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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. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
OTB (retail)
improper
steps in strategic planning
overbought
2. Convert .4 to a percent
62%
4%
41%
$ COST
3. Convert 50% to a fraction
50/100
percent
percent decrease
overbought
4. accounts receivable/ average daily sales
90.9%
overbought
Average Collection Turnover
The sum of a Geometric Progression
5. Convert 65% to a decimal
OTB (retail)
.65
percent decrease
Multiplying Fractions
6. The average person will have _ jobs in their lifetime.
Gross margin dollars
60
DOI
16-18
7. Sales - cost of goods sold
$ COST
when multiplying numbers that contain decimals:
Gross margin dollars
378 63
8. BOM $ Stock/ Sales for period
Stock to Sales Ratio
78
25%
Internal Rate of Return
9. Amount decrease (Original - New) / Original amount = decimal= convert to %
4%
increase=debit
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
percent decrease
10. 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?
types of expenses
overages
transportation
$2 -127.66
11. Actual retail sales; the retail price at which one tiem is sold is combined with the retail prices of all the items that are sold to become the net sales amount.
percent decrease
stock turn
net sales
When Dividing With Exponents
12. Convert 10/11 to a percent
netprice with a 25/10/10 series discount
25
90.9%
loss
13. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
Average Collection Turnover
Gross margin %
shortage
4%
14. (Retail - Cost)/ Retail
80/100
costs of goods sold
.65
Margin %
15. 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)
stock turn
Break Even Point
COD
Sell Thru %
16. The recommended house payment should be no more than _% of your monthly take-home pay.
2.5% per month
gross sales
25
GMROI
17. Liabilities - capital - income
increase=credit
Retail
Break Even Point
.65
18. S=X(1+r1)^y(1+r
DOI
Compound interest formula with changing rates
To decrease a number by a given percentage - e.g. decrease 16 by 25%
underbought
19. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
25%
Effective annual rate of interest formula
net sales
80/100
20. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
The sum of a Geometric Progression
Means
To decrease a number by a given percentage - e.g. decrease 16 by 25%
378 63
21. Convert 1.25 to a percent
36%
16-18
EOM (in terms of invoice)
125%
22. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
378 63
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
stock turn
underbought
23. Convert .62 to a percent
$6 -655.50
62%
15
% increase or decrease
24. The wholesale cost of goods plus the markup
cost of goods sold formula (COGS)
Retail
Current Ratio
Extremes
25. Convert 70/100 to a percent
70%
.65
profit
Sales per Transaction
26. He availability of your money is called _.
Mark Up %
Means
78
Liquidity
27. A/b + c/b = (a+c)/b
percent decrease
Gross Margin Return On Inventory Investment (GMROII)
types of expenses
Adding Fractions
28. S=X+nrX Where: X=the original sum invested r=the interest rate (as a proportion - e.g. 0.05=5%) n=the number of periods S=the sum invested after n periods (capital + interest) - e.g. invest $1000 @ 10% simple interest for 5 years = 1000+(50.101000)
Simple interest formula
netprice with a 25/10/10 series discount
per hundred
25
29. Convert 14% to a fraction
$ COST
netprice with a 25/10/10 series discount
14/100
installment loan
30. 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%
25
to determine equivalent single discount rate for 25/10/10 series discount
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Adding Fractions
31. $ RETAIL X (100 - GM %) / 100
$ COST
$ Retail
80/100
Internal Rate of Return
32. Convert .36 to a percent
types of liabilities
$ Markdown
36%
Break Even Point
33. Wholesale cost
types of assets
cost of goods
14/100
41%
34. 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?
Internal Rate of Return
The sum of a Geometric Progression
2.5% per month
when multiplying numbers that contain decimals:
35. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
types of capital
Markdown %
378 63
Gross margin %
36. % of 90 days same as cash convert to payments.
78
stock turn
41%
Simple interest formula
37. If freight is to be paid by the seller - the shipping terms are...
FOB destination
Subtracting Fractions
70%
Liquidity
38. Formula: GM = NS - COG; GM$ = NS$ X GM%
FOB destination
gross margin
shrinkage
To increase a number by a given percentage - e.g. increase 16 by 25%
39. Cash or assets that can quickly be converted into cash.
Current Assets
$6 -655.50
25%
Markdown %
40. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
Multiplying Fractions
transportation
Inventory Turnover Rate
41. Units Sold/ (Units Sold + On Hand Inventory)
income statement
Sell Thru %
Average Daily Sales
2.5% per month
42. 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?
Average Collection Turnover
cost of goods sold formula (COGS)
underbought
$252
43. ($ Retail x 100 / COST) - 100
% increase or decrease
.7
Quick Ratio
Mark Up %
44. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
Unit pricing
To increase a number by a given percentage - e.g. increase 16 by 25%
Turnover
increase=credit
45. Turning assets into cash.
Effective annual rate of interest formula
80/100
installment loan
Liquidity of Assets
46. A measure of the number of days needed to collect accounts receivable.
operating expenses
Break Even Point
Average Collection Turnover
Effective annual rate of interest formula
47. 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
Proportion
$ Markdown
The sum of a Geometric Progression
% increase or decrease
48. 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%
15
gross sales
$ COST
Average Daily Sales
49. X=S*[1/(1+r)^n] Where: S=the sum to be received after n time periods X=the present value of that sum r=the rate of return (as a proportion) n=the number of time periods - r - rate - is sometimes called cost of capital
% increase or decrease
Unit pricing
Discounting Formula
Gross Margin Return On Inventory Investment (GMROII)
50. Assets - cost of goods sold - expenses
percent decrease
increase=debit
underbought
Average Collection Turnover