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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. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
$ COST
ROG
Markup
Discounting Formula
2. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
41%
To increase a number by a given percentage - e.g. increase 16 by 25%
EOM (in terms of invoice)
588 mph
3. 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 liabilities
types of expenses
4%
Unit pricing
4. The wholesale cost of an item (cost of goods - or COG)
588 mph
Cost
50/100
underbought
5. 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
Mark Up %
Turnover
Means
The sum of a Geometric Progression
6. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
3%
$2 -127.66
overbought
$ Cost
7. Loss of items due to damaged goods - stealing - etc.
types of incomes
shrinkage
COD
Unit pricing
8. current assets/ current liabilities
$ Cost
The sum of a Geometric Progression
41%
Current Ratio
9. Formula: GM = NS - COG; GM$ = NS$ X GM%
16-18
book value
Mark Up %
gross margin
10. Convert 41/100 to a percent
Compound interest formula with changing rates
41%
COD
25
11. Original retail price - Lower retail price
$ Markdown
shortage
Gross margin %
Adding Fractions
12. The average person will have _ jobs in their lifetime.
16-18
15
$2 -127.66
With cash discounts and calculating net price - when to add freight
13. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
types of incomes
Gross Margin Return On Inventory Investment (GMROII)
1.304
14. Net Sales for period/ Avg Stock for period
Means
588 mph
Turnover
Internal Rate of Return
15. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
50/100
When Dividing With Exponents
DOI
types of incomes
16. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Gross margin %
types of incomes
Markup
To decrease a number by a given percentage - e.g. decrease 16 by 25%
17. cost of an item expressed per unit of measure or count.
underbought
90.9%
Unit pricing
percent decrease
18. Units Sold/ (Units Sold + On Hand Inventory)
Sell Thru %
improper
Compound interest formula with changing rates
cost of goods
19. Wholesale cost
income statement
$ Markdown
Discounting Formula
cost of goods
20. Convert 20 to a percent
types of capital
cost of goods sold formula (COGS)
20%
gross sales
21. 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...
operating expenses
$252
Gross Margin Return On Inventory Investment (GMROII)
steps in strategic planning
22. % of 90 days same as cash convert to payments.
60
78
Subtracting Fractions
OTB (retail)
23. 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%
Mark Up %
4%
to determine equivalent single discount rate for 25/10/10 series discount
.65
24. Assets - cost of goods sold - expenses
steps in strategic planning
types of incomes
When Dividing With Exponents
increase=debit
25. $ RETAIL X (100 - GM %) / 100
Markdown %
netprice with a 25/10/10 series discount
$ COST
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
26. Convert 1/4 to a percent
25%
percent
% increase or decrease
70%
27. 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)
Simple interest formula
Liquidity
20%
Break Even Point
28. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
percent
70%
FOB destination
Of what number 16 is a 25% increase
29. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
gross sales
GMROI
90.9%
income statement
30. Convert 3 to a percent
FOB destination
3%
DOI
Average Collection Turnover
31. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
increase=debit
Inventory Turnover Rate
25
32. Sales - cost of goods sold
gross sales
50/100
378 63
Gross margin dollars
33. total fixed costs/ selling price-variable cost
$ Markdown
With cash discounts and calculating net price - when to add freight
Break Even Point Formula
installment loan
34. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
book value
$2 -127.66
Average Collection Turnover
35. What happens when your expenses - etc. are higher than your sales
physical inventory
loss
overages
operating expenses
36. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
With cash discounts and calculating net price - when to add freight
Effective annual rate of interest formula
gross sales
percent
37. 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
3%
per hundred
1.304
38. Another way of counting part of a whole?
when multiplying numbers that contain decimals:
transportation
percent
steps in strategic planning
39. (TY-LY)/ LY or (Plan-Actual)/
Gross Margin Return On Inventory Investment (GMROII)
% increase or decrease
ROG
25
40. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
78
improper
physical inventory
COD
41. 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
15
With cash discounts and calculating net price - when to add freight
steps in strategic planning
Of what number 16 is a 25% increase
42. Commissions - fees for service - merchandise sales - rental income - royalties
types of incomes
ROG
Gross margin dollars
to determine equivalent single discount rate for 25/10/10 series discount
43. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
types of assets
Gross Margin Return On Inventory Investment (GMROII)
125%
Current Assets
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
transportation
4%
overbought
installment loan
45. 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
income statement
Quick Ratio
Markup
profit and loss statement
46. GMROII = GM% x (Sales / Average Value of Inventory)
increase=debit
Gross Margin Return On Inventory Investment (GMROII)
588 mph
Quick Ratio
47. The average car will lose _% of its value in the first 4 years.
OTB (retail)
60
% increase or decrease
increase=credit
48. Convert .62 to a percent
Retail
$252
62%
Margin %
49. When sales plans are underestimated and the stock purchases result in a low inventory
$ Retail
36%
underbought
installment loan
50. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
25%
OTB (retail)
62%
78