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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. 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
ROG
To decrease a number by a given percentage - e.g. decrease 16 by 25%
FOB destination
2. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
Compound interest formula with changing rates
With cash discounts and calculating net price - when to add freight
16-18
income statement
3. Convert .4 to a percent
4%
Quick Ratio
increase=credit
Dividing Fractions
4. $ RETAIL X (100 - GM %) / 100
$ COST
125%
income statement
FOB destination
5. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
cost of goods sold formula (COGS)
125%
To decrease a number by a given percentage - e.g. decrease 16 by 25%
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
6. The average car payment is $_ per month for _ months.
378 63
when multiplying numbers that contain decimals:
41%
types of assets
7. 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.
cost of goods sold formula (COGS)
Cost
transportation
net sales
8. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Cost
Gross margin %
$252
.7
9. A/b
Multiplying Fractions
Break Even Point Formula
COD
588 mph
10. 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
36%
$ Cost
steps in strategic planning
Discounting Formula
11. 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
.65
types of expenses
60
overbought
12. % of 90 days same as cash convert to payments.
Means
Dividing Fractions
70%
78
13. Convert 65% to a decimal
operating expenses
Markdown %
.65
DOI
14. Convert 20 to a percent
increase=debit
Sales per Transaction
1.304
20%
15. 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
overages
Quick Ratio
gross margin
profit and loss statement
16. Net Sales for period/ Avg Stock for period
gross sales
underbought
Mark Up %
Turnover
17. What does percent mean?
70%
when multiplying numbers that contain decimals:
Average Daily Sales
per hundred
18. 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
Markdown %
percent decrease
EOM (in terms of invoice)
Of what number 16 is a 25% increase
19. 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
profit and loss statement
GMROI
The sum of a Geometric Progression
transportation
20. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
Adding Fractions
cost of goods
stock turn
overbought
21. Total Net Sales / Total Number of Transactions
Inventory Turnover Rate
ROG
gross sales
Sales per Transaction
22. A/b
Compound interest formula with changing rates
Dividing Fractions
378 63
Gross margin %
23. Convert 70% to a decimal
increase=debit
.7
20%
types of liabilities
24. Convert .36 to a percent
14/100
36%
588 mph
operating expenses
25. Direct labor - factory overhead - merchandise inventory - packaging - raw material
overages
EOM (in terms of invoice)
costs of goods sold
cost of goods
26. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
Markdown %
125%
25%
OTB (retail)
27. Convert 50% to a fraction
types of incomes
per hundred
50/100
Proportion
28. He availability of your money is called _.
Liquidity of Assets
% increase or decrease
Liquidity
to determine equivalent single discount rate for 25/10/10 series discount
29. Loss of items due to damaged goods - stealing - etc.
$ Retail
shrinkage
.65
Of what number 16 is a 25% increase
30. Original retail price - Lower retail price
$ Markdown
Proportion
378 63
underbought
31. 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)
gross sales
Internal Rate of Return
types of assets
Unit pricing
32. What happens when your sales are higher than your expenses - etc.
loss
$ Retail
profit
Gross margin %
33. 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?
income statement
FOB destination
Current Ratio
$252
34. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
book value
378 63
types of assets
$2 -127.66
35. cost of an item expressed per unit of measure or count.
Break Even Point Formula
Unit pricing
transportation
41%
36. A/b - c/b = a-c/b
$ Retail
Subtracting Fractions
Compound interest formula with changing rates
$6 -655.50
37. Convert 56% to a decimal
.56
Markdown %
Cost
Mark Up %
38. What is the product of 3.26 and 0.4?
book value
1.304
underbought
20%
39. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
increase=debit
shortage
Unit pricing
OTB (retail)
40. Cash on delivery; this dating is used when the vendor does not know the retailer or the retailer does not have a strong line of credit
Average Daily Sales
increase=debit
COD
overages
41. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
overbought
Liquidity
net sales
DOI
42. Convert 10/11 to a percent
transportation
90.9%
$ Retail
When Dividing With Exponents
43. cash + receivables/ current liabilities.
Quick Ratio
book value
DOI
Subtracting Fractions
44. (Retail - Cost)/ Retail
588 mph
Margin %
Retail
loss
45. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
$252
book value
Gross margin dollars
installment loan
46. Turning assets into cash.
4%
physical inventory
Liquidity of Assets
62%
47. Alignment of the decimals is not important
costs of goods sold
types of expenses
when multiplying numbers that contain decimals:
percent decrease
48. Gross Margin/ Average Inventory Cost
improper
Gross margin %
increase=debit
GMROI
49. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
COD
gross sales
GMROI
netprice with a 25/10/10 series discount
50. Convert 14% to a fraction
14/100
Gross Margin Return On Inventory Investment (GMROII)
4%
FOB destination