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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. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
DOI
Break Even Point Formula
Markup
20%
2. $ Cost/ (100%-markup%)
$ Retail
With cash discounts and calculating net price - when to add freight
36%
Markdown %
3. $ Cost x (100 + Mark-up %) / 100
Current Assets
80/100
$ Retail
Extremes
4. Wholesale cost
Average Collection Turnover
Gross Margin Return On Inventory Investment (GMROII)
.56
cost of goods
5. Convert 80% to a fraction
Quick Ratio
$ Retail
Mark Up %
80/100
6. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
$252
Discounting Formula
Gross margin %
.7
7. Convert 10/11 to a percent
operating expenses
improper
90.9%
gross sales
8. X=S*[1/(1+r)^n] Where: S=the sum to be received after n time periods X=the present value of that sum r=the rate of return (as a proportion) n=the number of time periods - r - rate - is sometimes called cost of capital
stock turn
.56
15
Discounting Formula
9. Inside numbers in a ratio.
Means
Liquidity of Assets
Average Collection Turnover
book value
10. S=X(1+r1)^y(1+r
Compound interest formula with changing rates
profit and loss statement
profit
Sales per Transaction
11. Net Sales / Average Retail Value of Inventory
16-18
installment loan
Inventory Turnover Rate
Means
12. The point at which you stop losing money.
Cost
gross margin
Break Even Point
378 63
13. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
Of what number 16 is a 25% increase
gross sales
Markdown %
when multiplying numbers that contain decimals:
14. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Break Even Point Formula
Internal Rate of Return
steps in strategic planning
Effective annual rate of interest formula
15. cash + receivables/ current liabilities.
transportation
Inventory Turnover Rate
Quick Ratio
gross sales
16. GMROII = GM% x (Sales / Average Value of Inventory)
Discounting Formula
$252
Current Ratio
Gross Margin Return On Inventory Investment (GMROII)
17. A^m/a^n = a^(m-n)
loss
With cash discounts and calculating net price - when to add freight
When Dividing With Exponents
20%
18. current assets/ current liabilities
1.304
Current Ratio
Markup
36%
19. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
Gross margin dollars
GMROI
operating expenses
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
20. Convert .4 to a percent
4%
20%
36%
Retail
21. A form of closed-end credit used for purchasing durable goods such as cars
36%
cost of goods sold formula (COGS)
loss
installment loan
22. 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)
overbought
Quick Ratio
$6 -655.50
Simple interest formula
23. Convert 56% to a decimal
80/100
.56
shortage
income statement
24. Convert 1.25 to a percent
Break Even Point Formula
125%
$2 -127.66
book value
25. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
physical inventory
25
Average Collection Turnover
cost of goods sold formula (COGS)
26. What happens when your sales are higher than your expenses - etc.
per hundred
net sales
profit
.65
27. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
Extremes
types of assets
Means
Multiplying Fractions
28. Alignment of the decimals is not important
overages
when multiplying numbers that contain decimals:
gross sales
Markup
29. The average person will have _ jobs in their lifetime.
.7
16-18
operating expenses
78
30. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
profit and loss statement
gross margin
% increase or decrease
netprice with a 25/10/10 series discount
31. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
To decrease a number by a given percentage - e.g. decrease 16 by 25%
2.5% per month
Markup
shortage
32. Another way of counting part of a whole?
loss
Current Assets
25%
percent
33. Original retail price - Lower retail price
$ Markdown
ROG
Cost
Mark Up %
34. total annual sales/365
Average Daily Sales
Liquidity of Assets
types of liabilities
41%
35. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
Average Collection Turnover
Gross margin %
70%
ROG
36. Liabilities - capital - income
increase=credit
2.5% per month
per hundred
types of incomes
37. 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
$ Retail
costs of goods sold
The sum of a Geometric Progression
16-18
38. Convert 70/100 to a percent
70%
Mark Up %
overbought
shortage
39. Convert 41/100 to a percent
41%
types of capital
gross sales
1.304
40. What is the product of 3.26 and 0.4?
loss
$6 -655.50
1.304
Break Even Point Formula
41. 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
3%
overbought
types of expenses
when multiplying numbers that contain decimals:
42. Outside numbers in a ratio.
GMROI
Extremes
Means
operating expenses
43. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Markdown %
cost of goods
20%
per hundred
44. A/b
OTB (retail)
Margin %
underbought
Dividing Fractions
45. Cash or assets that can quickly be converted into cash.
Current Assets
$ Cost
70%
Gross Margin Return On Inventory Investment (GMROII)
46. 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?
1.304
Retail
$2 -127.66
Turnover
47. $ RETAIL X (100 - GM %) / 100
FOB destination
378 63
$ COST
.56
48. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
Dividing Fractions
types of liabilities
Proportion
loss
49. cost of an item expressed per unit of measure or count.
gross margin
3%
Unit pricing
Stock to Sales Ratio
50. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
OTB (retail)
Average Collection Turnover
Average Daily Sales
Markdown %