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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. Loss of items due to damaged goods - stealing - etc.
COD
shrinkage
588 mph
Break Even Point Formula
2. Convert 70% to a decimal
.7
Quick Ratio
$2 -127.66
Turnover
3. $ RETAIL X (100 - GM %) / 100
percent
installment loan
$ COST
cost of goods sold formula (COGS)
4. 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
Average Collection Turnover
378 63
costs of goods sold
types of expenses
5. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
types of capital
15
To decrease a number by a given percentage - e.g. decrease 16 by 25%
percent
6. Convert 14% to a fraction
physical inventory
70%
3%
14/100
7. Convert 56% to a decimal
378 63
.56
ROG
book value
8. Outside numbers in a ratio.
shortage
Gross Margin Return On Inventory Investment (GMROII)
When Dividing With Exponents
Extremes
9. The average car will lose _% of its value in the first 4 years.
Extremes
60
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Proportion
10. The point at which you stop losing money.
15
overbought
Break Even Point
60
11. 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
COD
cost of goods
transportation
profit
12. (TY-LY)/ LY or (Plan-Actual)/
$ Markdown
16-18
% increase or decrease
types of capital
13. S=X(1+r1)^y(1+r
Inventory Turnover Rate
$252
Compound interest formula with changing rates
The sum of a Geometric Progression
14. What is the product of 3.26 and 0.4?
costs of goods sold
1.304
Simple interest formula
25
15. Convert 10/11 to a percent
90.9%
Means
Effective annual rate of interest formula
.65
16. Amount decrease (Original - New) / Original amount = decimal= convert to %
percent decrease
60
transportation
EOM (in terms of invoice)
17. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
Extremes
net sales
To increase a number by a given percentage - e.g. increase 16 by 25%
14/100
18. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
physical inventory
shrinkage
DOI
25%
19. Overage$ = book$ - physical count$; overage% = overage$/NS$
25%
overages
Gross margin %
operating expenses
20. If freight is to be paid by the seller - the shipping terms are...
FOB destination
62%
36%
Current Assets
21. Wholesale cost
50/100
Extremes
to determine equivalent single discount rate for 25/10/10 series discount
cost of goods
22. 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.
net sales
Current Assets
EOM (in terms of invoice)
book value
23. A/b - c/b = a-c/b
Subtracting Fractions
EOM (in terms of invoice)
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
installment loan
24. Convert 3 to a percent
3%
.65
ROG
2.5% per month
25. Beginning inventory + Purchases - Ending inventory
$ Retail
$ Cost
Markup
cost of goods sold formula (COGS)
26. 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?
$252
Stock to Sales Ratio
378 63
OTB (retail)
27. You should never take out more than a _ year mortgage.
cost of goods
15
Mark Up %
Break Even Point
28. The average person will have _ jobs in their lifetime.
COD
4%
gross margin
16-18
29. When sales plans are underestimated and the stock purchases result in a low inventory
underbought
$2 -127.66
Liquidity
types of liabilities
30. Formula: GM = NS - COG; GM$ = NS$ X GM%
loss
gross margin
Extremes
Means
31. Sales - cost of goods sold
50/100
Gross margin dollars
Break Even Point Formula
OTB (retail)
32. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
profit and loss statement
book value
$ COST
33. The wholesale cost of an item (cost of goods - or COG)
Cost
gross sales
$ Retail
types of capital
34. Capital stock - owner's equity (owner's funds invested in the business)
60
Quick Ratio
types of capital
shrinkage
35. What happens when your expenses - etc. are higher than your sales
loss
$ Retail
Subtracting Fractions
transportation
36. 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
steps in strategic planning
improper
50/100
book value
37. $ Cost/ (100%-markup%)
$ Markdown
20%
profit and loss statement
$ Retail
38. Convert 41/100 to a percent
Gross Margin Return On Inventory Investment (GMROII)
installment loan
Inventory Turnover Rate
41%
39. 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
COD
cost of goods
gross margin
EOM (in terms of invoice)
40. BOM $ Stock/ Sales for period
Current Assets
$ Markdown
EOM (in terms of invoice)
Stock to Sales Ratio
41. Net Sales for period/ Avg Stock for period
Turnover
Proportion
shrinkage
types of assets
42. Convert 80% to a fraction
80/100
profit and loss statement
$6 -655.50
Gross margin %
43. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
$2 -127.66
gross sales
4%
378 63
44. 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 determine equivalent single discount rate for 25/10/10 series discount
Multiplying Fractions
90.9%
DOI
45. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
profit
Sell Thru %
increase=debit
improper
46. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
installment loan
Markdown %
To increase a number by a given percentage - e.g. increase 16 by 25%
Dividing Fractions
47. A^m/a^n = a^(m-n)
When Dividing With Exponents
Internal Rate of Return
588 mph
underbought
48. A form of closed-end credit used for purchasing durable goods such as cars
Means
installment loan
15
stock turn
49. accounts receivable/ average daily sales
$6 -655.50
net sales
80/100
Average Collection Turnover
50. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
increase=debit
overbought
Sales per Transaction
16-18