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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 20 to a percent
20%
improper
underbought
Markup
2. Liabilities - capital - income
Liquidity
book value
Sell Thru %
increase=credit
3. Cash or assets that can quickly be converted into cash.
$ COST
Retail
Compound interest formula with changing rates
Current Assets
4. $ Cost/ (100%-markup%)
transportation
$ Retail
physical inventory
Margin %
5. Convert 10/11 to a percent
90.9%
16-18
operating expenses
percent
6. Total Net Sales / Total Number of Transactions
Sales per Transaction
16-18
Effective annual rate of interest formula
Gross Margin Return On Inventory Investment (GMROII)
7. An electronics store is having a 40 percent off sale. Robert has been saving to purchase a stereo system that was originally priced at $420. If Robert purchases the system during the sale - what will be the cost?
$252
Effective annual rate of interest formula
cost of goods sold formula (COGS)
Compound interest formula with changing rates
8. Sales - cost of goods sold
Gross margin dollars
operating expenses
Liquidity of Assets
COD
9. 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
overages
transportation
overbought
Current Assets
10. total fixed costs/ selling price-variable cost
Mark Up %
Current Assets
types of incomes
Break Even Point Formula
11. 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
Internal Rate of Return
types of incomes
62%
12. BOM $ Stock/ Sales for period
Stock to Sales Ratio
$ COST
types of assets
shortage
13. Inside numbers in a ratio.
.65
Means
COD
Retail
14. Wholesale cost
income statement
cost of goods
Average Collection Turnover
net sales
15. When sales plans are underestimated and the stock purchases result in a low inventory
FOB destination
Multiplying Fractions
underbought
net sales
16. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
1.304
overbought
physical inventory
With cash discounts and calculating net price - when to add freight
17. The average car will lose _% of its value in the first 4 years.
underbought
2.5% per month
Current Assets
60
18. % of 90 days same as cash convert to payments.
GMROI
78
Inventory Turnover Rate
costs of goods sold
19. (Retail - Cost)/ Retail
Margin %
underbought
Gross Margin Return On Inventory Investment (GMROII)
4%
20. (TY-LY)/ LY or (Plan-Actual)/
% increase or decrease
78
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
types of expenses
21. Loss of items due to damaged goods - stealing - etc.
shrinkage
COD
Extremes
shortage
22. Formula: GM = NS - COG; GM$ = NS$ X GM%
installment loan
gross margin
.65
gross sales
23. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
Current Assets
stock turn
percent decrease
24. A measure of the number of days needed to collect accounts receivable.
to determine equivalent single discount rate for 25/10/10 series discount
when multiplying numbers that contain decimals:
FOB destination
Average Collection Turnover
25. A form of closed-end credit used for purchasing durable goods such as cars
$6 -655.50
60
OTB (retail)
installment loan
26. Convert .36 to a percent
ROG
36%
Average Collection Turnover
loss
27. 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...
Multiplying Fractions
operating expenses
Markup
4%
28. Convert 50% to a fraction
physical inventory
50/100
$ Markdown
Dividing Fractions
29. What is the product of 3.26 and 0.4?
78
installment loan
1.304
percent decrease
30. 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?
41%
types of liabilities
$2 -127.66
Liquidity of Assets
31. $ Cost x (100 + Mark-up %) / 100
$6 -655.50
to determine equivalent single discount rate for 25/10/10 series discount
$ Retail
588 mph
32. 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%
to determine equivalent single discount rate for 25/10/10 series discount
overbought
profit
.56
33. Convert 56% to a decimal
.56
netprice with a 25/10/10 series discount
Gross margin %
Dividing Fractions
34. 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
types of expenses
EOM (in terms of invoice)
Stock to Sales Ratio
With cash discounts and calculating net price - when to add freight
35. accounts receivable/ average daily sales
Average Collection Turnover
Simple interest formula
gross sales
$ Retail
36. A^m/a^n = a^(m-n)
When Dividing With Exponents
increase=debit
per hundred
Quick Ratio
37. Convert 80% to a fraction
profit and loss statement
Markdown %
80/100
profit
38. Units Sold/ (Units Sold + On Hand Inventory)
80/100
Sell Thru %
3%
Average Collection Turnover
39. The recommended house payment should be no more than _% of your monthly take-home pay.
cost of goods sold formula (COGS)
Adding Fractions
Compound interest formula with changing rates
25
40. What happens when your expenses - etc. are higher than your sales
78
loss
$ Cost
1.304
41. A/b + c/b = (a+c)/b
36%
Adding Fractions
improper
378 63
42. The average person will have _ jobs in their lifetime.
16-18
Subtracting Fractions
Gross margin %
To decrease a number by a given percentage - e.g. decrease 16 by 25%
43. S=X(1+r1)^y(1+r
costs of goods sold
profit
Compound interest formula with changing rates
16-18
44. 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.
net sales
Gross Margin Return On Inventory Investment (GMROII)
DOI
50/100
45. If freight is to be paid by the seller - the shipping terms are...
Gross margin %
FOB destination
profit
.56
46. 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)
Mark Up %
Simple interest formula
With cash discounts and calculating net price - when to add freight
60
47. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
2.5% per month
$ Retail
overbought
16-18
48. 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
COD
$2 -127.66
Sell Thru %
Simple interest formula
49. Amount decrease (Original - New) / Original amount = decimal= convert to %
income statement
percent decrease
Dividing Fractions
overbought
50. Net Sales / Average Retail Value of Inventory
1.304
netprice with a 25/10/10 series discount
Inventory Turnover Rate
costs of goods sold