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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 .4 to a percent
Cost
4%
Margin %
when multiplying numbers that contain decimals:
2. When sales plans are underestimated and the stock purchases result in a low inventory
$6 -655.50
shortage
Break Even Point
underbought
3. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
DOI
physical inventory
ROG
stock turn
4. % of 90 days same as cash convert to payments.
78
$ Markdown
Quick Ratio
ROG
5. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
book value
125%
36%
Dividing Fractions
6. The wholesale cost of an item (cost of goods - or COG)
Turnover
.65
Cost
cost of goods sold formula (COGS)
7. 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%
Mark Up %
1.304
to determine equivalent single discount rate for 25/10/10 series discount
Subtracting Fractions
8. 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)
cost of goods sold formula (COGS)
$ COST
Current Ratio
9. A^m/a^n = a^(m-n)
types of assets
types of capital
percent decrease
When Dividing With Exponents
10. A/b - c/b = a-c/b
Current Ratio
Subtracting Fractions
70%
The sum of a Geometric Progression
11. What is the product of 3.26 and 0.4?
1.304
cost of goods sold formula (COGS)
2.5% per month
loss
12. 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
80/100
$ COST
When Dividing With Exponents
13. Loss of items due to damaged goods - stealing - etc.
Compound interest formula with changing rates
36%
shrinkage
COD
14. 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...
profit
16-18
62%
operating expenses
15. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
$2 -127.66
Markup
16-18
net sales
16. S=X(1+r1)^y(1+r
Compound interest formula with changing rates
Dividing Fractions
ROG
costs of goods sold
17. Net Sales for period/ Avg Stock for period
14/100
physical inventory
36%
Turnover
18. 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 find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
COD
underbought
Subtracting Fractions
19. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
3%
$6 -655.50
shrinkage
With cash discounts and calculating net price - when to add freight
20. If freight is to be paid by the seller - the shipping terms are...
DOI
FOB destination
Multiplying Fractions
income statement
21. Convert .36 to a percent
underbought
60
36%
cost of goods
22. The average car will lose _% of its value in the first 4 years.
60
installment loan
Adding Fractions
Unit pricing
23. You should never take out more than a _ year mortgage.
Liquidity of Assets
15
when multiplying numbers that contain decimals:
Average Daily Sales
24. Units Sold/ (Units Sold + On Hand Inventory)
20%
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Sell Thru %
Sales per Transaction
25. He availability of your money is called _.
Liquidity
$ COST
gross sales
Effective annual rate of interest formula
26. Convert 80% to a fraction
80/100
90.9%
Gross margin %
increase=credit
27. (TY-LY)/ LY or (Plan-Actual)/
Markdown %
per hundred
% increase or decrease
The sum of a Geometric Progression
28. $ RETAIL X (100 - GM %) / 100
to determine equivalent single discount rate for 25/10/10 series discount
Stock to Sales Ratio
physical inventory
$ COST
29. total annual sales/365
60
Average Daily Sales
FOB destination
Average Collection Turnover
30. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
$ COST
types of expenses
Current Ratio
physical inventory
31. The point at which you stop losing money.
With cash discounts and calculating net price - when to add freight
Break Even Point
25%
1.304
32. $ retail x (100%-markup)
$ Cost
Stock to Sales Ratio
Proportion
gross sales
33. Convert 41/100 to a percent
.65
steps in strategic planning
41%
14/100
34. Outside numbers in a ratio.
Stock to Sales Ratio
Extremes
25%
cost of goods sold formula (COGS)
35. 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.
Multiplying Fractions
20%
net sales
percent
36. 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)
Liquidity of Assets
Simple interest formula
Turnover
net sales
37. Direct labor - factory overhead - merchandise inventory - packaging - raw material
To decrease a number by a given percentage - e.g. decrease 16 by 25%
90.9%
$ Cost
costs of goods sold
38. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
14/100
15
62%
39. (Retail - Cost)/ Retail
41%
2.5% per month
shrinkage
Margin %
40. The recommended house payment should be no more than _% of your monthly take-home pay.
25
increase=debit
gross margin
increase=credit
41. A team won 16 games and lost 9 games. What percent of games did the team lose?
DOI
COD
operating expenses
36%
42. total fixed costs/ selling price-variable cost
Break Even Point
Gross Margin Return On Inventory Investment (GMROII)
90.9%
Break Even Point Formula
43. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
Stock to Sales Ratio
Effective annual rate of interest formula
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
netprice with a 25/10/10 series discount
44. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
To increase a number by a given percentage - e.g. increase 16 by 25%
Sales per Transaction
profit
With cash discounts and calculating net price - when to add freight
45. 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
$252
physical inventory
Internal Rate of Return
46. current assets/ current liabilities
types of capital
41%
Current Ratio
Extremes
47. Liabilities - capital - income
increase=credit
Unit pricing
Proportion
gross sales
48. Convert 65% to a decimal
Gross margin %
Markdown %
2.5% per month
.65
49. Assets - cost of goods sold - expenses
Liquidity
20%
loss
increase=debit
50. BOM $ Stock/ Sales for period
Markdown %
stock turn
.65
Stock to Sales Ratio