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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. Net Sales for period/ Avg Stock for period
net sales
ROG
Turnover
when multiplying numbers that contain decimals:
2. Convert .62 to a percent
62%
Retail
378 63
loss
3. When sales plans are underestimated and the stock purchases result in a low inventory
.7
percent
types of expenses
underbought
4. current assets/ current liabilities
Current Ratio
Effective annual rate of interest formula
With cash discounts and calculating net price - when to add freight
Sell Thru %
5. 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%
Adding Fractions
to determine equivalent single discount rate for 25/10/10 series discount
80/100
Extremes
6. % of 90 days same as cash convert to payments.
78
Current Assets
gross margin
loss
7. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
% increase or decrease
ROG
25%
Mark Up %
8. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
70%
Gross margin %
physical inventory
profit and loss statement
9. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
2.5% per month
Dividing Fractions
Average Collection Turnover
10. ($ Retail x 100 / COST) - 100
Mark Up %
overbought
Gross Margin Return On Inventory Investment (GMROII)
1.304
11. Convert 10/11 to a percent
90.9%
types of capital
$ COST
$ Retail
12. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
Markup
types of assets
Current Ratio
netprice with a 25/10/10 series discount
13. A/b + c/b = (a+c)/b
Adding Fractions
Average Daily Sales
% increase or decrease
Average Collection Turnover
14. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
.7
installment loan
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Break Even Point
15. Convert .36 to a percent
36%
Liquidity of Assets
installment loan
Stock to Sales Ratio
16. 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
Discounting Formula
Turnover
shortage
GMROI
17. The wholesale cost of an item (cost of goods - or COG)
When Dividing With Exponents
80/100
overbought
Cost
18. 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
Discounting Formula
gross margin
80/100
profit and loss statement
19. Outside numbers in a ratio.
Extremes
$252
steps in strategic planning
The sum of a Geometric Progression
20. Convert 1/4 to a percent
25%
Adding Fractions
80/100
2.5% per month
21. Assets - cost of goods sold - expenses
Quick Ratio
underbought
increase=debit
Liquidity
22. (Retail - Cost)/ Retail
Multiplying Fractions
Discounting Formula
overages
Margin %
23. 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)
cost of goods
$6 -655.50
Simple interest formula
.56
24. Loss of items due to damaged goods - stealing - etc.
Break Even Point
types of liabilities
ROG
shrinkage
25. Convert 41/100 to a percent
profit and loss statement
4%
Extremes
41%
26. What does percent mean?
$ Markdown
per hundred
Margin %
FOB destination
27. IRR=1 + [(NPV1/NPV1-NPV2)(2-1)]% Where: 1=one interest rate 2=the other NPV1=the NPV at rate 1 NPV2=the NPV at rate 2 (NPV = Net Present Value)
Liquidity of Assets
Internal Rate of Return
$2 -127.66
Markup
28. Net Sales / Average Retail Value of Inventory
Inventory Turnover Rate
.65
loss
Liquidity
29. The average car payment is $_ per month for _ months.
shrinkage
EOM (in terms of invoice)
$ Retail
378 63
30. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
.7
physical inventory
Liquidity of Assets
increase=debit
31. S=X(1+r1)^y(1+r
Average Collection Turnover
Multiplying Fractions
GMROI
Compound interest formula with changing rates
32. Turning assets into cash.
operating expenses
Dividing Fractions
Liquidity of Assets
Current Ratio
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
25
percent decrease
EOM (in terms of invoice)
to determine equivalent single discount rate for 25/10/10 series discount
34. 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%
80/100
.7
% increase or decrease
35. The wholesale cost of goods plus the markup
Margin %
increase=credit
Retail
Unit pricing
36. 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...
types of incomes
operating expenses
16-18
Discounting Formula
37. You should never take out more than a _ year mortgage.
$ Retail
20%
15
transportation
38. Cash or assets that can quickly be converted into cash.
stock turn
3%
Proportion
Current Assets
39. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
62%
cost of goods sold formula (COGS)
ROG
40. GMROII = GM% x (Sales / Average Value of Inventory)
overages
90.9%
Gross Margin Return On Inventory Investment (GMROII)
$ Retail
41. A team won 16 games and lost 9 games. What percent of games did the team lose?
The sum of a Geometric Progression
Quick Ratio
$2 -127.66
36%
42. $ Cost x (100 + Mark-up %) / 100
$ Retail
percent decrease
FOB destination
per hundred
43. 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?
The sum of a Geometric Progression
$2 -127.66
netprice with a 25/10/10 series discount
improper
44. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
types of liabilities
$ Markdown
.7
percent
45. If freight is to be paid by the seller - the shipping terms are...
FOB destination
.7
Effective annual rate of interest formula
to determine equivalent single discount rate for 25/10/10 series discount
46. Convert 70% to a decimal
profit
.7
gross margin
125%
47. Gross Margin/ Average Inventory Cost
GMROI
gross sales
overbought
Break Even Point
48. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
transportation
Liquidity
shortage
income statement
49. (TY-LY)/ LY or (Plan-Actual)/
Adding Fractions
14/100
% increase or decrease
gross margin
50. Convert 20 to a percent
$ Markdown
net sales
20%
increase=credit