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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
$252
125%
62%
gross margin
2. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
Adding Fractions
62%
Simple interest formula
3. 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?
36%
$2 -127.66
When Dividing With Exponents
With cash discounts and calculating net price - when to add freight
4. Total Net Sales / Total Number of Transactions
25
The sum of a Geometric Progression
Mark Up %
Sales per Transaction
5. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
OTB (retail)
Average Collection Turnover
transportation
When Dividing With Exponents
6. Overage$ = book$ - physical count$; overage% = overage$/NS$
overages
Of what number 16 is a 25% increase
cost of goods sold formula (COGS)
.56
7. Alignment of the decimals is not important
Mark Up %
41%
when multiplying numbers that contain decimals:
25
8. cash + receivables/ current liabilities.
125%
Quick Ratio
Break Even Point
60
9. The recommended house payment should be no more than _% of your monthly take-home pay.
steps in strategic planning
Means
25
Average Collection Turnover
10. 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)
increase=credit
stock turn
$ Markdown
net sales
11. Beginning inventory + Purchases - Ending inventory
Adding Fractions
cost of goods sold formula (COGS)
$ COST
Dividing Fractions
12. A form of closed-end credit used for purchasing durable goods such as cars
FOB destination
Subtracting Fractions
installment loan
Gross Margin Return On Inventory Investment (GMROII)
13. Convert 56% to a decimal
.56
2.5% per month
overbought
70%
14. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
stock turn
shortage
Gross margin %
$ COST
15. A/b
36%
GMROI
profit
Dividing Fractions
16. $ Cost x (100 + Mark-up %) / 100
Quick Ratio
$ Retail
Average Collection Turnover
25
17. Convert 3 to a percent
DOI
3%
steps in strategic planning
cost of goods sold formula (COGS)
18. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
types of liabilities
Of what number 16 is a 25% increase
$ COST
Gross margin dollars
19. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
15
shortage
Average Daily Sales
Current Ratio
20. Turning assets into cash.
$2 -127.66
per hundred
Liquidity of Assets
Extremes
21. The wholesale cost of an item (cost of goods - or COG)
Cost
gross margin
Simple interest formula
$ Cost
22. Inside numbers in a ratio.
increase=debit
Means
3%
1.304
23. Convert 41/100 to a percent
15
gross sales
.65
41%
24. 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
Stock to Sales Ratio
transportation
loss
$ Retail
25. Outside numbers in a ratio.
Liquidity of Assets
Extremes
netprice with a 25/10/10 series discount
transportation
26. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
Average Daily Sales
shrinkage
improper
2.5% per month
27. Sales - cost of goods sold
Gross margin dollars
Means
Current Ratio
installment loan
28. total fixed costs/ selling price-variable cost
OTB (retail)
types of expenses
Break Even Point Formula
types of capital
29. Two equivalent ratios joined by an equal sign.
steps in strategic planning
Current Ratio
gross margin
Proportion
30. A/b - c/b = a-c/b
Subtracting Fractions
36%
$2 -127.66
4%
31. Convert 1/4 to a percent
Multiplying Fractions
25%
operating expenses
profit
32. (Retail - Cost)/ Retail
Cost
Margin %
shortage
increase=debit
33. A/b + c/b = (a+c)/b
Means
Break Even Point Formula
Extremes
Adding Fractions
34. 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.
1.304
Effective annual rate of interest formula
net sales
Current Ratio
35. The average person will have _ jobs in their lifetime.
Liquidity of Assets
physical inventory
16-18
overages
36. (TY-LY)/ LY or (Plan-Actual)/
physical inventory
% increase or decrease
Gross margin %
percent
37. accounts receivable/ average daily sales
GMROI
Average Collection Turnover
.7
shrinkage
38. The average car will lose _% of its value in the first 4 years.
60
profit
Adding Fractions
steps in strategic planning
39. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
Margin %
Gross margin %
types of liabilities
stock turn
40. Loss of items due to damaged goods - stealing - etc.
cost of goods sold formula (COGS)
percent
When Dividing With Exponents
shrinkage
41. Assets - cost of goods sold - expenses
increase=debit
Break Even Point
Margin %
To increase a number by a given percentage - e.g. increase 16 by 25%
42. % of 90 days same as cash convert to payments.
Stock to Sales Ratio
588 mph
2.5% per month
78
43. 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%
Average Daily Sales
Unit pricing
to determine equivalent single discount rate for 25/10/10 series discount
15
44. Convert 50% to a fraction
50/100
14/100
Gross margin %
book value
45. 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
Current Ratio
types of expenses
.56
overages
46. A team won 16 games and lost 9 games. What percent of games did the team lose?
36%
income statement
Gross Margin Return On Inventory Investment (GMROII)
Markup
47. Convert 70% to a decimal
Average Daily Sales
Gross margin dollars
.7
3%
48. A measure of the number of days needed to collect accounts receivable.
When Dividing With Exponents
Average Collection Turnover
shrinkage
Current Assets
49. Another way of counting part of a whole?
percent
book value
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
netprice with a 25/10/10 series discount
50. 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
profit and loss statement
DOI
costs of goods sold
book value