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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 - Cost)/ Retail
Turnover
Margin %
588 mph
$ Markdown
2. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
16-18
Average Collection Turnover
OTB (retail)
types of expenses
3. 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
25
overbought
Sales per Transaction
profit and loss statement
4. 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
Of what number 16 is a 25% increase
90.9%
Average Daily Sales
5. The average person will have _ jobs in their lifetime.
shortage
16-18
80/100
Break Even Point Formula
6. 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)
loss
Quick Ratio
physical inventory
Simple interest formula
7. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
20%
stock turn
improper
types of assets
8. Two equivalent ratios joined by an equal sign.
Proportion
Of what number 16 is a 25% increase
16-18
increase=credit
9. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
.56
improper
Average Collection Turnover
ROG
10. cost of an item expressed per unit of measure or count.
Unit pricing
per hundred
Liquidity of Assets
types of incomes
11. The wholesale cost of an item (cost of goods - or COG)
Cost
$ Cost
1.304
Subtracting Fractions
12. What happens when your sales are higher than your expenses - etc.
Liquidity of Assets
profit
Markup
Internal Rate of Return
13. Units Sold/ (Units Sold + On Hand Inventory)
Sell Thru %
steps in strategic planning
increase=debit
loss
14. The point at which you stop losing money.
Break Even Point
50/100
14/100
$ Retail
15. What is the product of 3.26 and 0.4?
1.304
25
Stock to Sales Ratio
Quick Ratio
16. S=X(1+r1)^y(1+r
$2 -127.66
378 63
Compound interest formula with changing rates
types of incomes
17. 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
Average Daily Sales
per hundred
78
steps in strategic planning
18. $ retail x (100%-markup)
$ Cost
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Liquidity of Assets
Markdown %
19. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
types of liabilities
$ Markdown
Cost
netprice with a 25/10/10 series discount
20. accounts receivable/ average daily sales
Sales per Transaction
$ COST
underbought
Average Collection Turnover
21. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
Average Daily Sales
Markup
25
Subtracting Fractions
22. Convert 3 to a percent
percent decrease
Margin %
types of incomes
3%
23. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
book value
types of expenses
Effective annual rate of interest formula
$2 -127.66
24. Convert 14% to a fraction
50/100
To increase a number by a given percentage - e.g. increase 16 by 25%
types of assets
14/100
25. Total Net Sales / Total Number of Transactions
36%
1.304
50/100
Sales per Transaction
26. Convert 50% to a fraction
The sum of a Geometric Progression
Markdown %
50/100
.56
27. If freight is to be paid by the seller - the shipping terms are...
Stock to Sales Ratio
FOB destination
types of liabilities
16-18
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?
Liquidity of Assets
Average Collection Turnover
$252
types of capital
29. Liabilities - capital - income
Turnover
Means
Unit pricing
increase=credit
30. A/b + c/b = (a+c)/b
Adding Fractions
net sales
percent decrease
Sell Thru %
31. Loss of items due to damaged goods - stealing - etc.
ROG
COD
Liquidity of Assets
shrinkage
32. Convert 65% to a decimal
FOB destination
Markup
.65
cost of goods sold formula (COGS)
33. Capital stock - owner's equity (owner's funds invested in the business)
Compound interest formula with changing rates
Gross margin %
.56
types of capital
34. Convert 70/100 to a percent
types of liabilities
$6 -655.50
When Dividing With Exponents
70%
35. Another way of counting part of a whole?
Quick Ratio
overbought
Markdown %
percent
36. You should never take out more than a _ year mortgage.
15
3%
20%
Inventory Turnover Rate
37. A/b - c/b = a-c/b
Sell Thru %
profit and loss statement
Subtracting Fractions
percent decrease
38. The average car will lose _% of its value in the first 4 years.
shortage
Extremes
60
$ COST
39. Wholesale cost
The sum of a Geometric Progression
cost of goods
loss
shrinkage
40. Convert 1.25 to a percent
Average Daily Sales
125%
$ Markdown
41%
41. 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
percent
types of expenses
Extremes
Inventory Turnover Rate
42. Commissions - fees for service - merchandise sales - rental income - royalties
Liquidity of Assets
36%
gross sales
types of incomes
43. 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%
gross sales
to determine equivalent single discount rate for 25/10/10 series discount
netprice with a 25/10/10 series discount
Margin %
44. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
Margin %
shortage
gross sales
14/100
45. 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...
Adding Fractions
% increase or decrease
operating expenses
16-18
46. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
increase=debit
$ Cost
DOI
.56
47. Convert .62 to a percent
cost of goods
25
Inventory Turnover Rate
62%
48. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
Inventory Turnover Rate
With cash discounts and calculating net price - when to add freight
underbought
$ Retail
49. 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)
125%
41%
Internal Rate of Return
Dividing Fractions
50. total fixed costs/ selling price-variable cost
When Dividing With Exponents
Break Even Point Formula
41%
netprice with a 25/10/10 series discount