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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. ($ Retail x 100 / COST) - 100
types of capital
Sales per Transaction
Liquidity
Mark Up %
2. Convert 20 to a percent
20%
Break Even Point
increase=debit
$ Cost
3. Commissions - fees for service - merchandise sales - rental income - royalties
profit and loss statement
types of incomes
underbought
Quick Ratio
4. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
80/100
50/100
Break Even Point
ROG
5. Direct labor - factory overhead - merchandise inventory - packaging - raw material
Discounting Formula
overages
installment loan
costs of goods sold
6. A/b + c/b = (a+c)/b
Adding Fractions
The sum of a Geometric Progression
OTB (retail)
41%
7. total annual sales/365
improper
GMROI
$252
Average Daily Sales
8. A^m/a^n = a^(m-n)
cost of goods sold formula (COGS)
netprice with a 25/10/10 series discount
With cash discounts and calculating net price - when to add freight
When Dividing With Exponents
9. A form of closed-end credit used for purchasing durable goods such as cars
income statement
installment loan
gross sales
types of capital
10. Convert 70% to a decimal
2.5% per month
Dividing Fractions
.7
Markdown %
11. 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
profit and loss statement
Effective annual rate of interest formula
Inventory Turnover Rate
Means
12. Convert .4 to a percent
25
25%
stock turn
4%
13. Outside numbers in a ratio.
Multiplying Fractions
Average Collection Turnover
Extremes
per hundred
14. Convert 41/100 to a percent
41%
costs of goods sold
To decrease a number by a given percentage - e.g. decrease 16 by 25%
income statement
15. Net Sales / Average Retail Value of Inventory
OTB (retail)
Inventory Turnover Rate
78
$ Markdown
16. $ RETAIL X (100 - GM %) / 100
$ COST
41%
per hundred
.7
17. The recommended house payment should be no more than _% of your monthly take-home pay.
shortage
Average Collection Turnover
Turnover
25
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
Discounting Formula
gross sales
To increase a number by a given percentage - e.g. increase 16 by 25%
Average Daily Sales
19. Total Net Sales / Total Number of Transactions
Sales per Transaction
book value
Compound interest formula with changing rates
Gross margin %
20. GMROII = GM% x (Sales / Average Value of Inventory)
$252
to determine equivalent single discount rate for 25/10/10 series discount
Adding Fractions
Gross Margin Return On Inventory Investment (GMROII)
21. Alignment of the decimals is not important
EOM (in terms of invoice)
when multiplying numbers that contain decimals:
1.304
Multiplying Fractions
22. Convert 80% to a fraction
70%
improper
Average Daily Sales
80/100
23. The average person will have _ jobs in their lifetime.
types of liabilities
16-18
20%
3%
24. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
20%
25%
Turnover
Markup
25. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
per hundred
Means
book value
operating expenses
26. The average car will lose _% of its value in the first 4 years.
Mark Up %
50/100
60
Dividing Fractions
27. Overage$ = book$ - physical count$; overage% = overage$/NS$
overages
Compound interest formula with changing rates
increase=credit
Average Collection Turnover
28. Cash or assets that can quickly be converted into cash.
Current Assets
70%
overages
Gross margin dollars
29. A/b - c/b = a-c/b
profit
Subtracting Fractions
shortage
Margin %
30. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
Markup
per hundred
36%
31. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Simple interest formula
Gross margin %
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Effective annual rate of interest formula
32. Wholesale cost
Multiplying Fractions
cost of goods
per hundred
OTB (retail)
33. Beginning inventory + Purchases - Ending inventory
125%
underbought
cost of goods sold formula (COGS)
shrinkage
34. When sales plans are underestimated and the stock purchases result in a low inventory
Average Collection Turnover
EOM (in terms of invoice)
underbought
gross sales
35. A/b
profit
25
OTB (retail)
Dividing Fractions
36. 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?
loss
2.5% per month
Inventory Turnover Rate
14/100
37. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
operating expenses
Means
underbought
improper
38. The wholesale cost of an item (cost of goods - or COG)
Quick Ratio
Cost
$ Retail
per hundred
39. What is the product of 3.26 and 0.4?
1.304
2.5% per month
To increase a number by a given percentage - e.g. increase 16 by 25%
Compound interest formula with changing rates
40. Sales - cost of goods sold
installment loan
Margin %
Gross margin dollars
Current Assets
41. Convert 70/100 to a percent
2.5% per month
Markdown %
The sum of a Geometric Progression
70%
42. 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
50/100
1.304
Liquidity of Assets
43. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
Mark Up %
Means
to determine equivalent single discount rate for 25/10/10 series discount
$6 -655.50
44. 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)
3%
Compound interest formula with changing rates
Gross margin %
Internal Rate of Return
45. Convert 10/11 to a percent
Dividing Fractions
90.9%
profit and loss statement
36%
46. accounts receivable/ average daily sales
netprice with a 25/10/10 series discount
$6 -655.50
Average Collection Turnover
50/100
47. $ retail x (100%-markup)
Means
$ Cost
shrinkage
Gross margin dollars
48. 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
increase=credit
Discounting Formula
Subtracting Fractions
Quick Ratio
49. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
Current Assets
types of assets
25%
COD
50. 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)
$ COST
stock turn
Markup
Average Collection Turnover