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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. Total Net Sales / Total Number of Transactions
Discounting Formula
Sales per Transaction
loss
50/100
2. The average car will lose _% of its value in the first 4 years.
60
.7
Subtracting Fractions
types of liabilities
3. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
income statement
Liquidity of Assets
OTB (retail)
.56
4. total fixed costs/ selling price-variable cost
Break Even Point Formula
With cash discounts and calculating net price - when to add freight
per hundred
income statement
5. The average person will have _ jobs in their lifetime.
Margin %
16-18
1.304
Unit pricing
6. Units Sold/ (Units Sold + On Hand Inventory)
steps in strategic planning
Means
378 63
Sell Thru %
7. Capital stock - owner's equity (owner's funds invested in the business)
62%
types of capital
$ COST
80/100
8. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
physical inventory
Break Even Point Formula
Simple interest formula
gross sales
9. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
Quick Ratio
shortage
20%
16-18
10. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
netprice with a 25/10/10 series discount
$2 -127.66
types of capital
Effective annual rate of interest formula
11. Convert 70/100 to a percent
income statement
.56
Simple interest formula
70%
12. Wholesale cost
1.304
underbought
Sell Thru %
cost of goods
13. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
EOM (in terms of invoice)
income statement
80/100
588 mph
14. 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)
percent
62%
Internal Rate of Return
gross sales
15. Convert 3 to a percent
percent decrease
3%
increase=credit
When Dividing With Exponents
16. Assets - cost of goods sold - expenses
increase=debit
$ Markdown
588 mph
With cash discounts and calculating net price - when to add freight
17. Amount decrease (Original - New) / Original amount = decimal= convert to %
profit
cost of goods sold formula (COGS)
percent decrease
Break Even Point Formula
18. Alignment of the decimals is not important
when multiplying numbers that contain decimals:
Sales per Transaction
Proportion
588 mph
19. The average car payment is $_ per month for _ months.
1.304
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
378 63
OTB (retail)
20. Beginning inventory + Purchases - Ending inventory
types of assets
loss
cost of goods sold formula (COGS)
.65
21. If freight is to be paid by the seller - the shipping terms are...
Adding Fractions
Gross Margin Return On Inventory Investment (GMROII)
Stock to Sales Ratio
FOB destination
22. What is the product of 3.26 and 0.4?
1.304
80/100
cost of goods sold formula (COGS)
.56
23. 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?
$2 -127.66
to determine equivalent single discount rate for 25/10/10 series discount
Gross margin dollars
stock turn
24. (TY-LY)/ LY or (Plan-Actual)/
underbought
gross sales
% increase or decrease
netprice with a 25/10/10 series discount
25. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
increase=debit
80/100
stock turn
Markup
26. Convert 10/11 to a percent
Margin %
Break Even Point
Markup
90.9%
27. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
Inventory Turnover Rate
With cash discounts and calculating net price - when to add freight
To decrease a number by a given percentage - e.g. decrease 16 by 25%
cost of goods sold formula (COGS)
28. % of 90 days same as cash convert to payments.
78
25%
Margin %
Current Assets
29. Net Sales / Average Retail Value of Inventory
netprice with a 25/10/10 series discount
Cost
70%
Inventory Turnover Rate
30. The wholesale cost of goods plus the markup
Internal Rate of Return
Average Collection Turnover
Retail
Break Even Point
31. Turning assets into cash.
per hundred
Liquidity of Assets
book value
DOI
32. 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?
types of assets
Simple interest formula
2.5% per month
Compound interest formula with changing rates
33. current assets/ current liabilities
$6 -655.50
Inventory Turnover Rate
Current Ratio
Average Collection Turnover
34. Convert .62 to a percent
To decrease a number by a given percentage - e.g. decrease 16 by 25%
cost of goods sold formula (COGS)
20%
62%
35. Convert .36 to a percent
profit
types of capital
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
36%
36. Direct labor - factory overhead - merchandise inventory - packaging - raw material
Quick Ratio
Break Even Point Formula
profit
costs of goods sold
37. total annual sales/365
shrinkage
Liquidity of Assets
types of expenses
Average Daily Sales
38. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...
Means
operating expenses
Extremes
Margin %
39. Convert 1/4 to a percent
Subtracting Fractions
25%
.65
Turnover
40. Formula: GM = NS - COG; GM$ = NS$ X GM%
Break Even Point Formula
Margin %
gross margin
14/100
41. Convert 14% to a fraction
Proportion
increase=debit
14/100
Sell Thru %
42. A/b - c/b = a-c/b
FOB destination
percent decrease
book value
Subtracting Fractions
43. A/b + c/b = (a+c)/b
$ COST
Adding Fractions
operating expenses
Of what number 16 is a 25% increase
44. $ Cost/ (100%-markup%)
Markdown %
Sell Thru %
$ Retail
ROG
45. Cash on delivery; this dating is used when the vendor does not know the retailer or the retailer does not have a strong line of credit
when multiplying numbers that contain decimals:
gross margin
125%
COD
46. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
profit
Effective annual rate of interest formula
25
DOI
47. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
when multiplying numbers that contain decimals:
$6 -655.50
36%
Effective annual rate of interest formula
48. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
Gross margin dollars
increase=credit
.7
netprice with a 25/10/10 series discount
49. Convert 1.25 to a percent
125%
overages
To decrease a number by a given percentage - e.g. decrease 16 by 25%
cost of goods
50. 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
60
profit and loss statement
operating expenses
ROG