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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 receivable/ average daily sales
Average Daily Sales
3%
Average Collection Turnover
.7
2. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
When Dividing With Exponents
Effective annual rate of interest formula
20%
$2 -127.66
3. 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...
types of expenses
Multiplying Fractions
operating expenses
Margin %
4. A^m/a^n = a^(m-n)
Means
gross sales
When Dividing With Exponents
Cost
5. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
per hundred
physical inventory
Stock to Sales Ratio
588 mph
6. You should never take out more than a _ year mortgage.
62%
income statement
types of assets
15
7. A measure of the number of days needed to collect accounts receivable.
Margin %
Average Collection Turnover
Effective annual rate of interest formula
Internal Rate of Return
8. 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)
steps in strategic planning
Proportion
Simple interest formula
.56
9. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
3%
To increase a number by a given percentage - e.g. increase 16 by 25%
Internal Rate of Return
percent
10. If freight is to be paid by the seller - the shipping terms are...
FOB destination
profit and loss statement
steps in strategic planning
percent decrease
11. Cash or assets that can quickly be converted into cash.
types of incomes
Current Assets
80/100
41%
12. Gross Margin/ Average Inventory Cost
Sell Thru %
GMROI
Internal Rate of Return
.65
13. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
When Dividing With Exponents
types of assets
To decrease a number by a given percentage - e.g. decrease 16 by 25%
netprice with a 25/10/10 series discount
14. Amount decrease (Original - New) / Original amount = decimal= convert to %
percent decrease
70%
GMROI
Proportion
15. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
transportation
$ Cost
installment loan
netprice with a 25/10/10 series discount
16. % of 90 days same as cash convert to payments.
Retail
Compound interest formula with changing rates
Stock to Sales Ratio
78
17. Original retail price - Lower retail price
Simple interest formula
profit and loss statement
$ Markdown
$ Retail
18. Overage$ = book$ - physical count$; overage% = overage$/NS$
overages
COD
$ Retail
Mark Up %
19. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
62%
$6 -655.50
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Multiplying Fractions
20. 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
types of expenses
When Dividing With Exponents
78
EOM (in terms of invoice)
21. 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
Liquidity of Assets
Discounting Formula
.56
To increase a number by a given percentage - e.g. increase 16 by 25%
22. $ retail x (100%-markup)
To decrease a number by a given percentage - e.g. decrease 16 by 25%
$ Cost
62%
Multiplying Fractions
23. ($ Retail x 100 / COST) - 100
net sales
Mark Up %
36%
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
24. Beginning inventory + Purchases - Ending inventory
operating expenses
$ Retail
Internal Rate of Return
cost of goods sold formula (COGS)
25. Convert 70% to a decimal
.7
book value
14/100
41%
26. cash + receivables/ current liabilities.
Proportion
588 mph
90.9%
Quick Ratio
27. Wholesale cost
125%
Average Daily Sales
cost of goods
OTB (retail)
28. Alignment of the decimals is not important
underbought
when multiplying numbers that contain decimals:
increase=credit
increase=debit
29. S=X(1+r1)^y(1+r
14/100
Compound interest formula with changing rates
$2 -127.66
gross sales
30. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
$6 -655.50
.65
125%
book value
31. 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%
20%
to determine equivalent single discount rate for 25/10/10 series discount
50/100
Multiplying Fractions
32. 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?
25
2.5% per month
$2 -127.66
80/100
33. GMROII = GM% x (Sales / Average Value of Inventory)
Unit pricing
Gross Margin Return On Inventory Investment (GMROII)
25
Compound interest formula with changing rates
34. 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.
Margin %
15
net sales
income statement
35. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
profit and loss statement
Markup
COD
$ Retail
36. A/b
Dividing Fractions
Compound interest formula with changing rates
Break Even Point
$ COST
37. Convert 50% to a fraction
DOI
50/100
20%
Inventory Turnover Rate
38. 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
2.5% per month
Sales per Transaction
Retail
profit and loss statement
39. Loss of items due to damaged goods - stealing - etc.
The sum of a Geometric Progression
16-18
shrinkage
to determine equivalent single discount rate for 25/10/10 series discount
40. Units Sold/ (Units Sold + On Hand Inventory)
Adding Fractions
types of capital
transportation
Sell Thru %
41. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
Means
types of liabilities
types of capital
COD
42. $ Cost x (100 + Mark-up %) / 100
3%
$ Retail
$ Markdown
types of incomes
43. Convert .36 to a percent
Break Even Point Formula
The sum of a Geometric Progression
Turnover
36%
44. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
50/100
78
physical inventory
2.5% per month
45. The point at which you stop losing money.
costs of goods sold
Unit pricing
$ Retail
Break Even Point
46. A team won 16 games and lost 9 games. What percent of games did the team lose?
underbought
steps in strategic planning
$ Markdown
36%
47. Convert 10/11 to a percent
Proportion
90.9%
125%
FOB destination
48. 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)
Internal Rate of Return
installment loan
operating expenses
The sum of a Geometric Progression
49. 1. develop a vision statement for the company - 2. scan the internal and external environments - 3. determine issues critical to the company - 4. select the problem to be solved - 5. determine the specific strategy to achieve the solution - 6. identi
improper
types of capital
steps in strategic planning
costs of goods sold
50. 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
The sum of a Geometric Progression
60
operating expenses
125%
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