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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 - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
types of assets
$2 -127.66
Of what number 16 is a 25% increase
Current Assets
2. A/b + c/b = (a+c)/b
Adding Fractions
Markdown %
stock turn
Inventory Turnover Rate
3. Loss of items due to damaged goods - stealing - etc.
types of expenses
Average Daily Sales
shrinkage
Internal Rate of Return
4. Alignment of the decimals is not important
Turnover
when multiplying numbers that contain decimals:
cost of goods sold formula (COGS)
Dividing Fractions
5. accounts receivable/ average daily sales
Average Collection Turnover
25%
Discounting Formula
Unit pricing
6. X=S*[1/(1+r)^n] Where: S=the sum to be received after n time periods X=the present value of that sum r=the rate of return (as a proportion) n=the number of time periods - r - rate - is sometimes called cost of capital
percent decrease
Current Ratio
overbought
Discounting Formula
7. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
book value
gross sales
Discounting Formula
GMROI
8. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
Compound interest formula with changing rates
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
588 mph
operating expenses
9. 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
steps in strategic planning
EOM (in terms of invoice)
.56
cost of goods
10. Convert 20 to a percent
25%
To increase a number by a given percentage - e.g. increase 16 by 25%
70%
20%
11. Convert .62 to a percent
62%
Margin %
increase=debit
378 63
12. % of 90 days same as cash convert to payments.
The sum of a Geometric Progression
Markdown %
78
70%
13. GMROII = GM% x (Sales / Average Value of Inventory)
Compound interest formula with changing rates
costs of goods sold
Gross Margin Return On Inventory Investment (GMROII)
to determine equivalent single discount rate for 25/10/10 series discount
14. 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
GMROI
steps in strategic planning
588 mph
to determine equivalent single discount rate for 25/10/10 series discount
15. Net Sales / Average Retail Value of Inventory
EOM (in terms of invoice)
Quick Ratio
ROG
Inventory Turnover Rate
16. Inside numbers in a ratio.
Means
25
types of incomes
costs of goods sold
17. You should never take out more than a _ year mortgage.
installment loan
Turnover
15
profit
18. 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
When Dividing With Exponents
41%
The sum of a Geometric Progression
Liquidity
19. $ retail x (100%-markup)
gross sales
Compound interest formula with changing rates
$ Cost
36%
20. A/b - c/b = a-c/b
Subtracting Fractions
14/100
16-18
The sum of a Geometric Progression
21. The wholesale cost of an item (cost of goods - or COG)
Cost
steps in strategic planning
Adding Fractions
588 mph
22. The recommended house payment should be no more than _% of your monthly take-home pay.
25
$ Retail
$ COST
Markdown %
23. total annual sales/365
overages
Stock to Sales Ratio
$ Retail
Average Daily Sales
24. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
20%
2.5% per month
shortage
ROG
25. 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?
.56
OTB (retail)
2.5% per month
Stock to Sales Ratio
26. When sales plans are underestimated and the stock purchases result in a low inventory
cost of goods
percent
underbought
types of expenses
27. What happens when your expenses - etc. are higher than your sales
loss
Mark Up %
15
Dividing Fractions
28. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
profit
Average Collection Turnover
41%
netprice with a 25/10/10 series discount
29. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
Subtracting Fractions
16-18
cost of goods
30. Amount decrease (Original - New) / Original amount = decimal= convert to %
1.304
percent decrease
Markdown %
ROG
31. Wholesale cost
when multiplying numbers that contain decimals:
cost of goods
$6 -655.50
25%
32. (Retail - Cost)/ Retail
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?
Mark Up %
Liquidity
33. 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
To increase a number by a given percentage - e.g. increase 16 by 25%
COD
36%
Extremes
34. (TY-LY)/ LY or (Plan-Actual)/
gross sales
profit
Gross margin dollars
% increase or decrease
35. A measure of the number of days needed to collect accounts receivable.
Break Even Point Formula
Gross margin %
Average Collection Turnover
60
36. Convert .36 to a percent
90.9%
ROG
50/100
36%
37. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
cost of goods
Stock to Sales Ratio
To decrease a number by a given percentage - e.g. decrease 16 by 25%
overages
38. What does percent mean?
GMROI
$ Retail
cost of goods sold formula (COGS)
per hundred
39. Commissions - fees for service - merchandise sales - rental income - royalties
types of incomes
To increase a number by a given percentage - e.g. increase 16 by 25%
$ Retail
Markup
40. Another way of counting part of a whole?
With cash discounts and calculating net price - when to add freight
When Dividing With Exponents
percent
ROG
41. A team won 16 games and lost 9 games. What percent of games did the team lose?
profit and loss statement
125%
To increase a number by a given percentage - e.g. increase 16 by 25%
36%
42. Gross Margin/ Average Inventory Cost
Discounting Formula
operating expenses
GMROI
$2 -127.66
43. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
$6 -655.50
20%
To decrease a number by a given percentage - e.g. decrease 16 by 25%
OTB (retail)
44. The average person will have _ jobs in their lifetime.
increase=credit
Markup
16-18
Extremes
45. 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)
Average Collection Turnover
cost of goods
Simple interest formula
costs of goods sold
46. 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%
2.5% per month
to determine equivalent single discount rate for 25/10/10 series discount
Markdown %
$ Markdown
47. Convert 56% to a decimal
steps in strategic planning
25
.56
Simple interest formula
48. Convert 41/100 to a percent
Extremes
improper
62%
41%
49. 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
36%
OTB (retail)
$ Markdown
50. Liabilities - capital - income
increase=credit
to determine equivalent single discount rate for 25/10/10 series discount
Average Collection Turnover
Margin %