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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. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
Means
netprice with a 25/10/10 series discount
When Dividing With Exponents
gross margin
2. When sales plans are underestimated and the stock purchases result in a low inventory
Internal Rate of Return
increase=debit
underbought
14/100
3. current assets/ current liabilities
Of what number 16 is a 25% increase
Sales per Transaction
Current Ratio
$6 -655.50
4. What does percent mean?
% increase or decrease
62%
per hundred
physical inventory
5. $ retail x (100%-markup)
Subtracting Fractions
25
OTB (retail)
$ Cost
6. Cash or assets that can quickly be converted into cash.
With cash discounts and calculating net price - when to add freight
Current Assets
book value
Internal Rate of Return
7. $ Cost x (100 + Mark-up %) / 100
90.9%
When Dividing With Exponents
$ Retail
25%
8. $ Cost/ (100%-markup%)
$ Retail
types of capital
36%
Turnover
9. Beginning inventory + Purchases - Ending inventory
cost of goods sold formula (COGS)
loss
Quick Ratio
.7
10. The recommended house payment should be no more than _% of your monthly take-home pay.
% increase or decrease
Gross margin dollars
Quick Ratio
25
11. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
62%
gross sales
book value
Liquidity of Assets
12. The average person will have _ jobs in their lifetime.
To increase a number by a given percentage - e.g. increase 16 by 25%
book value
16-18
to determine equivalent single discount rate for 25/10/10 series discount
13. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
Sales per Transaction
types of assets
Subtracting Fractions
physical inventory
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
To decrease a number by a given percentage - e.g. decrease 16 by 25%
stock turn
cost of goods
installment loan
15. accounts receivable/ average daily sales
overages
Average Collection Turnover
Current Assets
types of incomes
16. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
Quick Ratio
overbought
62%
income statement
17. Convert 56% to a decimal
$ Cost
$6 -655.50
income statement
.56
18. Two equivalent ratios joined by an equal sign.
$ Retail
To increase a number by a given percentage - e.g. increase 16 by 25%
Proportion
4%
19. Convert 80% to a fraction
Proportion
$ Retail
When Dividing With Exponents
80/100
20. Units Sold/ (Units Sold + On Hand Inventory)
Sell Thru %
improper
ROG
types of capital
21. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
to determine equivalent single discount rate for 25/10/10 series discount
$2 -127.66
Current Ratio
Of what number 16 is a 25% increase
22. 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
types of liabilities
$252
.56
steps in strategic planning
23. ($ Retail x 100 / COST) - 100
Mark Up %
90.9%
FOB destination
When Dividing With Exponents
24. 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%
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?
to determine equivalent single discount rate for 25/10/10 series discount
80/100
25. Gross Margin/ Average Inventory Cost
GMROI
.7
Markdown %
Turnover
26. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
.65
$6 -655.50
Dividing Fractions
DOI
27. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
OTB (retail)
Gross margin dollars
types of incomes
3%
28. Convert 50% to a fraction
2.5% per month
15
Gross margin %
50/100
29. cash + receivables/ current liabilities.
125%
Mark Up %
Stock to Sales Ratio
Quick Ratio
30. total annual sales/365
25
$ Markdown
Average Daily Sales
per hundred
31. 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
net sales
The sum of a Geometric Progression
Average Daily Sales
25%
32. (TY-LY)/ LY or (Plan-Actual)/
stock turn
COD
Simple interest formula
% increase or decrease
33. Convert 1/4 to a percent
25%
Current Assets
gross margin
book value
34. What happens when your expenses - etc. are higher than your sales
$ Cost
Gross margin dollars
Multiplying Fractions
loss
35. Capital stock - owner's equity (owner's funds invested in the business)
Margin %
Quick Ratio
types of capital
Mark Up %
36. A team won 16 games and lost 9 games. What percent of games did the team lose?
Proportion
36%
cost of goods sold formula (COGS)
book value
37. If freight is to be paid by the seller - the shipping terms are...
Average Collection Turnover
income statement
FOB destination
Means
38. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
Subtracting Fractions
book value
41%
39. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
.7
Current Assets
588 mph
income statement
40. Loss of items due to damaged goods - stealing - etc.
36%
shrinkage
Gross Margin Return On Inventory Investment (GMROII)
60
41. Convert 70/100 to a percent
Markup
90.9%
70%
Liquidity of Assets
42. Convert 70% to a decimal
increase=credit
netprice with a 25/10/10 series discount
Of what number 16 is a 25% increase
.7
43. Convert 10/11 to a percent
to determine equivalent single discount rate for 25/10/10 series discount
Sell Thru %
overages
90.9%
44. 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
With cash discounts and calculating net price - when to add freight
transportation
Average Daily Sales
Current Assets
45. Convert 20 to a percent
gross margin
GMROI
41%
20%
46. Convert 65% to a decimal
Sell Thru %
ROG
25
.65
47. cost of an item expressed per unit of measure or count.
Simple interest formula
Discounting Formula
Unit pricing
Effective annual rate of interest formula
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)
profit
gross margin
increase=credit
Simple interest formula
49. A form of closed-end credit used for purchasing durable goods such as cars
installment loan
stock turn
$6 -655.50
Stock to Sales Ratio
50. % of 90 days same as cash convert to payments.
cost of goods
DOI
78
Turnover