SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. 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 $31.50. What was the rate of interest?
improper
2.5% per month
increase=credit
installment loan
2. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
stock turn
Multiplying Fractions
shortage
$ COST
3. 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?
$2 -127.66
62%
overages
cost of goods sold formula (COGS)
4. total fixed costs/ selling price-variable cost
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Break Even Point Formula
.65
shrinkage
5. You should never take out more than a _ year mortgage.
15
$2 -127.66
Discounting Formula
$6 -655.50
6. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
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
90.9%
16-18
7. 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
$6 -655.50
% increase or decrease
2.5% per month
types of expenses
8. The recommended house payment should be no more than _% of your monthly take-home pay.
Break Even Point Formula
Quick Ratio
FOB destination
25
9. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
operating expenses
78
improper
62%
10. 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...
125%
operating expenses
1.304
$ Retail
11. Convert 65% to a decimal
Multiplying Fractions
percent
.65
types of expenses
12. Convert .4 to a percent
4%
Extremes
Sell Thru %
ROG
13. (TY-LY)/ LY or (Plan-Actual)/
% increase or decrease
Average Collection Turnover
Stock to Sales Ratio
shrinkage
14. 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)
Cost
GMROI
Average Daily Sales
Internal Rate of Return
15. A/b + c/b = (a+c)/b
$ COST
Adding Fractions
$ Retail
Unit pricing
16. Overage$ = book$ - physical count$; overage% = overage$/NS$
Average Collection Turnover
41%
overages
20%
17. Outside numbers in a ratio.
$ Markdown
COD
1.304
Extremes
18. Formula: GM = NS - COG; GM$ = NS$ X GM%
gross margin
OTB (retail)
Gross margin dollars
improper
19. Convert 70/100 to a percent
70%
Effective annual rate of interest formula
Markup
62%
20. ($ Retail x 100 / COST) - 100
to determine equivalent single discount rate for 25/10/10 series discount
profit
Mark Up %
DOI
21. A^m/a^n = a^(m-n)
When Dividing With Exponents
.56
90.9%
% increase or decrease
22. total annual sales/365
to determine equivalent single discount rate for 25/10/10 series discount
Average Daily Sales
70%
14/100
23. 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
78
15
1.304
24. The average car will lose _% of its value in the first 4 years.
378 63
60
gross sales
25
25. Convert 1/4 to a percent
types of assets
Sales per Transaction
25%
Markdown %
26. What does percent mean?
per hundred
types of capital
Current Assets
loss
27. Assets - cost of goods sold - expenses
increase=credit
types of assets
90.9%
increase=debit
28. Loss of items due to damaged goods - stealing - etc.
Dividing Fractions
Simple interest formula
shrinkage
Sales per Transaction
29. $ Cost/ (100%-markup%)
$ COST
$ Retail
14/100
types of capital
30. Net Sales for period/ Avg Stock for period
EOM (in terms of invoice)
Means
Turnover
Quick Ratio
31. Net Sales / Average Retail Value of Inventory
Discounting Formula
operating expenses
Inventory Turnover Rate
Subtracting Fractions
32. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Proportion
The sum of a Geometric Progression
underbought
Of what number 16 is a 25% increase
33. Alignment of the decimals is not important
$ Retail
Average Daily Sales
when multiplying numbers that contain decimals:
70%
34. The wholesale cost of an item (cost of goods - or COG)
The sum of a Geometric Progression
Cost
when multiplying numbers that contain decimals:
$252
35. 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)
.7
transportation
Simple interest formula
Quick Ratio
36. The average car payment is $_ per month for _ months.
$ Cost
netprice with a 25/10/10 series discount
378 63
Subtracting Fractions
37. 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?
operating expenses
$252
types of expenses
Subtracting Fractions
38. cost of an item expressed per unit of measure or count.
The sum of a Geometric Progression
Unit pricing
Current Ratio
To increase a number by a given percentage - e.g. increase 16 by 25%
39. Units Sold/ (Units Sold + On Hand Inventory)
60
Sell Thru %
when multiplying numbers that contain decimals:
Discounting Formula
40. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
types of expenses
types of assets
Gross margin %
shortage
41. Capital stock - owner's equity (owner's funds invested in the business)
types of capital
Liquidity
62%
90.9%
42. Two equivalent ratios joined by an equal sign.
netprice with a 25/10/10 series discount
Average Collection Turnover
Proportion
62%
43. (Retail - Cost)/ Retail
types of expenses
Simple interest formula
Margin %
steps in strategic planning
44. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
stock turn
installment loan
Gross margin %
transportation
45. 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
COD
physical inventory
Current Assets
net sales
46. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Of what number 16 is a 25% increase
$2 -127.66
70%
47. When sales plans are underestimated and the stock purchases result in a low inventory
underbought
shortage
operating expenses
62%
48. The wholesale cost of goods plus the markup
Retail
Sell Thru %
FOB destination
shrinkage
49. A form of closed-end credit used for purchasing durable goods such as cars
1.304
$6 -655.50
installment loan
EOM (in terms of invoice)
50. 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
62%
Liquidity of Assets
profit and loss statement
$6 -655.50