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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. 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
improper
types of expenses
Average Collection Turnover
To decrease a number by a given percentage - e.g. decrease 16 by 25%
2. 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%
operating expenses
Internal Rate of Return
25
gross sales
3. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
Stock to Sales Ratio
cost of goods
gross sales
4. Convert 56% to a decimal
net sales
Gross margin %
.56
.7
5. ($ Retail x 100 / COST) - 100
profit and loss statement
Dividing Fractions
% increase or decrease
Mark Up %
6. Convert 50% to a fraction
2.5% per month
The sum of a Geometric Progression
Multiplying Fractions
50/100
7. Net Sales for period/ Avg Stock for period
loss
Discounting Formula
Turnover
ROG
8. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
Break Even Point Formula
book value
types of expenses
$ Retail
9. Commissions - fees for service - merchandise sales - rental income - royalties
types of incomes
cost of goods
.56
The sum of a Geometric Progression
10. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
Turnover
125%
ROG
Effective annual rate of interest formula
11. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...
operating expenses
profit
Cost
FOB destination
12. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
steps in strategic planning
Average Collection Turnover
To decrease a number by a given percentage - e.g. decrease 16 by 25%
3%
13. Convert .36 to a percent
stock turn
36%
profit
types of expenses
14. Outside numbers in a ratio.
Multiplying Fractions
COD
Current Ratio
Extremes
15. A^m/a^n = a^(m-n)
When Dividing With Exponents
$252
Average Collection Turnover
62%
16. 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?
profit
Margin %
$ Retail
$2 -127.66
17. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
transportation
Margin %
60
physical inventory
18. What does percent mean?
25
per hundred
Simple interest formula
36%
19. Two equivalent ratios joined by an equal sign.
Proportion
operating expenses
Dividing Fractions
.65
20. Capital stock - owner's equity (owner's funds invested in the business)
to determine equivalent single discount rate for 25/10/10 series discount
3%
Liquidity
types of capital
21. The average person will have _ jobs in their lifetime.
14/100
1.304
Discounting Formula
16-18
22. GMROII = GM% x (Sales / Average Value of Inventory)
overbought
Stock to Sales Ratio
Gross Margin Return On Inventory Investment (GMROII)
Extremes
23. What is the product of 3.26 and 0.4?
Liquidity
types of incomes
1.304
net sales
24. A/b + c/b = (a+c)/b
.7
1.304
Inventory Turnover Rate
Adding Fractions
25. Another way of counting part of a whole?
Discounting Formula
percent
EOM (in terms of invoice)
41%
26. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
types of liabilities
gross sales
15
The sum of a Geometric Progression
27. Rose borrowed money to buy a ring priced at $420. When she repaid the loan at the end of 3 months - the interest charge was $31.50. What was the rate of interest?
2.5% per month
shrinkage
Break Even Point Formula
types of capital
28. Gross Margin/ Average Inventory Cost
net sales
Markup
GMROI
378 63
29. current assets/ current liabilities
Stock to Sales Ratio
Simple interest formula
Current Ratio
installment loan
30. Wholesale cost
cost of goods
25
When Dividing With Exponents
COD
31. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
types of capital
GMROI
profit and loss statement
Markdown %
32. Amount decrease (Original - New) / Original amount = decimal= convert to %
when multiplying numbers that contain decimals:
.65
$ Markdown
percent decrease
33. Loss of items due to damaged goods - stealing - etc.
125%
4%
shrinkage
increase=credit
34. cash + receivables/ current liabilities.
Quick Ratio
net sales
Cost
transportation
35. Convert .62 to a percent
62%
Gross Margin Return On Inventory Investment (GMROII)
percent decrease
increase=debit
36. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
OTB (retail)
1.304
Break Even Point Formula
types of liabilities
37. A formal document that is used for a variety of functions within a retail business; it provides a big picture look at the succinct expression of the sales - markup - and profit for a business
physical inventory
profit and loss statement
$ COST
50/100
38. A measure of the number of days needed to collect accounts receivable.
$ Retail
Stock to Sales Ratio
types of expenses
Average Collection Turnover
39. A form of closed-end credit used for purchasing durable goods such as cars
Effective annual rate of interest formula
installment loan
overbought
62%
40. Sales - cost of goods sold
Gross margin dollars
Current Ratio
When Dividing With Exponents
Markup
41. 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
physical inventory
types of capital
transportation
Of what number 16 is a 25% increase
42. When sales plans are underestimated and the stock purchases result in a low inventory
when multiplying numbers that contain decimals:
2.5% per month
income statement
underbought
43. If freight is to be paid by the seller - the shipping terms are...
588 mph
FOB destination
increase=credit
62%
44. Convert 1/4 to a percent
Of what number 16 is a 25% increase
cost of goods sold formula (COGS)
25%
types of capital
45. total annual sales/365
Markdown %
36%
shortage
Average Daily Sales
46. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
net sales
Gross margin %
Adding Fractions
overbought
47. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
78
percent decrease
FOB destination
income statement
48. He availability of your money is called _.
60
OTB (retail)
Sell Thru %
Liquidity
49. Cash or assets that can quickly be converted into cash.
OTB (retail)
$ COST
78
Current Assets
50. 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)
378 63
Quick Ratio
Internal Rate of Return
70%
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