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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. What is the product of 3.26 and 0.4?
overbought
percent
70%
1.304
2. Formula: GM = NS - COG; GM$ = NS$ X GM%
types of liabilities
90.9%
gross margin
378 63
3. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
4%
41%
types of capital
To increase a number by a given percentage - e.g. increase 16 by 25%
4. Net Sales for period/ Avg Stock for period
36%
To increase a number by a given percentage - e.g. increase 16 by 25%
Turnover
Liquidity of Assets
5. ($ Retail x 100 / COST) - 100
netprice with a 25/10/10 series discount
Mark Up %
41%
25%
6. 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
Of what number 16 is a 25% increase
$6 -655.50
cost of goods
transportation
7. Loss of items due to damaged goods - stealing - etc.
16-18
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
shrinkage
8. If freight is to be paid by the seller - the shipping terms are...
FOB destination
125%
Unit pricing
loss
9. 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
Sell Thru %
Discounting Formula
loss
Of what number 16 is a 25% increase
10. Liabilities - capital - income
Sell Thru %
Extremes
increase=credit
EOM (in terms of invoice)
11. Cash or assets that can quickly be converted into cash.
When Dividing With Exponents
Current Assets
installment loan
profit and loss statement
12. The average car payment is $_ per month for _ months.
378 63
70%
OTB (retail)
to determine equivalent single discount rate for 25/10/10 series discount
13. The average person will have _ jobs in their lifetime.
COD
4%
16-18
50/100
14. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
Internal Rate of Return
80/100
To decrease a number by a given percentage - e.g. decrease 16 by 25%
stock turn
15. Convert 10/11 to a percent
types of expenses
DOI
Average Collection Turnover
90.9%
16. Net Sales / Average Retail Value of Inventory
$252
4%
$2 -127.66
Inventory Turnover Rate
17. A/b + c/b = (a+c)/b
per hundred
Adding Fractions
78
Cost
18. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
operating expenses
DOI
underbought
increase=credit
19. accounts receivable/ average daily sales
percent
Means
$ COST
Average Collection Turnover
20. 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
Mark Up %
Of what number 16 is a 25% increase
62%
types of expenses
21. % of 90 days same as cash convert to payments.
16-18
78
588 mph
Markup
22. Overage$ = book$ - physical count$; overage% = overage$/NS$
25%
overages
stock turn
cost of goods sold formula (COGS)
23. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
FOB destination
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Internal Rate of Return
costs of goods sold
24. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
types of liabilities
125%
1.304
cost of goods
25. 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
Average Collection Turnover
Gross Margin Return On Inventory Investment (GMROII)
The sum of a Geometric Progression
COD
26. 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
Gross margin dollars
profit and loss statement
588 mph
3%
27. Two equivalent ratios joined by an equal sign.
1.304
.56
Proportion
to determine equivalent single discount rate for 25/10/10 series discount
28. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Inventory Turnover Rate
Sales per Transaction
Markdown %
Dividing Fractions
29. The average car will lose _% of its value in the first 4 years.
ROG
60
$ COST
percent decrease
30. (TY-LY)/ LY or (Plan-Actual)/
$2 -127.66
% increase or decrease
OTB (retail)
To increase a number by a given percentage - e.g. increase 16 by 25%
31. Sales - cost of goods sold
Gross margin dollars
Inventory Turnover Rate
profit and loss statement
Break Even Point
32. total fixed costs/ selling price-variable cost
Break Even Point Formula
Current Assets
20%
Average Daily Sales
33. cash + receivables/ current liabilities.
$ Retail
Current Assets
Quick Ratio
Sell Thru %
34. 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%
Markup
Gross margin %
$ Cost
to determine equivalent single discount rate for 25/10/10 series discount
35. Beginning inventory + Purchases - Ending inventory
cost of goods sold formula (COGS)
COD
income statement
70%
36. 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?
Of what number 16 is a 25% increase
Break Even Point
25
$2 -127.66
37. Another way of counting part of a whole?
80/100
Inventory Turnover Rate
percent
$ Retail
38. Inside numbers in a ratio.
Subtracting Fractions
netprice with a 25/10/10 series discount
operating expenses
Means
39. 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?
book value
increase=credit
2.5% per month
Turnover
40. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
ROG
Subtracting Fractions
improper
Effective annual rate of interest formula
41. Convert .36 to a percent
Gross margin dollars
36%
25
125%
42. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
Simple interest formula
Current Assets
Turnover
588 mph
43. Convert 20 to a percent
increase=debit
DOI
gross margin
20%
44. Convert 50% to a fraction
.7
50/100
4%
$ Cost
45. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Of what number 16 is a 25% increase
net sales
DOI
$6 -655.50
46. current assets/ current liabilities
DOI
% increase or decrease
Current Ratio
.65
47. Total Net Sales / Total Number of Transactions
80/100
With cash discounts and calculating net price - when to add freight
Simple interest formula
Sales per Transaction
48. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
Current Ratio
cost of goods
ROG
types of liabilities
49. 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
Sales per Transaction
profit
EOM (in terms of invoice)
Gross margin %
50. A/b
overages
Markup
Average Daily Sales
Dividing Fractions