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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. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
78
netprice with a 25/10/10 series discount
types of liabilities
Cost
2. $ retail x (100%-markup)
profit and loss statement
Break Even Point Formula
15
$ Cost
3. 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
profit and loss statement
Inventory Turnover Rate
16-18
$2 -127.66
4. A/b
Dividing Fractions
$ Retail
14/100
net sales
5. What happens when your sales are higher than your expenses - etc.
60
With cash discounts and calculating net price - when to add freight
operating expenses
profit
6. $ Cost x (100 + Mark-up %) / 100
$ Retail
OTB (retail)
Discounting Formula
78
7. Amount decrease (Original - New) / Original amount = decimal= convert to %
14/100
netprice with a 25/10/10 series discount
percent decrease
profit
8. What happens when your expenses - etc. are higher than your sales
Cost
The sum of a Geometric Progression
physical inventory
loss
9. Convert 1/4 to a percent
to determine equivalent single discount rate for 25/10/10 series discount
net sales
25%
Stock to Sales Ratio
10. Convert 70% to a decimal
Proportion
Gross margin %
.7
cost of goods sold formula (COGS)
11. Convert 14% to a fraction
14/100
types of capital
Average Daily Sales
Simple interest formula
12. The wholesale cost of goods plus the markup
Multiplying Fractions
gross sales
types of expenses
Retail
13. Liabilities - capital - income
$252
increase=credit
60
transportation
14. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
80/100
Mark Up %
physical inventory
steps in strategic planning
15. $ Cost/ (100%-markup%)
increase=debit
$ Retail
percent
Liquidity
16. 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?
Sales per Transaction
2.5% per month
$252
Adding Fractions
17. cost of an item expressed per unit of measure or count.
Unit pricing
41%
shrinkage
Margin %
18. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
gross margin
OTB (retail)
percent decrease
Sales per Transaction
19. Net Sales / Average Retail Value of Inventory
Inventory Turnover Rate
Cost
gross margin
62%
20. 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
transportation
OTB (retail)
62%
Proportion
21. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
types of capital
percent
transportation
22. A form of closed-end credit used for purchasing durable goods such as cars
installment loan
.7
Compound interest formula with changing rates
costs of goods sold
23. The average person will have _ jobs in their lifetime.
Margin %
percent
16-18
percent decrease
24. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
.65
41%
Break Even Point Formula
25. Assets - cost of goods sold - expenses
increase=debit
4%
Retail
Quick Ratio
26. Net Sales for period/ Avg Stock for period
Markup
Turnover
The sum of a Geometric Progression
shrinkage
27. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
OTB (retail)
improper
Gross Margin Return On Inventory Investment (GMROII)
50/100
28. Units Sold/ (Units Sold + On Hand Inventory)
Sell Thru %
$ Cost
Proportion
stock turn
29. 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)
loss
Simple interest formula
2.5% per month
types of liabilities
30. When sales plans are underestimated and the stock purchases result in a low inventory
underbought
COD
Average Daily Sales
Unit pricing
31. Outside numbers in a ratio.
Cost
gross sales
Extremes
profit and loss statement
32. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
types of expenses
Markup
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Quick Ratio
33. 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?
To decrease a number by a given percentage - e.g. decrease 16 by 25%
2.5% per month
$ Retail
Of what number 16 is a 25% increase
34. The average car payment is $_ per month for _ months.
steps in strategic planning
378 63
60
Cost
35. Alignment of the decimals is not important
% increase or decrease
when multiplying numbers that contain decimals:
overbought
cost of goods sold formula (COGS)
36. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
Markup
shortage
15
Unit pricing
37. Convert 80% to a fraction
costs of goods sold
Current Ratio
80/100
% increase or decrease
38. 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)
OTB (retail)
14/100
Internal Rate of Return
Inventory Turnover Rate
39. total fixed costs/ selling price-variable cost
Break Even Point Formula
.56
types of incomes
steps in strategic planning
40. 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?
steps in strategic planning
Sales per Transaction
Liquidity of Assets
41. Convert 20 to a percent
378 63
20%
Simple interest formula
25%
42. Overage$ = book$ - physical count$; overage% = overage$/NS$
Break Even Point Formula
overages
overbought
operating expenses
43. % of 90 days same as cash convert to payments.
78
$ Markdown
Break Even Point Formula
Discounting Formula
44. 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%
With cash discounts and calculating net price - when to add freight
EOM (in terms of invoice)
Turnover
45. 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
Turnover
Discounting Formula
Liquidity
Cost
46. Original retail price - Lower retail price
$ Markdown
costs of goods sold
Average Collection Turnover
Proportion
47. 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
types of capital
$2 -127.66
Simple interest formula
48. Convert 65% to a decimal
.65
COD
ROG
Sell Thru %
49. Convert .4 to a percent
FOB destination
4%
16-18
Stock to Sales Ratio
50. Another way of counting part of a whole?
.65
per hundred
percent
book value