SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. 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
OTB (retail)
transportation
Proportion
overbought
2. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
Effective annual rate of interest formula
improper
overbought
4%
3. 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?
2.5% per month
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
percent decrease
.56
4. Assets - cost of goods sold - expenses
Effective annual rate of interest formula
90.9%
increase=debit
25
5. Outside numbers in a ratio.
Gross Margin Return On Inventory Investment (GMROII)
60
Average Collection Turnover
Extremes
6. 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
stock turn
COD
To decrease a number by a given percentage - e.g. decrease 16 by 25%
per hundred
7. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Cost
$2 -127.66
Markdown %
62%
8. Original retail price - Lower retail price
.7
Current Assets
$ Markdown
Of what number 16 is a 25% increase
9. 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%
Extremes
to determine equivalent single discount rate for 25/10/10 series discount
percent decrease
$252
10. Convert 70% to a decimal
.7
The sum of a Geometric Progression
$ Retail
16-18
11. $ retail x (100%-markup)
41%
increase=debit
$ Cost
overbought
12. The wholesale cost of goods plus the markup
50/100
Retail
125%
$ Retail
13. Overage$ = book$ - physical count$; overage% = overage$/NS$
Break Even Point Formula
shortage
$252
overages
14. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
Current Assets
Quick Ratio
588 mph
Liquidity of Assets
15. Total Net Sales / Total Number of Transactions
Unit pricing
Current Assets
installment loan
Sales per Transaction
16. Convert 20 to a percent
Means
Average Daily Sales
Unit pricing
20%
17. Convert 41/100 to a percent
$ COST
Liquidity of Assets
overages
41%
18. Turning assets into cash.
when multiplying numbers that contain decimals:
improper
Average Daily Sales
Liquidity of Assets
19. Convert 3 to a percent
80/100
3%
15
Current Assets
20. 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
types of expenses
Liquidity
$2 -127.66
% increase or decrease
21. Convert 1/4 to a percent
25%
Multiplying Fractions
gross sales
Inventory Turnover Rate
22. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
Simple interest formula
60
physical inventory
operating expenses
23. Beginning inventory + Purchases - Ending inventory
cost of goods
gross margin
2.5% per month
cost of goods sold formula (COGS)
24. A/b
36%
Multiplying Fractions
when multiplying numbers that contain decimals:
36%
25. S=X(1+r1)^y(1+r
Discounting Formula
Average Daily Sales
transportation
Compound interest formula with changing rates
26. 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)
80/100
The sum of a Geometric Progression
types of assets
27. (TY-LY)/ LY or (Plan-Actual)/
transportation
$ Retail
Gross margin dollars
% increase or decrease
28. 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 sales
To decrease a number by a given percentage - e.g. decrease 16 by 25%
cost of goods sold formula (COGS)
Average Daily Sales
29. Sales - cost of goods sold
20%
physical inventory
Gross margin dollars
50/100
30. 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
1.304
improper
steps in strategic planning
20%
31. A team won 16 games and lost 9 games. What percent of games did the team lose?
Inventory Turnover Rate
percent
income statement
36%
32. 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
Unit pricing
per hundred
profit and loss statement
Proportion
33. He availability of your money is called _.
physical inventory
Liquidity
Unit pricing
Multiplying Fractions
34. cash + receivables/ current liabilities.
Sales per Transaction
Quick Ratio
20%
income statement
35. Convert 65% to a decimal
.65
41%
To decrease a number by a given percentage - e.g. decrease 16 by 25%
EOM (in terms of invoice)
36. Convert 70/100 to a percent
70%
shrinkage
Markdown %
Discounting Formula
37. A^m/a^n = a^(m-n)
When Dividing With Exponents
increase=credit
Gross Margin Return On Inventory Investment (GMROII)
steps in strategic planning
38. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
16-18
Dividing Fractions
Of what number 16 is a 25% increase
39. BOM $ Stock/ Sales for period
COD
$ Cost
$6 -655.50
Stock to Sales Ratio
40. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
To decrease a number by a given percentage - e.g. decrease 16 by 25%
80/100
book value
overages
41. ($ Retail x 100 / COST) - 100
378 63
Mark Up %
Average Collection Turnover
Liquidity of Assets
42. 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.
$ Markdown
Means
net sales
when multiplying numbers that contain decimals:
43. (Retail - Cost)/ Retail
Markdown %
41%
Margin %
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
44. 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
Simple interest formula
The sum of a Geometric Progression
Effective annual rate of interest formula
Current Ratio
45. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
Quick Ratio
OTB (retail)
Inventory Turnover Rate
16-18
46. Convert 1.25 to a percent
125%
62%
types of liabilities
Extremes
47. The average car payment is $_ per month for _ months.
EOM (in terms of invoice)
378 63
Gross margin dollars
$252
48. 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)
Unit pricing
Simple interest formula
shrinkage
Multiplying Fractions
49. Net Sales / Average Retail Value of Inventory
FOB destination
Inventory Turnover Rate
net sales
Internal Rate of Return
50. 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%
physical inventory
costs of goods sold
62%