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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 1/4 to a percent
types of capital
Average Collection Turnover
25%
125%
2. Cash or assets that can quickly be converted into cash.
Current Assets
Sell Thru %
$ Retail
Extremes
3. cash + receivables/ current liabilities.
Quick Ratio
Cost
cost of goods sold formula (COGS)
when multiplying numbers that contain decimals:
4. Convert 41/100 to a percent
types of assets
41%
Discounting Formula
types of incomes
5. What happens when your expenses - etc. are higher than your sales
Adding Fractions
shortage
cost of goods sold formula (COGS)
loss
6. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
overbought
Markup
improper
types of capital
7. total fixed costs/ selling price-variable cost
to determine equivalent single discount rate for 25/10/10 series discount
Break Even Point Formula
Cost
Mark Up %
8. Assets - cost of goods sold - expenses
2.5% per month
loss
Markup
increase=debit
9. The point at which you stop losing money.
Unit pricing
transportation
OTB (retail)
Break Even Point
10. Two equivalent ratios joined by an equal sign.
Internal Rate of Return
% increase or decrease
Means
Proportion
11. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Margin %
Of what number 16 is a 25% increase
Simple interest formula
.56
12. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
Break Even Point
80/100
shrinkage
13. A/b + c/b = (a+c)/b
Gross margin %
Average Collection Turnover
Adding Fractions
1.304
14. A form of closed-end credit used for purchasing durable goods such as cars
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
installment loan
EOM (in terms of invoice)
% increase or decrease
15. A/b
Multiplying Fractions
Retail
The sum of a Geometric Progression
Dividing Fractions
16. Total Net Sales / Total Number of Transactions
$2 -127.66
Extremes
With cash discounts and calculating net price - when to add freight
Sales per Transaction
17. Convert .4 to a percent
cost of goods sold formula (COGS)
$ Retail
14/100
4%
18. Turning assets into cash.
Liquidity of Assets
Extremes
Margin %
Stock to Sales Ratio
19. The average car payment is $_ per month for _ months.
$2 -127.66
378 63
percent decrease
.65
20. (Retail - Cost)/ Retail
588 mph
Markup
Margin %
Gross margin dollars
21. What is the product of 3.26 and 0.4?
Effective annual rate of interest formula
41%
1.304
improper
22. Sales - cost of goods sold
types of capital
percent
Gross margin dollars
Break Even Point
23. 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
steps in strategic planning
Of what number 16 is a 25% increase
With cash discounts and calculating net price - when to add freight
loss
24. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
Turnover
Of what number 16 is a 25% increase
DOI
Subtracting Fractions
25. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
book value
Unit pricing
ROG
378 63
26. GMROII = GM% x (Sales / Average Value of Inventory)
62%
underbought
ROG
Gross Margin Return On Inventory Investment (GMROII)
27. 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
installment loan
25%
14/100
The sum of a Geometric Progression
28. 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%
62%
to determine equivalent single discount rate for 25/10/10 series discount
Break Even Point
Quick Ratio
29. If freight is to be paid by the seller - the shipping terms are...
FOB destination
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Proportion
% increase or decrease
30. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
588 mph
Markup
2.5% per month
80/100
31. total annual sales/365
$252
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Extremes
Average Daily Sales
32. Outside numbers in a ratio.
gross sales
Means
per hundred
Extremes
33. Loss of items due to damaged goods - stealing - etc.
shrinkage
588 mph
Stock to Sales Ratio
Gross margin %
34. Net Sales for period/ Avg Stock for period
Average Daily Sales
increase=credit
Turnover
1.304
35. Inside numbers in a ratio.
Subtracting Fractions
Means
16-18
Average Collection Turnover
36. Beginning inventory + Purchases - Ending inventory
costs of goods sold
cost of goods sold formula (COGS)
$252
gross margin
37. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
physical inventory
36%
DOI
income statement
38. Capital stock - owner's equity (owner's funds invested in the business)
Simple interest formula
Liquidity
Dividing Fractions
types of capital
39. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
4%
transportation
cost of goods
$6 -655.50
40. Convert .36 to a percent
types of liabilities
Cost
36%
Proportion
41. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
increase=debit
Margin %
physical inventory
income statement
42. A team won 16 games and lost 9 games. What percent of games did the team lose?
types of incomes
Unit pricing
36%
Quick Ratio
43. 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
book value
Cost
profit
EOM (in terms of invoice)
44. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
To increase a number by a given percentage - e.g. increase 16 by 25%
Margin %
improper
OTB (retail)
45. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
14/100
overages
Compound interest formula with changing rates
types of liabilities
46. 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...
OTB (retail)
Proportion
$ Cost
operating expenses
47. ($ Retail x 100 / COST) - 100
Mark Up %
Average Collection Turnover
Average Collection Turnover
percent decrease
48. Units Sold/ (Units Sold + On Hand Inventory)
shrinkage
Proportion
Sell Thru %
netprice with a 25/10/10 series discount
49. When sales plans are underestimated and the stock purchases result in a low inventory
Average Collection Turnover
underbought
$ Markdown
Cost
50. Convert 3 to a percent
cost of goods sold formula (COGS)
Mark Up %
Current Ratio
3%