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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 receivable/ average daily sales
net sales
overbought
Average Collection Turnover
Stock to Sales Ratio
2. Another way of counting part of a whole?
% increase or decrease
percent
types of incomes
loss
3. The point at which you stop losing money.
Break Even Point
.56
62%
Means
4. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
Means
14/100
when multiplying numbers that contain decimals:
With cash discounts and calculating net price - when to add freight
5. Convert 1.25 to a percent
Average Collection Turnover
shortage
when multiplying numbers that contain decimals:
125%
6. Convert 50% to a fraction
125%
.65
50/100
book value
7. A team won 16 games and lost 9 games. What percent of games did the team lose?
Gross margin dollars
cost of goods sold formula (COGS)
36%
gross sales
8. Loss of items due to damaged goods - stealing - etc.
With cash discounts and calculating net price - when to add freight
Break Even Point Formula
shrinkage
Retail
9. Amount decrease (Original - New) / Original amount = decimal= convert to %
14/100
36%
percent decrease
FOB destination
10. What is the product of 3.26 and 0.4?
1.304
The sum of a Geometric Progression
90.9%
Cost
11. 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
DOI
income statement
types of expenses
Quick Ratio
12. Convert 70% to a decimal
.7
cost of goods
ROG
book value
13. Original retail price - Lower retail price
$ Markdown
Liquidity
overbought
2.5% per month
14. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
Of what number 16 is a 25% increase
income statement
GMROI
16-18
15. 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
Proportion
Means
underbought
EOM (in terms of invoice)
16. Commissions - fees for service - merchandise sales - rental income - royalties
percent decrease
book value
types of incomes
$ Cost
17. Outside numbers in a ratio.
shortage
net sales
Extremes
3%
18. What happens when your expenses - etc. are higher than your sales
$ Retail
loss
Inventory Turnover Rate
Markup
19. Convert 10/11 to a percent
shortage
90.9%
Means
Effective annual rate of interest formula
20. GMROII = GM% x (Sales / Average Value of Inventory)
$2 -127.66
Gross Margin Return On Inventory Investment (GMROII)
to determine equivalent single discount rate for 25/10/10 series discount
profit
21. The average car payment is $_ per month for _ months.
378 63
Adding Fractions
overbought
.65
22. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
$ Retail
The sum of a Geometric Progression
shrinkage
improper
23. A measure of the number of days needed to collect accounts receivable.
70%
Average Collection Turnover
GMROI
15
24. Formula: GM = NS - COG; GM$ = NS$ X GM%
Cost
Subtracting Fractions
gross margin
125%
25. Beginning inventory + Purchases - Ending inventory
increase=debit
cost of goods sold formula (COGS)
78
41%
26. Turning assets into cash.
cost of goods sold formula (COGS)
125%
Adding Fractions
Liquidity of Assets
27. A form of closed-end credit used for purchasing durable goods such as cars
588 mph
Break Even Point Formula
Gross margin dollars
installment loan
28. Direct labor - factory overhead - merchandise inventory - packaging - raw material
$2 -127.66
costs of goods sold
Effective annual rate of interest formula
80/100
29. What does percent mean?
Quick Ratio
per hundred
36%
90.9%
30. Cash or assets that can quickly be converted into cash.
15
book value
Average Collection Turnover
Current Assets
31. Convert .62 to a percent
62%
378 63
profit and loss statement
4%
32. cash + receivables/ current liabilities.
to determine equivalent single discount rate for 25/10/10 series discount
Quick Ratio
net sales
Unit pricing
33. $ retail x (100%-markup)
percent decrease
To increase a number by a given percentage - e.g. increase 16 by 25%
$ Cost
Current Assets
34. (Retail - Cost)/ Retail
improper
Margin %
Compound interest formula with changing rates
OTB (retail)
35. The average car will lose _% of its value in the first 4 years.
Effective annual rate of interest formula
loss
To decrease a number by a given percentage - e.g. decrease 16 by 25%
60
36. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
ROG
To decrease a number by a given percentage - e.g. decrease 16 by 25%
To increase a number by a given percentage - e.g. increase 16 by 25%
Turnover
37. (TY-LY)/ LY or (Plan-Actual)/
loss
Markup
% increase or decrease
Sales per Transaction
38. total annual sales/365
Current Ratio
Average Daily Sales
gross margin
increase=credit
39. A/b - c/b = a-c/b
Subtracting Fractions
Dividing Fractions
$6 -655.50
The sum of a Geometric Progression
40. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
Turnover
To decrease a number by a given percentage - e.g. decrease 16 by 25%
COD
36%
41. A/b
Quick Ratio
shrinkage
Multiplying Fractions
costs of goods sold
42. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
Extremes
increase=credit
Simple interest formula
types of assets
43. Gross Margin/ Average Inventory Cost
62%
GMROI
Multiplying Fractions
when multiplying numbers that contain decimals:
44. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
Stock to Sales Ratio
netprice with a 25/10/10 series discount
costs of goods sold
588 mph
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
Multiplying Fractions
The sum of a Geometric Progression
78
Simple interest formula
46. Convert 65% to a decimal
$ Cost
Average Collection Turnover
.65
cost of goods
47. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
41%
20%
shortage
increase=debit
48. 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
Effective annual rate of interest formula
steps in strategic planning
loss
net sales
49. Convert 41/100 to a percent
20%
$252
$2 -127.66
41%
50. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
FOB destination
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
shortage
.56