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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. Loss of items due to damaged goods - stealing - etc.
percent
shrinkage
types of liabilities
Liquidity
2. Wholesale cost
.65
percent decrease
25
cost of goods
3. Convert .4 to a percent
4%
36%
Stock to Sales Ratio
Means
4. A/b - c/b = a-c/b
.56
FOB destination
increase=credit
Subtracting Fractions
5. Amount decrease (Original - New) / Original amount = decimal= convert to %
percent decrease
physical inventory
Current Ratio
80/100
6. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Compound interest formula with changing rates
costs of goods sold
Effective annual rate of interest formula
installment loan
7. Convert 56% to a decimal
.56
16-18
90.9%
Liquidity
8. Net Sales / Average Retail Value of Inventory
gross margin
Inventory Turnover Rate
improper
41%
9. What happens when your sales are higher than your expenses - etc.
shortage
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
$ Cost
profit
10. Two equivalent ratios joined by an equal sign.
25
OTB (retail)
Proportion
netprice with a 25/10/10 series discount
11. What happens when your expenses - etc. are higher than your sales
loss
steps in strategic planning
% increase or decrease
60
12. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
Gross margin %
36%
shortage
90.9%
13. He availability of your money is called _.
Liquidity
operating expenses
Average Collection Turnover
gross margin
14. Sales - cost of goods sold
$ Cost
gross margin
types of expenses
Gross margin dollars
15. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
EOM (in terms of invoice)
125%
% increase or decrease
16. Convert 3 to a percent
.56
Extremes
types of expenses
3%
17. (Retail - Cost)/ Retail
increase=debit
Adding Fractions
types of capital
Margin %
18. 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.
net sales
4%
shrinkage
Sell Thru %
19. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Current Assets
Extremes
Stock to Sales Ratio
Gross margin %
20. 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
Gross margin dollars
book value
To increase a number by a given percentage - e.g. increase 16 by 25%
21. A/b
Dividing Fractions
DOI
.56
transportation
22. Overage$ = book$ - physical count$; overage% = overage$/NS$
4%
percent
Proportion
overages
23. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
With cash discounts and calculating net price - when to add freight
Cost
Effective annual rate of interest formula
588 mph
24. $ Cost/ (100%-markup%)
loss
When Dividing With Exponents
36%
$ Retail
25. 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
Sell Thru %
per hundred
steps in strategic planning
588 mph
26. A/b
DOI
Multiplying Fractions
Margin %
Quick Ratio
27. Total Net Sales / Total Number of Transactions
Sales per Transaction
15
Average Collection Turnover
costs of goods sold
28. Cash or assets that can quickly be converted into cash.
Discounting Formula
types of incomes
$2 -127.66
Current Assets
29. total fixed costs/ selling price-variable cost
Break Even Point Formula
70%
Sales per Transaction
ROG
30. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
$ Retail
Current Ratio
Retail
OTB (retail)
31. 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
.7
Discounting Formula
costs of goods sold
physical inventory
32. 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?
$2 -127.66
Means
4%
percent decrease
33. A form of closed-end credit used for purchasing durable goods such as cars
Retail
physical inventory
installment loan
loss
34. Convert 1/4 to a percent
Margin %
transportation
Effective annual rate of interest formula
25%
35. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
Current Ratio
41%
Retail
36. Liabilities - capital - income
20%
increase=credit
.65
overbought
37. accounts receivable/ average daily sales
4%
Average Collection Turnover
Unit pricing
$ Retail
38. Convert 41/100 to a percent
41%
Turnover
increase=credit
installment loan
39. A team won 16 games and lost 9 games. What percent of games did the team lose?
3%
cost of goods sold formula (COGS)
Sales per Transaction
36%
40. Convert 50% to a fraction
types of incomes
588 mph
.65
50/100
41. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
Gross margin %
Cost
physical inventory
14/100
42. 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)
Sales per Transaction
loss
Simple interest formula
to determine equivalent single discount rate for 25/10/10 series discount
43. A/b + c/b = (a+c)/b
Adding Fractions
Turnover
Gross Margin Return On Inventory Investment (GMROII)
$ Markdown
44. Direct labor - factory overhead - merchandise inventory - packaging - raw material
shortage
41%
costs of goods sold
Gross margin dollars
45. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
With cash discounts and calculating net price - when to add freight
Dividing Fractions
operating expenses
book value
46. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
15
78
Of what number 16 is a 25% increase
DOI
47. 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)
Internal Rate of Return
$ Retail
14/100
48. Assets - cost of goods sold - expenses
profit
The sum of a Geometric Progression
increase=debit
improper
49. A^m/a^n = a^(m-n)
Break Even Point Formula
When Dividing With Exponents
Markdown %
Proportion
50. What does percent mean?
$2 -127.66
Adding Fractions
Markdown %
per hundred