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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. Convert 65% to a decimal
378 63
Sell Thru %
shortage
.65
2. You should never take out more than a _ year mortgage.
$ Retail
588 mph
90.9%
15
3. What is the product of 3.26 and 0.4?
FOB destination
COD
16-18
1.304
4. $ retail x (100%-markup)
overages
per hundred
$ Cost
Sell Thru %
5. Convert 80% to a fraction
types of assets
Retail
income statement
80/100
6. Convert .36 to a percent
.56
36%
Quick Ratio
Turnover
7. current assets/ current liabilities
14/100
FOB destination
Current Ratio
Compound interest formula with changing rates
8. (Retail - Cost)/ Retail
Stock to Sales Ratio
$252
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Margin %
9. 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%
profit
to determine equivalent single discount rate for 25/10/10 series discount
netprice with a 25/10/10 series discount
gross sales
10. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Current Ratio
Gross margin %
To decrease a number by a given percentage - e.g. decrease 16 by 25%
when multiplying numbers that contain decimals:
11. What happens when your sales are higher than your expenses - etc.
Of what number 16 is a 25% increase
profit
Break Even Point
when multiplying numbers that contain decimals:
12. S=X(1+r1)^y(1+r
profit and loss statement
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
types of capital
Compound interest formula with changing rates
13. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
types of assets
increase=credit
Mark Up %
36%
14. The average car payment is $_ per month for _ months.
Current Ratio
profit and loss statement
378 63
Compound interest formula with changing rates
15. The wholesale cost of goods plus the markup
Retail
41%
60
Mark Up %
16. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
percent
GMROI
Markup
netprice with a 25/10/10 series discount
17. 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
With cash discounts and calculating net price - when to add freight
The sum of a Geometric Progression
36%
underbought
18. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
Gross Margin Return On Inventory Investment (GMROII)
90.9%
To increase a number by a given percentage - e.g. increase 16 by 25%
62%
19. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
Extremes
125%
loss
588 mph
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
income statement
16-18
cost of goods
21. The wholesale cost of an item (cost of goods - or COG)
underbought
.65
Cost
to determine equivalent single discount rate for 25/10/10 series discount
22. Loss of items due to damaged goods - stealing - etc.
shrinkage
Quick Ratio
Liquidity
15
23. 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
Discounting Formula
DOI
Cost
costs of goods sold
24. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
gross sales
ROG
To increase a number by a given percentage - e.g. increase 16 by 25%
Compound interest formula with changing rates
25. Convert .4 to a percent
increase=debit
Turnover
25%
4%
26. Formula: GM = NS - COG; GM$ = NS$ X GM%
gross margin
Means
4%
Gross margin dollars
27. GMROII = GM% x (Sales / Average Value of Inventory)
stock turn
Gross Margin Return On Inventory Investment (GMROII)
netprice with a 25/10/10 series discount
Margin %
28. Convert 10/11 to a percent
$ Retail
1.304
90.9%
Multiplying Fractions
29. 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$)/(#BOM + 1)
Sales per Transaction
25
GMROI
stock turn
30. What does percent mean?
per hundred
% increase or decrease
25%
types of liabilities
31. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
Of what number 16 is a 25% increase
gross sales
physical inventory
improper
32. Turning assets into cash.
types of expenses
Markup
Gross Margin Return On Inventory Investment (GMROII)
Liquidity of Assets
33. Liabilities - capital - income
With cash discounts and calculating net price - when to add freight
increase=credit
GMROI
20%
34. Another way of counting part of a whole?
percent
increase=debit
16-18
Gross margin dollars
35. Convert 14% to a fraction
Average Daily Sales
Liquidity of Assets
14/100
ROG
36. Convert 41/100 to a percent
41%
Sell Thru %
.7
Break Even Point Formula
37. The recommended house payment should be no more than _% of your monthly take-home pay.
.56
Sales per Transaction
25
Cost
38. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
Adding Fractions
Turnover
60
book value
39. Sales - cost of goods sold
Gross margin dollars
underbought
$ Retail
378 63
40. (TY-LY)/ LY or (Plan-Actual)/
ROG
Markup
Dividing Fractions
% increase or decrease
41. A form of closed-end credit used for purchasing durable goods such as cars
installment loan
Average Daily Sales
$2 -127.66
Current Assets
42. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
$6 -655.50
increase=credit
improper
types of capital
43. 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
60
percent
steps in strategic planning
types of expenses
44. Convert 50% to a fraction
Gross margin %
$ COST
improper
50/100
45. $ Cost x (100 + Mark-up %) / 100
Break Even Point Formula
Compound interest formula with changing rates
$ Retail
profit and loss statement
46. Assets - cost of goods sold - expenses
when multiplying numbers that contain decimals:
3%
increase=debit
$252
47. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
With cash discounts and calculating net price - when to add freight
gross sales
Markup
transportation
48. Convert 1.25 to a percent
Adding Fractions
125%
loss
Dividing Fractions
49. Units Sold/ (Units Sold + On Hand Inventory)
Sell Thru %
Turnover
20%
% increase or decrease
50. ($ Retail x 100 / COST) - 100
when multiplying numbers that contain decimals:
Current Assets
Mark Up %
$ Retail