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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. GMROII = GM% x (Sales / Average Value of Inventory)
OTB (retail)
ROG
Simple interest formula
Gross Margin Return On Inventory Investment (GMROII)
2. 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.
increase=debit
$ COST
net sales
types of assets
3. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
25%
Stock to Sales Ratio
ROG
70%
4. Convert 20 to a percent
$ Cost
profit
Compound interest formula with changing rates
20%
5. A/b
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Sell Thru %
types of capital
Dividing Fractions
6. The recommended house payment should be no more than _% of your monthly take-home pay.
25
costs of goods sold
Margin %
25%
7. Convert 56% to a decimal
Gross margin %
cost of goods sold formula (COGS)
.56
Internal Rate of Return
8. A form of closed-end credit used for purchasing durable goods such as cars
installment loan
Current Ratio
COD
types of capital
9. Formula: GM = NS - COG; GM$ = NS$ X GM%
36%
underbought
$ Cost
gross margin
10. current assets/ current liabilities
Current Ratio
Mark Up %
25%
shortage
11. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
profit and loss statement
$ COST
Effective annual rate of interest formula
3%
12. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
378 63
shrinkage
With cash discounts and calculating net price - when to add freight
types of expenses
13. A/b - c/b = a-c/b
$ Retail
60
Subtracting Fractions
70%
14. Convert 1.25 to a percent
125%
cost of goods
Quick Ratio
1.304
15. 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%
Margin %
gross sales
overbought
62%
16. The average car payment is $_ per month for _ months.
78
Simple interest formula
378 63
stock turn
17. Turning assets into cash.
Of what number 16 is a 25% increase
125%
Liquidity of Assets
Current Assets
18. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Liquidity
Stock to Sales Ratio
80/100
Markdown %
19. Another way of counting part of a whole?
DOI
percent
cost of goods
$ COST
20. BOM $ Stock/ Sales for period
4%
Stock to Sales Ratio
14/100
Liquidity
21. Alignment of the decimals is not important
25%
when multiplying numbers that contain decimals:
netprice with a 25/10/10 series discount
80/100
22. 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)
Quick Ratio
Margin %
stock turn
Adding Fractions
23. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
cost of goods
transportation
To increase a number by a given percentage - e.g. increase 16 by 25%
Unit pricing
24. 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
The sum of a Geometric Progression
EOM (in terms of invoice)
Markdown %
.7
25. accounts receivable/ average daily sales
Average Collection Turnover
Turnover
overbought
$2 -127.66
26. Total Net Sales / Total Number of Transactions
Adding Fractions
Of what number 16 is a 25% increase
Sales per Transaction
types of expenses
27. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
netprice with a 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?
Gross margin dollars
FOB destination
28. Convert 3 to a percent
types of assets
Simple interest formula
3%
70%
29. He availability of your money is called _.
Liquidity
Retail
20%
$6 -655.50
30. Outside numbers in a ratio.
Extremes
improper
ROG
$ COST
31. Convert .36 to a percent
book value
Simple interest formula
4%
36%
32. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
types of assets
profit
GMROI
cost of goods
33. cost of an item expressed per unit of measure or count.
installment loan
cost of goods sold formula (COGS)
Unit pricing
stock turn
34. A/b + c/b = (a+c)/b
Markup
types of liabilities
$ Retail
Adding Fractions
35. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
types of liabilities
Sell Thru %
Quick Ratio
percent
36. Gross Margin/ Average Inventory Cost
Gross Margin Return On Inventory Investment (GMROII)
The sum of a Geometric Progression
GMROI
transportation
37. Direct labor - factory overhead - merchandise inventory - packaging - raw material
FOB destination
$ Markdown
types of liabilities
costs of goods sold
38. 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?
Current Ratio
$252
transportation
Average Collection Turnover
39. Loss of items due to damaged goods - stealing - etc.
Discounting Formula
costs of goods sold
Sell Thru %
shrinkage
40. $ retail x (100%-markup)
To decrease a number by a given percentage - e.g. decrease 16 by 25%
OTB (retail)
$ Cost
Cost
41. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
When Dividing With Exponents
improper
$252
Simple interest formula
42. Two equivalent ratios joined by an equal sign.
15
Proportion
cost of goods
overbought
43. Convert .62 to a percent
types of capital
Current Ratio
62%
per hundred
44. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Means
Of what number 16 is a 25% increase
Sales per Transaction
loss
45. 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
OTB (retail)
70%
78
The sum of a Geometric Progression
46. 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?
Compound interest formula with changing rates
percent decrease
2.5% per month
netprice with a 25/10/10 series discount
47. Convert 50% to a fraction
Extremes
378 63
50/100
installment loan
48. Sales - cost of goods sold
Adding Fractions
2.5% per month
operating expenses
Gross margin dollars
49. 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
percent
Retail
$2 -127.66
50. 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
Break Even Point Formula
Discounting Formula
Subtracting Fractions
DOI