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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. 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
COD
Average Collection Turnover
EOM (in terms of invoice)
types of assets
2. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
% increase or decrease
book value
60
Liquidity of Assets
3. GMROII = GM% x (Sales / Average Value of Inventory)
Gross Margin Return On Inventory Investment (GMROII)
Cost
Sales per Transaction
percent decrease
4. Convert 65% to a decimal
.65
Simple interest formula
overbought
types of capital
5. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
$6 -655.50
.7
With cash discounts and calculating net price - when to add freight
COD
6. 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
Inventory Turnover Rate
Turnover
types of assets
7. An electronics store is having a 40 percent off sale. Robert has been saving to purchase a stereo system that was originally priced at $420. If Robert purchases the system during the sale - what will be the cost?
$252
operating expenses
50/100
gross margin
8. Convert 14% to a fraction
underbought
14/100
types of expenses
588 mph
9. Assets - cost of goods sold - expenses
physical inventory
Stock to Sales Ratio
increase=debit
$ Retail
10. (TY-LY)/ LY or (Plan-Actual)/
Markdown %
588 mph
% increase or decrease
$ Retail
11. current assets/ current liabilities
Current Ratio
Turnover
underbought
Sales per Transaction
12. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Markdown %
Inventory Turnover Rate
.56
Liquidity of Assets
13. $ Cost/ (100%-markup%)
78
$ Retail
netprice with a 25/10/10 series discount
types of assets
14. Amount decrease (Original - New) / Original amount = decimal= convert to %
Extremes
Liquidity of Assets
4%
percent decrease
15. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
cost of goods sold formula (COGS)
Markup
steps in strategic planning
16. (Retail - Cost)/ Retail
Discounting Formula
Margin %
transportation
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
17. What happens when your expenses - etc. are higher than your sales
loss
OTB (retail)
percent
Extremes
18. A/b
Multiplying Fractions
To decrease a number by a given percentage - e.g. decrease 16 by 25%
588 mph
underbought
19. Wholesale cost
125%
The sum of a Geometric Progression
cost of goods
COD
20. 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%
when multiplying numbers that contain decimals:
Average Collection Turnover
Stock to Sales Ratio
21. Convert .36 to a percent
36%
increase=debit
15
Quick Ratio
22. 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
stock turn
Markup
profit and loss statement
23. Formula: GM = NS - COG; GM$ = NS$ X GM%
50/100
Gross Margin Return On Inventory Investment (GMROII)
62%
gross margin
24. The wholesale cost of an item (cost of goods - or COG)
book value
Cost
Markup
FOB destination
25. Convert .4 to a percent
4%
EOM (in terms of invoice)
physical inventory
Retail
26. 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
cost of goods sold formula (COGS)
Average Collection Turnover
profit
COD
27. The wholesale cost of goods plus the markup
Retail
.65
When Dividing With Exponents
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
28. Cash or assets that can quickly be converted into cash.
Current Assets
profit
When Dividing With Exponents
Current Ratio
29. Two equivalent ratios joined by an equal sign.
Simple interest formula
$ Markdown
Effective annual rate of interest formula
Proportion
30. Overage$ = book$ - physical count$; overage% = overage$/NS$
overages
.7
Subtracting Fractions
Proportion
31. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
With cash discounts and calculating net price - when to add freight
To increase a number by a given percentage - e.g. increase 16 by 25%
Means
14/100
32. 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)
loss
stock turn
588 mph
overages
33. The average car payment is $_ per month for _ months.
types of capital
378 63
Average Collection Turnover
% increase or decrease
34. 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
The sum of a Geometric Progression
62%
Liquidity of Assets
25%
35. A measure of the number of days needed to collect accounts receivable.
per hundred
Average Collection Turnover
$ COST
125%
36. Total Net Sales / Total Number of Transactions
Compound interest formula with changing rates
Sales per Transaction
cost of goods sold formula (COGS)
DOI
37. A form of closed-end credit used for purchasing durable goods such as cars
Inventory Turnover Rate
profit
installment loan
Unit pricing
38. The average person will have _ jobs in their lifetime.
16-18
Average Daily Sales
Multiplying Fractions
profit and loss statement
39. You should never take out more than a _ year mortgage.
588 mph
gross margin
15
Unit pricing
40. Commissions - fees for service - merchandise sales - rental income - royalties
Effective annual rate of interest formula
types of incomes
$ COST
Gross Margin Return On Inventory Investment (GMROII)
41. He availability of your money is called _.
Liquidity
Adding Fractions
income statement
Average Daily Sales
42. Capital stock - owner's equity (owner's funds invested in the business)
EOM (in terms of invoice)
overbought
% increase or decrease
types of capital
43. What is the product of 3.26 and 0.4?
$2 -127.66
costs of goods sold
1.304
Sales per Transaction
44. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
steps in strategic planning
installment loan
25%
Gross margin %
45. $ RETAIL X (100 - GM %) / 100
profit and loss statement
Simple interest formula
With cash discounts and calculating net price - when to add freight
$ COST
46. 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.
$ COST
Gross margin dollars
net sales
Discounting Formula
47. Outside numbers in a ratio.
$ Cost
Extremes
FOB destination
loss
48. A/b + c/b = (a+c)/b
Adding Fractions
types of expenses
GMROI
underbought
49. 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
Effective annual rate of interest formula
Discounting Formula
Mark Up %
profit and loss statement
50. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
Gross margin dollars
netprice with a 25/10/10 series discount
Multiplying Fractions
gross margin
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