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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. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
$ Markdown
overbought
Adding Fractions
percent decrease
2. The point at which you stop losing money.
378 63
COD
Break Even Point
cost of goods sold formula (COGS)
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
percent
operating expenses
Mark Up %
types of expenses
4. Formula: GM = NS - COG; GM$ = NS$ X GM%
3%
gross margin
When Dividing With Exponents
To decrease a number by a given percentage - e.g. decrease 16 by 25%
5. Units Sold/ (Units Sold + On Hand Inventory)
80/100
25%
Sell Thru %
Mark Up %
6. accounts receivable/ average daily sales
When Dividing With Exponents
To increase a number by a given percentage - e.g. increase 16 by 25%
Gross margin %
Average Collection Turnover
7. S=X(1+r1)^y(1+r
Compound interest formula with changing rates
Multiplying Fractions
Average Daily Sales
62%
8. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
Inventory Turnover Rate
1.304
shrinkage
9. Net Sales / Average Retail Value of Inventory
costs of goods sold
15
Inventory Turnover Rate
income statement
10. Convert .4 to a percent
Average Collection Turnover
4%
types of incomes
shortage
11. Inside numbers in a ratio.
Inventory Turnover Rate
80/100
Means
Markdown %
12. Overage$ = book$ - physical count$; overage% = overage$/NS$
overages
increase=debit
operating expenses
$6 -655.50
13. A/b - c/b = a-c/b
41%
Dividing Fractions
Subtracting Fractions
With cash discounts and calculating net price - when to add freight
14. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
125%
types of assets
gross margin
ROG
15. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
25
Markdown %
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Internal Rate of Return
16. 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
70%
15
.65
steps in strategic planning
17. The recommended house payment should be no more than _% of your monthly take-home pay.
Current Assets
transportation
25
per hundred
18. Convert 20 to a percent
20%
$ Markdown
Internal Rate of Return
Average Daily Sales
19. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
Break Even Point
125%
types of assets
378 63
20. Convert 14% to a fraction
shrinkage
With cash discounts and calculating net price - when to add freight
14/100
$ Retail
21. 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.
Quick Ratio
net sales
Average Collection Turnover
Of what number 16 is a 25% increase
22. What is the product of 3.26 and 0.4?
loss
OTB (retail)
70%
1.304
23. The average person will have _ jobs in their lifetime.
ROG
FOB destination
Of what number 16 is a 25% increase
16-18
24. Alignment of the decimals is not important
when multiplying numbers that contain decimals:
62%
FOB destination
Markup
25. BOM $ Stock/ Sales for period
Stock to Sales Ratio
Liquidity
90.9%
$ Retail
26. Loss of items due to damaged goods - stealing - etc.
$ COST
shrinkage
Break Even Point Formula
percent
27. 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%
78
Stock to Sales Ratio
Break Even Point
to determine equivalent single discount rate for 25/10/10 series discount
28. Convert 1.25 to a percent
125%
Average Daily Sales
70%
Sell Thru %
29. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
transportation
income statement
To decrease a number by a given percentage - e.g. decrease 16 by 25%
operating expenses
30. 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?
.7
$252
overbought
net sales
31. Beginning inventory + Purchases - Ending inventory
types of expenses
Adding Fractions
80/100
cost of goods sold formula (COGS)
32. 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
EOM (in terms of invoice)
improper
steps in strategic planning
Mark Up %
33. A^m/a^n = a^(m-n)
when multiplying numbers that contain decimals:
net sales
When Dividing With Exponents
Markup
34. Total Net Sales / Total Number of Transactions
Sales per Transaction
Current Ratio
operating expenses
25%
35. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Average Collection Turnover
Of what number 16 is a 25% increase
78
.56
36. 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
improper
Adding Fractions
Subtracting Fractions
transportation
37. Convert 56% to a decimal
.56
underbought
125%
cost of goods sold formula (COGS)
38. Another way of counting part of a whole?
25%
percent
$ Markdown
41%
39. Original retail price - Lower retail price
125%
80/100
$ Markdown
90.9%
40. A form of closed-end credit used for purchasing durable goods such as cars
% increase or decrease
transportation
installment loan
Effective annual rate of interest formula
41. Convert 3 to a percent
70%
$ Cost
gross margin
3%
42. Convert 65% to a decimal
$ COST
Proportion
2.5% per month
.65
43. 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%
The sum of a Geometric Progression
to determine equivalent single discount rate for 25/10/10 series discount
increase=credit
44. Two equivalent ratios joined by an equal sign.
Stock to Sales Ratio
Proportion
Margin %
Dividing Fractions
45. $ Cost x (100 + Mark-up %) / 100
loss
GMROI
types of capital
$ Retail
46. Outside numbers in a ratio.
Markdown %
Extremes
2.5% per month
installment loan
47. Cash or assets that can quickly be converted into cash.
Current Assets
36%
1.304
Simple interest formula
48. $ RETAIL X (100 - GM %) / 100
percent decrease
$ COST
Unit pricing
1.304
49. (TY-LY)/ LY or (Plan-Actual)/
Liquidity of Assets
Liquidity
% increase or decrease
GMROI
50. Convert 10/11 to a percent
OTB (retail)
90.9%
Gross margin dollars
20%
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