increase=debit
70%
types of expenses
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
7. (Retail - Cost)/ Retail
With cash discounts and calculating net price - when to add freight
Discounting Formula
Margin %
Mark Up %
8. S=X(1+r1)^y(1+r
$ Markdown
$ Cost
Compound interest formula with changing rates
Proportion
9. 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
Average Collection Turnover
steps in strategic planning
41%
Discounting Formula
10. What happens when your sales are higher than your expenses - etc.
3%
profit
types of liabilities
To decrease a number by a given percentage - e.g. decrease 16 by 25%
11. The average car payment is $_ per month for _ months.
378 63
shrinkage
The sum of a Geometric Progression
Break Even Point Formula
12. What happens when your expenses - etc. are higher than your sales
$ Retail
90.9%
$ Cost
loss
13. 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 $31.50. What was the rate of interest?
Gross margin dollars
Means
2.5% per month
types of incomes
14. The recommended house payment should be no more than _% of your monthly take-home pay.
25
Compound interest formula with changing rates
costs of goods sold
cost of goods sold formula (COGS)
15. A formal document that is used for a variety of functions within a retail business; it provides a big picture look at the succinct expression of the sales - markup - and profit for a business
Sales per Transaction
types of liabilities
profit and loss statement
ROG
16. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...
41%
Internal Rate of Return
.56
operating expenses
17. The wholesale cost of an item (cost of goods - or COG)
Cost
Break Even Point
GMROI
Current Ratio
18. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
$ Retail
To increase a number by a given percentage - e.g. increase 16 by 25%
Markdown %
gross sales
19. 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.
net sales
percent decrease
4%
cost of goods sold formula (COGS)
20. Inside numbers in a ratio.
50/100
Current Assets
Means
Extremes
21. A^m/a^n = a^(m-n)
Inventory Turnover Rate
Subtracting Fractions
$252
When Dividing With Exponents
22. Total Net Sales / Total Number of Transactions
FOB destination
Cost
36%
Sales per Transaction
23. Overage$ = book$ - physical count$; overage% = overage$/NS$
$ Markdown
Break Even Point Formula
types of liabilities
overages
24. 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
$ Cost
netprice with a 25/10/10 series discount
profit and loss statement
25. What does percent mean?
41%
per hundred
60
Compound interest formula with changing rates
26. Convert 80% to a fraction
cost of goods
overages
Quick Ratio
80/100
27. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
book value
Of what number 16 is a 25% increase
types of capital
78
28. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
$252
shrinkage
types of liabilities
underbought
29. BOM $ Stock/ Sales for period
Effective annual rate of interest formula
Sell Thru %
Stock to Sales Ratio
COD
30. Assets - cost of goods sold - expenses
cost of goods sold formula (COGS)
types of expenses
increase=debit
Effective annual rate of interest formula
31. A/b - c/b = a-c/b
Subtracting Fractions
shrinkage
The sum of a Geometric Progression
gross margin
32. Direct labor - factory overhead - merchandise inventory - packaging - raw material
Internal Rate of Return
costs of goods sold
588 mph
improper
33. 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
14/100
transportation
Turnover
GMROI
34. total annual sales/365
when multiplying numbers that contain decimals:
Average Daily Sales
14/100
gross sales
35. Wholesale cost
cost of goods
shortage
25
income statement
36. Capital stock - owner's equity (owner's funds invested in the business)
Turnover
25%
types of capital
operating expenses
37. Liabilities - capital - income
shortage
increase=debit
increase=credit
Adding Fractions
38. A/b
Dividing Fractions
90.9%
Margin %
operating expenses
39. A form of closed-end credit used for purchasing durable goods such as cars
Current Assets
installment loan
stock turn
Average Collection Turnover
40. $ RETAIL X (100 - GM %) / 100
$ COST
Break Even Point
when multiplying numbers that contain decimals:
costs of goods sold
41. The average car will lose _% of its value in the first 4 years.
OTB (retail)
.56
when multiplying numbers that contain decimals:
60
42. Convert 41/100 to a percent
41%
36%
62%
shrinkage
43. (TY-LY)/ LY or (Plan-Actual)/
% increase or decrease
OTB (retail)
When Dividing With Exponents
book value
44. $ Cost x (100 + Mark-up %) / 100
Extremes
$ Retail
book value
2.5% per month
45. Net Sales / Average Retail Value of Inventory
Internal Rate of Return
To increase a number by a given percentage - e.g. increase 16 by 25%
Inventory Turnover Rate
types of incomes
46. Convert .4 to a percent
20%
4%
Simple interest formula
125%
47. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
OTB (retail)
Multiplying Fractions
Liquidity of Assets
Proportion
48. Turning assets into cash.
Liquidity of Assets
profit
Quick Ratio
Break Even Point Formula
49. Alignment of the decimals is not important
when multiplying numbers that contain decimals:
costs of goods sold
types of expenses
Liquidity
50. Convert .36 to a percent
36%
15
To increase a number by a given percentage - e.g. increase 16 by 25%
25