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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. Convert .4 to a percent
operating expenses
types of liabilities
4%
2.5% per month
2. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
income statement
physical inventory
Average Collection Turnover
increase=credit
3. Liabilities - capital - income
$ Retail
netprice with a 25/10/10 series discount
increase=credit
50/100
4. 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%
Margin %
overages
4%
gross sales
5. Formula: GM = NS - COG; GM$ = NS$ X GM%
gross margin
types of assets
41%
overbought
6. The average person will have _ jobs in their lifetime.
16-18
.56
588 mph
gross margin
7. A team won 16 games and lost 9 games. What percent of games did the team lose?
stock turn
percent
36%
Average Collection Turnover
8. Convert 80% to a fraction
80/100
Unit pricing
OTB (retail)
Of what number 16 is a 25% increase
9. Convert 41/100 to a percent
41%
cost of goods
Markup
4%
10. % of 90 days same as cash convert to payments.
Average Collection Turnover
78
improper
Break Even Point
11. accounts receivable/ average daily sales
Average Collection Turnover
overbought
increase=credit
GMROI
12. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
installment loan
Current Assets
profit and loss statement
OTB (retail)
13. Turning assets into cash.
Liquidity of Assets
$252
1.304
588 mph
14. A/b + c/b = (a+c)/b
Current Assets
Adding Fractions
To increase a number by a given percentage - e.g. increase 16 by 25%
types of assets
15. A/b
Dividing Fractions
percent
loss
36%
16. Alignment of the decimals is not important
EOM (in terms of invoice)
increase=credit
$6 -655.50
when multiplying numbers that contain decimals:
17. 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.
increase=debit
36%
netprice with a 25/10/10 series discount
net sales
18. $ retail x (100%-markup)
Multiplying Fractions
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
COD
19. A/b
COD
GMROI
Multiplying Fractions
125%
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
To increase a number by a given percentage - e.g. increase 16 by 25%
Compound interest formula with changing rates
Cost
Quick Ratio
21. Units Sold/ (Units Sold + On Hand Inventory)
4%
FOB destination
Sell Thru %
GMROI
22. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
$ Markdown
$252
Effective annual rate of interest formula
% increase or decrease
23. Cash or assets that can quickly be converted into cash.
types of incomes
Inventory Turnover Rate
Current Assets
increase=credit
24. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
FOB destination
Of what number 16 is a 25% increase
14/100
Mark Up %
25. Two equivalent ratios joined by an equal sign.
Markup
$252
physical inventory
Proportion
26. 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
stock turn
profit
Break Even Point
27. What happens when your sales are higher than your expenses - etc.
Gross Margin Return On Inventory Investment (GMROII)
shrinkage
profit
90.9%
28. Net Sales for period/ Avg Stock for period
when multiplying numbers that contain decimals:
transportation
Turnover
Margin %
29. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
Current Ratio
improper
4%
Average Daily Sales
30. A/b - c/b = a-c/b
Effective annual rate of interest formula
cost of goods sold formula (COGS)
Subtracting Fractions
Mark Up %
31. Convert 50% to a fraction
increase=credit
50/100
Average Collection Turnover
Gross margin dollars
32. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
gross sales
Inventory Turnover Rate
DOI
COD
33. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
COD
.56
Retail
34. If freight is to be paid by the seller - the shipping terms are...
Sell Thru %
Compound interest formula with changing rates
14/100
FOB destination
35. Inside numbers in a ratio.
$ Retail
$ Cost
Means
to determine equivalent single discount rate for 25/10/10 series discount
36. 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
income statement
$ Retail
COD
Turnover
37. Wholesale cost
cost of goods
shrinkage
16-18
Simple interest formula
38. current assets/ current liabilities
Proportion
Current Ratio
Break Even Point
Discounting Formula
39. S=X(1+r1)^y(1+r
Compound interest formula with changing rates
DOI
Liquidity
When Dividing With Exponents
40. BOM $ Stock/ Sales for period
net sales
Retail
Stock to Sales Ratio
Mark Up %
41. 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
15
Average Collection Turnover
With cash discounts and calculating net price - when to add freight
EOM (in terms of invoice)
42. total fixed costs/ selling price-variable cost
Break Even Point Formula
60
$ Retail
types of incomes
43. Loss of items due to damaged goods - stealing - etc.
378 63
Subtracting Fractions
shrinkage
To increase a number by a given percentage - e.g. increase 16 by 25%
44. 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)
steps in strategic planning
Markup
Sell Thru %
stock turn
45. The wholesale cost of goods plus the markup
GMROI
.56
Retail
overbought
46. Net Sales / Average Retail Value of Inventory
types of expenses
Inventory Turnover Rate
Proportion
DOI
47. 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?
shrinkage
36%
Turnover
$2 -127.66
48. cost of an item expressed per unit of measure or count.
41%
costs of goods sold
Unit pricing
When Dividing With Exponents
49. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
per hundred
The sum of a Geometric Progression
ROG
installment loan
50. Capital stock - owner's equity (owner's funds invested in the business)
shrinkage
types of capital
14/100
$ Cost