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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. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Turnover
Extremes
ROG
2. The wholesale cost of goods plus the markup
Retail
income statement
types of assets
Extremes
3. Convert 70% to a decimal
When Dividing With Exponents
Effective annual rate of interest formula
Cost
.7
4. A^m/a^n = a^(m-n)
installment loan
$252
25%
When Dividing With Exponents
5. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
36%
DOI
Means
Retail
6. cost of an item expressed per unit of measure or count.
Unit pricing
gross margin
operating expenses
steps in strategic planning
7. Units Sold/ (Units Sold + On Hand Inventory)
Sell Thru %
to determine equivalent single discount rate for 25/10/10 series discount
DOI
To decrease a number by a given percentage - e.g. decrease 16 by 25%
8. 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 $1000 @ 10% simple interest for 5 years = 1000+(50.101000)
.56
types of liabilities
Simple interest formula
Markup
9. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
OTB (retail)
90.9%
improper
Gross margin dollars
10. The cost of moving from the vendor's warehouse (loading dock) to the retail warehouse or store (loading dock) - may also include insurance to cover the merchandise while in transit
Means
netprice with a 25/10/10 series discount
transportation
book value
11. Alignment of the decimals is not important
when multiplying numbers that contain decimals:
2.5% per month
With cash discounts and calculating net price - when to add freight
50/100
12. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
book value
To decrease a number by a given percentage - e.g. decrease 16 by 25%
FOB destination
gross sales
13. Amount decrease (Original - New) / Original amount = decimal= convert to %
Dividing Fractions
Break Even Point Formula
Turnover
percent decrease
14. Wholesale cost
when multiplying numbers that contain decimals:
cost of goods
Markdown %
Discounting Formula
15. Convert 41/100 to a percent
Means
41%
Current Ratio
Inventory Turnover Rate
16. 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?
types of assets
36%
$2 -127.66
DOI
17. A form of closed-end credit used for purchasing durable goods such as cars
installment loan
378 63
Average Collection Turnover
Of what number 16 is a 25% increase
18. What is the product of 3.26 and 0.4?
Average Collection Turnover
transportation
4%
1.304
19. Convert .36 to a percent
36%
Break Even Point Formula
78
Retail
20. The wholesale cost of an item (cost of goods - or COG)
improper
20%
installment loan
Cost
21. Two equivalent ratios joined by an equal sign.
Cost
Proportion
cost of goods
90.9%
22. 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
Proportion
16-18
COD
Retail
23. Convert 20 to a percent
20%
$ COST
percent decrease
Internal Rate of Return
24. Gross Margin/ Average Inventory Cost
Subtracting Fractions
Inventory Turnover Rate
shortage
GMROI
25. Convert 80% to a fraction
80/100
steps in strategic planning
588 mph
$ Retail
26. 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?
types of incomes
shortage
EOM (in terms of invoice)
$252
27. Beginning inventory + Purchases - Ending inventory
Unit pricing
cost of goods sold formula (COGS)
transportation
41%
28. 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
$ COST
Quick Ratio
types of expenses
Gross margin dollars
29. Overage$ = book$ - physical count$; overage% = overage$/NS$
overages
profit and loss statement
62%
To decrease a number by a given percentage - e.g. decrease 16 by 25%
30. A/b + c/b = (a+c)/b
Gross Margin Return On Inventory Investment (GMROII)
Current Ratio
378 63
Adding Fractions
31. Loss of items due to damaged goods - stealing - etc.
netprice with a 25/10/10 series discount
COD
60
shrinkage
32. current assets/ current liabilities
operating expenses
Current Ratio
net sales
$252
33. (Retail - Cost)/ Retail
types of capital
Adding Fractions
physical inventory
Margin %
34. Convert .4 to a percent
4%
Markup
$ Retail
Compound interest formula with changing rates
35. Original retail price - Lower retail price
$ Markdown
Internal Rate of Return
When Dividing With Exponents
stock turn
36. total annual sales/365
physical inventory
$2 -127.66
80/100
Average Daily Sales
37. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
types of liabilities
Sales per Transaction
78
stock turn
38. 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?
Sales per Transaction
DOI
2.5% per month
15
39. 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%
.7
25%
to determine equivalent single discount rate for 25/10/10 series discount
$ COST
40. accounts receivable/ average daily sales
Average Collection Turnover
Markup
36%
Unit pricing
41. Assets - cost of goods sold - expenses
Gross margin dollars
increase=debit
Of what number 16 is a 25% increase
overbought
42. 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.
36%
overbought
net sales
percent decrease
43. 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)
netprice with a 25/10/10 series discount
Internal Rate of Return
% increase or decrease
36%
44. GMROII = GM% x (Sales / Average Value of Inventory)
Quick Ratio
Gross Margin Return On Inventory Investment (GMROII)
percent
transportation
45. The average car will lose _% of its value in the first 4 years.
15
70%
14/100
60
46. Convert 50% to a fraction
Internal Rate of Return
50/100
$252
Average Collection Turnover
47. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
78
25
588 mph
DOI
48. cash + receivables/ current liabilities.
profit and loss statement
types of expenses
types of assets
Quick Ratio
49. Inside numbers in a ratio.
underbought
Margin %
Means
Break Even Point Formula
50. 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
Dividing Fractions
Gross margin %
Discounting Formula
$ Retail