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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. % of 90 days same as cash convert to payments.
Compound interest formula with changing rates
Proportion
Discounting Formula
78
2. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Gross margin %
50/100
.65
Inventory Turnover Rate
3. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
transportation
The sum of a Geometric Progression
DOI
Current Assets
4. IRR=1 + [(NPV1/NPV1-NPV2)(2-1)]% Where: 1=one interest rate 2=the other NPV1=the NPV at rate 1 NPV2=the NPV at rate 2 (NPV = Net Present Value)
stock turn
Proportion
Internal Rate of Return
Simple interest formula
5. The wholesale cost of goods plus the markup
Effective annual rate of interest formula
Retail
Sell Thru %
$ Cost
6. Convert 80% to a fraction
Of what number 16 is a 25% increase
COD
Liquidity
80/100
7. total annual sales/365
Average Daily Sales
ROG
GMROI
With cash discounts and calculating net price - when to add freight
8. Convert .36 to a percent
Discounting Formula
percent
36%
types of assets
9. (TY-LY)/ LY or (Plan-Actual)/
Subtracting Fractions
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?
% increase or decrease
10. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
.7
improper
shortage
588 mph
11. 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
Retail
1.304
90.9%
12. A team won 16 games and lost 9 games. What percent of games did the team lose?
78
profit
Break Even Point
36%
13. A^m/a^n = a^(m-n)
.7
percent
3%
When Dividing With Exponents
14. Convert 20 to a percent
Gross margin %
20%
shortage
$2 -127.66
15. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
50/100
Markdown %
.65
increase=debit
16. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
GMROI
Adding Fractions
book value
transportation
17. Amount decrease (Original - New) / Original amount = decimal= convert to %
percent decrease
25
$ Retail
EOM (in terms of invoice)
18. 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?
Proportion
Stock to Sales Ratio
$252
netprice with a 25/10/10 series discount
19. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
when multiplying numbers that contain decimals:
Compound interest formula with changing rates
588 mph
profit
20. He availability of your money is called _.
Liquidity
$2 -127.66
Break Even Point
Gross margin %
21. $ retail x (100%-markup)
To decrease a number by a given percentage - e.g. decrease 16 by 25%
$ Cost
36%
Current Ratio
22. 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
Break Even Point
transportation
41%
Subtracting Fractions
23. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
income statement
125%
DOI
62%
24. Convert 1/4 to a percent
70%
overages
25%
$2 -127.66
25. $ Cost/ (100%-markup%)
60
.65
$ Retail
Mark Up %
26. cost of an item expressed per unit of measure or count.
1.304
gross sales
Multiplying Fractions
Unit pricing
27. $ Cost x (100 + Mark-up %) / 100
types of assets
$ Retail
To increase a number by a given percentage - e.g. increase 16 by 25%
.7
28. 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?
cost of goods sold formula (COGS)
41%
$2 -127.66
operating expenses
29. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
Simple interest formula
gross margin
Liquidity
To increase a number by a given percentage - e.g. increase 16 by 25%
30. The point at which you stop losing money.
15
Markdown %
Break Even Point
types of liabilities
31. 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
16-18
Markup
operating expenses
32. Convert 41/100 to a percent
netprice with a 25/10/10 series discount
To increase a number by a given percentage - e.g. increase 16 by 25%
41%
improper
33. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
Of what number 16 is a 25% increase
cost of goods sold formula (COGS)
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?
34. Commissions - fees for service - merchandise sales - rental income - royalties
types of incomes
Subtracting Fractions
OTB (retail)
To decrease a number by a given percentage - e.g. decrease 16 by 25%
35. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Turnover
Effective annual rate of interest formula
$ Retail
78
36. Beginning inventory + Purchases - Ending inventory
Current Ratio
Markdown %
70%
cost of goods sold formula (COGS)
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
The sum of a Geometric Progression
125%
15
Sell Thru %
38. Formula: GM = NS - COG; GM$ = NS$ X GM%
Break Even Point
gross margin
steps in strategic planning
$ Retail
39. GMROII = GM% x (Sales / Average Value of Inventory)
1.304
DOI
Effective annual rate of interest formula
Gross Margin Return On Inventory Investment (GMROII)
40. Net Sales for period/ Avg Stock for period
25
net sales
78
Turnover
41. If freight is to be paid by the seller - the shipping terms are...
90.9%
shrinkage
FOB destination
378 63
42. Overage$ = book$ - physical count$; overage% = overage$/NS$
When Dividing With Exponents
Liquidity
overages
Unit pricing
43. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Markup
Adding Fractions
Gross Margin Return On Inventory Investment (GMROII)
to determine equivalent single discount rate for 25/10/10 series discount
44. What happens when your expenses - etc. are higher than your sales
14/100
shortage
overages
loss
45. Convert 1.25 to a percent
.65
Mark Up %
125%
4%
46. S=X(1+r1)^y(1+r
Extremes
types of capital
Compound interest formula with changing rates
increase=debit
47. What does percent mean?
36%
per hundred
3%
60
48. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
gross sales
EOM (in terms of invoice)
DOI
improper
49. A/b
COD
Dividing Fractions
3%
Discounting Formula
50. Units Sold/ (Units Sold + On Hand Inventory)
Sell Thru %
70%
Compound interest formula with changing rates
$ Retail