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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. Two equivalent ratios joined by an equal sign.
$ Retail
When Dividing With Exponents
Proportion
2.5% per month
2. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
installment loan
income statement
Average Collection Turnover
15
3. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
netprice with a 25/10/10 series discount
shortage
Dividing Fractions
Multiplying Fractions
4. Units Sold/ (Units Sold + On Hand Inventory)
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Margin %
Sell Thru %
Retail
5. $ RETAIL X (100 - GM %) / 100
$ COST
Internal Rate of Return
Markup
Stock to Sales Ratio
6. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
Simple interest formula
$252
transportation
With cash discounts and calculating net price - when to add freight
7. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
Simple interest formula
20%
$ COST
8. Amount decrease (Original - New) / Original amount = decimal= convert to %
Internal Rate of Return
percent decrease
EOM (in terms of invoice)
percent
9. Beginning inventory + Purchases - Ending inventory
.56
increase=credit
cost of goods sold formula (COGS)
78
10. Assets - cost of goods sold - expenses
EOM (in terms of invoice)
Simple interest formula
Markdown %
increase=debit
11. 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 $1000 @ 10% simple interest for 5 years = 1000+(50.101000)
50/100
Simple interest formula
60
125%
12. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
80/100
$ Retail
With cash discounts and calculating net price - when to add freight
13. total annual sales/365
Discounting Formula
Average Daily Sales
36%
Unit pricing
14. current assets/ current liabilities
2.5% per month
Current Ratio
Discounting Formula
Compound interest formula with changing rates
15. Formula: GM = NS - COG; GM$ = NS$ X GM%
Mark Up %
gross margin
DOI
62%
16. $ Cost/ (100%-markup%)
Mark Up %
Quick Ratio
loss
$ Retail
17. 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
cost of goods sold formula (COGS)
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
profit and loss statement
net sales
18. 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?
3%
2.5% per month
Gross Margin Return On Inventory Investment (GMROII)
Liquidity
19. Convert 70/100 to a percent
25
income statement
Margin %
70%
20. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
DOI
Extremes
installment loan
Margin %
21. The recommended house payment should be no more than _% of your monthly take-home pay.
25
FOB destination
.7
15
22. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
types of assets
net sales
Turnover
Discounting Formula
23. Outside numbers in a ratio.
EOM (in terms of invoice)
costs of goods sold
Extremes
COD
24. Total Net Sales / Total Number of Transactions
DOI
Sales per Transaction
With cash discounts and calculating net price - when to add freight
Markdown %
25. Direct labor - factory overhead - merchandise inventory - packaging - raw material
costs of goods sold
25
Average Collection Turnover
$ Cost
26. BOM $ Stock/ Sales for period
Proportion
80/100
Means
Stock to Sales Ratio
27. Convert 50% to a fraction
Gross margin %
Multiplying Fractions
50/100
overbought
28. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
62%
Cost
Markup
Margin %
29. What happens when your expenses - etc. are higher than your sales
Sales per Transaction
Discounting Formula
Stock to Sales Ratio
loss
30. A/b - c/b = a-c/b
20%
Subtracting Fractions
2.5% per month
transportation
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
4%
The sum of a Geometric Progression
Mark Up %
588 mph
32. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Markdown %
378 63
costs of goods sold
increase=credit
33. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
types of liabilities
Gross Margin Return On Inventory Investment (GMROII)
Sales per Transaction
COD
34. Liabilities - capital - income
increase=credit
36%
cost of goods sold formula (COGS)
16-18
35. cost of an item expressed per unit of measure or count.
Unit pricing
Mark Up %
Markdown %
types of incomes
36. Net Sales for period/ Avg Stock for period
$6 -655.50
Dividing Fractions
Turnover
Current Assets
37. Net Sales / Average Retail Value of Inventory
70%
Turnover
Inventory Turnover Rate
transportation
38. Convert 20 to a percent
.7
overbought
20%
Liquidity
39. A form of closed-end credit used for purchasing durable goods such as cars
25%
installment loan
cost of goods
$ Cost
40. Convert 80% to a fraction
Means
Adding Fractions
80/100
14/100
41. Turning assets into cash.
Markup
4%
Extremes
Liquidity of Assets
42. Overage$ = book$ - physical count$; overage% = overage$/NS$
Turnover
588 mph
OTB (retail)
overages
43. Another way of counting part of a whole?
percent
Retail
25
70%
44. A measure of the number of days needed to collect accounts receivable.
.65
Average Collection Turnover
Multiplying Fractions
25
45. The average person will have _ jobs in their lifetime.
16-18
125%
types of incomes
shortage
46. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
gross sales
loss
improper
78
47. The point at which you stop losing money.
Margin %
62%
60
Break Even Point
48. A team won 16 games and lost 9 games. What percent of games did the team lose?
Stock to Sales Ratio
$ Cost
36%
Turnover
49. % of 90 days same as cash convert to payments.
overages
78
Gross Margin Return On Inventory Investment (GMROII)
20%
50. Original retail price - Lower retail price
$ Markdown
When Dividing With Exponents
4%
shortage