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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. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
increase=debit
percent
Subtracting Fractions
Markup
2. 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
shortage
Unit pricing
Sell Thru %
3. What happens when your sales are higher than your expenses - etc.
20%
Proportion
profit
$ Retail
4. Sales - cost of goods sold
cost of goods
125%
Gross margin dollars
Break Even Point Formula
5. Convert 1.25 to a percent
income statement
Of what number 16 is a 25% increase
125%
14/100
6. Direct labor - factory overhead - merchandise inventory - packaging - raw material
costs of goods sold
Simple interest formula
To increase a number by a given percentage - e.g. increase 16 by 25%
Markdown %
7. The average car payment is $_ per month for _ months.
increase=credit
transportation
378 63
36%
8. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
types of assets
FOB destination
Average Daily Sales
ROG
9. The average person will have _ jobs in their lifetime.
Effective annual rate of interest formula
DOI
.56
16-18
10. Liabilities - capital - income
Sell Thru %
increase=credit
When Dividing With Exponents
$ COST
11. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
To increase a number by a given percentage - e.g. increase 16 by 25%
Of what number 16 is a 25% increase
Markup
Gross margin %
12. $ RETAIL X (100 - GM %) / 100
increase=debit
$ COST
stock turn
Proportion
13. Overage$ = book$ - physical count$; overage% = overage$/NS$
Inventory Turnover Rate
overages
Extremes
FOB destination
14. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
36%
book value
Stock to Sales Ratio
cost of goods sold formula (COGS)
15. Two equivalent ratios joined by an equal sign.
378 63
Proportion
types of expenses
Simple interest formula
16. Formula: GM = NS - COG; GM$ = NS$ X GM%
90.9%
gross margin
With cash discounts and calculating net price - when to add freight
Sell Thru %
17. 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
Sales per Transaction
percent decrease
types of expenses
Compound interest formula with changing rates
18. Assets - cost of goods sold - expenses
increase=debit
Multiplying Fractions
$ Cost
Means
19. 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
% increase or decrease
OTB (retail)
50/100
transportation
20. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
3%
ROG
$ Markdown
25%
21. 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?
2.5% per month
$6 -655.50
income statement
$252
22. Original retail price - Lower retail price
ROG
Stock to Sales Ratio
types of incomes
$ Markdown
23. 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
25
The sum of a Geometric Progression
underbought
125%
24. ($ Retail x 100 / COST) - 100
62%
profit and loss statement
Mark Up %
cost of goods sold formula (COGS)
25. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
.65
costs of goods sold
To decrease a number by a given percentage - e.g. decrease 16 by 25%
588 mph
26. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
loss
$ COST
EOM (in terms of invoice)
27. 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
Average Collection Turnover
Discounting Formula
Subtracting Fractions
Markdown %
28. (TY-LY)/ LY or (Plan-Actual)/
% increase or decrease
profit and loss statement
percent
installment loan
29. Convert 80% to a fraction
Retail
.7
80/100
$ Retail
30. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Simple interest formula
Markdown %
4%
To increase a number by a given percentage - e.g. increase 16 by 25%
31. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
types of capital
GMROI
Effective annual rate of interest formula
FOB destination
32. Units Sold/ (Units Sold + On Hand Inventory)
.65
Sell Thru %
50/100
underbought
33. Amount decrease (Original - New) / Original amount = decimal= convert to %
percent decrease
With cash discounts and calculating net price - when to add freight
Liquidity
15
34. Convert 41/100 to a percent
41%
50/100
OTB (retail)
netprice with a 25/10/10 series discount
35. Net Sales / Average Retail Value of Inventory
When Dividing With Exponents
Inventory Turnover Rate
Stock to Sales Ratio
profit and loss statement
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
COD
percent decrease
gross sales
37. He availability of your money is called _.
Liquidity
Means
Gross margin %
costs of goods sold
38. accounts receivable/ average daily sales
Average Collection Turnover
Multiplying Fractions
90.9%
EOM (in terms of invoice)
39. A measure of the number of days needed to collect accounts receivable.
types of liabilities
installment loan
loss
Average Collection Turnover
40. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
physical inventory
types of incomes
profit and loss 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?
41. 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
transportation
loss
types of capital
42. Convert 14% to a fraction
netprice with a 25/10/10 series discount
14/100
Subtracting Fractions
shrinkage
43. S=X(1+r1)^y(1+r
378 63
Compound interest formula with changing rates
25
Unit pricing
44. Convert 1/4 to a percent
25%
Margin %
25
Dividing Fractions
45. Outside numbers in a ratio.
Extremes
1.304
book value
improper
46. $ Cost/ (100%-markup%)
improper
$ Retail
Average Daily Sales
50/100
47. % of 90 days same as cash convert to payments.
78
$252
Effective annual rate of interest formula
70%
48. Convert .62 to a percent
$ Markdown
62%
70%
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
49. 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
stock turn
costs of goods sold
COD
Extremes
50. Wholesale cost
per hundred
cost of goods
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
shrinkage
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