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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 80% to a fraction
80/100
Current Ratio
$ Cost
to determine equivalent single discount rate for 25/10/10 series discount
2. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Of what number 16 is a 25% increase
overbought
25%
To decrease a number by a given percentage - e.g. decrease 16 by 25%
3. The recommended house payment should be no more than _% of your monthly take-home pay.
shrinkage
25
physical inventory
$6 -655.50
4. current assets/ current liabilities
.7
Current Ratio
$ Cost
Sales per Transaction
5. The average car payment is $_ per month for _ months.
profit and loss statement
When Dividing With Exponents
378 63
14/100
6. $ Cost x (100 + Mark-up %) / 100
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
DOI
.7
$ Retail
7. A/b
percent
Dividing Fractions
Quick Ratio
transportation
8. 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
62%
FOB destination
Markdown %
9. Convert 70/100 to a percent
% increase or decrease
80/100
Simple interest formula
70%
10. 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
36%
income statement
$ Cost
transportation
11. cash + receivables/ current liabilities.
GMROI
Quick Ratio
steps in strategic planning
25
12. Original retail price - Lower retail price
installment loan
Of what number 16 is a 25% increase
$ Markdown
shortage
13. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
Gross margin %
Dividing Fractions
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
OTB (retail)
14. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
book value
378 63
125%
Margin %
15. The wholesale cost of an item (cost of goods - or COG)
16-18
Cost
Inventory Turnover Rate
Liquidity
16. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
types of liabilities
Average Collection Turnover
increase=debit
when multiplying numbers that contain decimals:
17. Inside numbers in a ratio.
cost of goods sold formula (COGS)
Means
increase=debit
types of liabilities
18. A/b + c/b = (a+c)/b
Adding Fractions
overbought
per hundred
GMROI
19. 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
EOM (in terms of invoice)
$6 -655.50
increase=credit
14/100
20. Direct labor - factory overhead - merchandise inventory - packaging - raw material
percent
costs of goods sold
Gross Margin Return On Inventory Investment (GMROII)
types of liabilities
21. Total Net Sales / Total Number of Transactions
Sales per Transaction
physical inventory
per hundred
.56
22. GMROII = GM% x (Sales / Average Value of Inventory)
70%
Effective annual rate of interest formula
Gross Margin Return On Inventory Investment (GMROII)
when multiplying numbers that contain decimals:
23. Units Sold/ (Units Sold + On Hand Inventory)
gross margin
70%
Sell Thru %
To decrease a number by a given percentage - e.g. decrease 16 by 25%
24. 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?
2.5% per month
Quick Ratio
to determine equivalent single discount rate for 25/10/10 series discount
types of expenses
25. 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
36%
COD
Gross Margin Return On Inventory Investment (GMROII)
percent
26. Convert 70% to a decimal
Turnover
Break Even Point
Dividing Fractions
.7
27. total annual sales/365
Multiplying Fractions
Average Daily Sales
Liquidity of Assets
378 63
28. 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?
when multiplying numbers that contain decimals:
$252
To decrease a number by a given percentage - e.g. decrease 16 by 25%
to determine equivalent single discount rate for 25/10/10 series discount
29. Cash or assets that can quickly be converted into cash.
4%
Proportion
Current Assets
50/100
30. BOM $ Stock/ Sales for period
Stock to Sales Ratio
41%
60
to determine equivalent single discount rate for 25/10/10 series discount
31. 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)
Internal Rate of Return
.56
70%
Gross Margin Return On Inventory Investment (GMROII)
32. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
ROG
$2 -127.66
income statement
Subtracting Fractions
33. Convert 1.25 to a percent
steps in strategic planning
FOB destination
Stock to Sales Ratio
125%
34. 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
income statement
profit and loss statement
70%
Proportion
35. Another way of counting part of a whole?
Of what number 16 is a 25% increase
percent
Proportion
DOI
36. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
14/100
Discounting Formula
income statement
Markdown %
37. Turning assets into cash.
Internal Rate of Return
2.5% per month
41%
Liquidity of Assets
38. Convert 56% to a decimal
.56
$ Retail
The sum of a Geometric Progression
GMROI
39. You should never take out more than a _ year mortgage.
OTB (retail)
15
Break Even Point Formula
when multiplying numbers that contain decimals:
40. Convert 3 to a percent
Gross margin dollars
GMROI
Gross margin %
3%
41. The point at which you stop losing money.
overbought
Inventory Turnover Rate
Break Even Point
36%
42. A^m/a^n = a^(m-n)
.65
profit
.7
When Dividing With Exponents
43. Assets - cost of goods sold - expenses
operating expenses
increase=debit
when multiplying numbers that contain decimals:
percent decrease
44. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
2.5% per month
14/100
25%
shortage
45. Convert .4 to a percent
36%
4%
Gross Margin Return On Inventory Investment (GMROII)
To decrease a number by a given percentage - e.g. decrease 16 by 25%
46. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
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?
physical inventory
Current Assets
47. Formula: GM = NS - COG; GM$ = NS$ X GM%
ROG
gross margin
types of capital
Liquidity of Assets
48. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
Subtracting Fractions
Average Collection Turnover
.56
DOI
49. The average car will lose _% of its value in the first 4 years.
overages
60
Discounting Formula
overbought
50. Convert 50% to a fraction
$2 -127.66
50/100
profit and loss statement
gross sales