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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. (TY-LY)/ LY or (Plan-Actual)/
Markdown %
% increase or decrease
.7
Sales per Transaction
2. If freight is to be paid by the seller - the shipping terms are...
3%
profit
FOB destination
shrinkage
3. Outside numbers in a ratio.
OTB (retail)
Proportion
Turnover
Extremes
4. 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...
$ Cost
overages
operating expenses
shortage
5. Turning assets into cash.
Mark Up %
62%
78
Liquidity of Assets
6. 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
To increase a number by a given percentage - e.g. increase 16 by 25%
Dividing Fractions
net sales
7. 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
overages
Margin %
steps in strategic planning
125%
8. Capital stock - owner's equity (owner's funds invested in the business)
stock turn
Effective annual rate of interest formula
3%
types of capital
9. GMROII = GM% x (Sales / Average Value of Inventory)
shrinkage
Gross Margin Return On Inventory Investment (GMROII)
Break Even Point Formula
% increase or decrease
10. Original retail price - Lower retail price
steps in strategic planning
Liquidity
To decrease a number by a given percentage - e.g. decrease 16 by 25%
$ Markdown
11. Units Sold/ (Units Sold + On Hand Inventory)
steps in strategic planning
types of assets
Sell Thru %
improper
12. Convert 70% to a decimal
.7
$6 -655.50
Sales per Transaction
steps in strategic planning
13. Convert 20 to a percent
installment loan
.7
588 mph
20%
14. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
Average Collection Turnover
41%
FOB destination
gross sales
15. The wholesale cost of goods plus the markup
Retail
50/100
$252
COD
16. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
book value
to determine equivalent single discount rate for 25/10/10 series discount
Inventory Turnover Rate
physical inventory
17. The wholesale cost of an item (cost of goods - or COG)
shrinkage
underbought
Cost
36%
18. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
$ Markdown
stock turn
62%
Internal Rate of Return
19. 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?
4%
$252
GMROI
Internal Rate of Return
20. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
Markup
Inventory Turnover Rate
To increase a number by a given percentage - e.g. increase 16 by 25%
Means
21. When sales plans are underestimated and the stock purchases result in a low inventory
underbought
$ Markdown
$ Retail
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
22. Convert 1.25 to a percent
Margin %
125%
Dividing Fractions
15
23. Overage$ = book$ - physical count$; overage% = overage$/NS$
underbought
14/100
125%
overages
24. 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
net sales
When Dividing With Exponents
FOB destination
25. A measure of the number of days needed to collect accounts receivable.
book value
Average Collection Turnover
20%
Of what number 16 is a 25% increase
26. 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
15
DOI
Cost
profit and loss statement
27. Net Sales for period/ Avg Stock for period
15
Turnover
ROG
per hundred
28. What happens when your sales are higher than your expenses - etc.
Extremes
profit
Of what number 16 is a 25% increase
Sales per Transaction
29. The recommended house payment should be no more than _% of your monthly take-home pay.
$ Retail
costs of goods sold
Of what number 16 is a 25% increase
25
30. Convert 80% to a fraction
overbought
Unit pricing
80/100
to determine equivalent single discount rate for 25/10/10 series discount
31. Convert 10/11 to a percent
90.9%
cost of goods sold formula (COGS)
Cost
GMROI
32. 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
overbought
.7
Subtracting Fractions
COD
33. Convert .62 to a percent
62%
OTB (retail)
Quick Ratio
36%
34. Wholesale cost
To increase a number by a given percentage - e.g. increase 16 by 25%
cost of goods
operating expenses
Mark Up %
35. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
50/100
Effective annual rate of interest formula
90.9%
Means
36. Assets - cost of goods sold - expenses
125%
netprice with a 25/10/10 series discount
when multiplying numbers that contain decimals:
increase=debit
37. Convert 50% to a fraction
Gross Margin Return On Inventory Investment (GMROII)
50/100
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
25%
38. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
588 mph
1.304
To decrease a number by a given percentage - e.g. decrease 16 by 25%
costs of goods sold
39. 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%
To increase a number by a given percentage - e.g. increase 16 by 25%
percent decrease
to determine equivalent single discount rate for 25/10/10 series discount
ROG
40. What happens when your expenses - etc. are higher than your sales
20%
Markup
loss
stock turn
41. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
.65
Markup
gross margin
Average Daily Sales
42. 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
FOB destination
$ Retail
EOM (in terms of invoice)
Current Assets
43. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
Sales per Transaction
netprice with a 25/10/10 series discount
percent decrease
80/100
44. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
income statement
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Gross Margin Return On Inventory Investment (GMROII)
25
45. Convert 14% to a fraction
14/100
Multiplying Fractions
underbought
percent
46. A form of closed-end credit used for purchasing durable goods such as cars
types of liabilities
To increase a number by a given percentage - e.g. increase 16 by 25%
Average Collection Turnover
installment loan
47. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
$ Retail
$ Cost
types of liabilities
loss
48. Sales - cost of goods sold
to determine equivalent single discount rate for 25/10/10 series discount
shortage
costs of goods sold
Gross margin dollars
49. Convert 3 to a percent
3%
cost of goods sold formula (COGS)
physical inventory
Internal Rate of Return
50. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
$6 -655.50
types of capital
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
overages