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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. You should never take out more than a _ year mortgage.
15
% increase or decrease
EOM (in terms of invoice)
25
2. Convert 50% to a fraction
FOB destination
50/100
Quick Ratio
shortage
3. total fixed costs/ selling price-variable cost
1.304
cost of goods sold formula (COGS)
Break Even Point Formula
types of assets
4. The average car payment is $_ per month for _ months.
ROG
per hundred
$ Retail
378 63
5. Convert 41/100 to a percent
41%
To increase a number by a given percentage - e.g. increase 16 by 25%
Liquidity
To decrease a number by a given percentage - e.g. decrease 16 by 25%
6. Convert .36 to a percent
operating expenses
Markdown %
improper
36%
7. If freight is to be paid by the seller - the shipping terms are...
Dividing Fractions
70%
Of what number 16 is a 25% increase
FOB destination
8. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
percent
Gross margin %
$6 -655.50
4%
9. 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
80/100
Unit pricing
Markdown %
steps in strategic planning
10. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
Break Even Point Formula
netprice with a 25/10/10 series discount
41%
OTB (retail)
11. Loss of items due to damaged goods - stealing - etc.
GMROI
14/100
shrinkage
4%
12. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Means
$ Retail
Gross margin %
% increase or decrease
13. 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
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Markdown %
cost of goods
EOM (in terms of invoice)
14. Two equivalent ratios joined by an equal sign.
588 mph
increase=debit
Proportion
Gross margin dollars
15. Capital stock - owner's equity (owner's funds invested in the business)
125%
.7
types of capital
increase=credit
16. Another way of counting part of a whole?
Cost
78
percent
Extremes
17. 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
installment loan
physical inventory
$6 -655.50
types of expenses
18. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
EOM (in terms of invoice)
netprice with a 25/10/10 series discount
% increase or decrease
costs of goods sold
19. current assets/ current liabilities
Cost
Current Ratio
OTB (retail)
Proportion
20. $ RETAIL X (100 - GM %) / 100
The sum of a Geometric Progression
$ COST
Gross margin %
15
21. Convert 56% to a decimal
$252
.56
588 mph
gross sales
22. cost of an item expressed per unit of measure or count.
125%
Unit pricing
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
90.9%
23. The wholesale cost of an item (cost of goods - or COG)
36%
Cost
Simple interest formula
types of liabilities
24. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
operating expenses
DOI
Inventory Turnover Rate
Internal Rate of Return
25. BOM $ Stock/ Sales for period
Average Collection Turnover
14/100
Of what number 16 is a 25% increase
Stock to Sales Ratio
26. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
62%
types of incomes
stock turn
book value
27. 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
transportation
Current Ratio
types of assets
Current Assets
28. Convert 80% to a fraction
3%
increase=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?
80/100
29. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
$6 -655.50
per hundred
588 mph
30. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
underbought
DOI
shortage
Effective annual rate of interest formula
31. A/b + c/b = (a+c)/b
588 mph
2.5% per month
Sales per Transaction
Adding Fractions
32. A measure of the number of days needed to collect accounts receivable.
$ COST
Turnover
to determine equivalent single discount rate for 25/10/10 series discount
Average Collection Turnover
33. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
$ Retail
Internal Rate of Return
EOM (in terms of invoice)
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
34. $ retail x (100%-markup)
COD
$ Cost
gross margin
With cash discounts and calculating net price - when to add freight
35. Convert 1.25 to a percent
per hundred
125%
steps in strategic planning
income statement
36. ($ Retail x 100 / COST) - 100
EOM (in terms of invoice)
types of incomes
Markup
Mark Up %
37. Gross Margin/ Average Inventory Cost
$6 -655.50
Current Assets
60
GMROI
38. Convert .62 to a percent
Margin %
62%
To increase a number by a given percentage - e.g. increase 16 by 25%
36%
39. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
Gross Margin Return On Inventory Investment (GMROII)
Gross margin dollars
physical inventory
steps in strategic planning
40. Convert 65% to a decimal
Dividing Fractions
FOB destination
.65
Average Daily Sales
41. GMROII = GM% x (Sales / Average Value of Inventory)
types of incomes
types of expenses
Gross Margin Return On Inventory Investment (GMROII)
stock turn
42. Wholesale cost
cost of goods sold formula (COGS)
EOM (in terms of invoice)
Gross Margin Return On Inventory Investment (GMROII)
cost of goods
43. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
1.304
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Stock to Sales Ratio
To increase a number by a given percentage - e.g. increase 16 by 25%
44. A/b
Markup
overbought
Proportion
Multiplying Fractions
45. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
Stock to Sales Ratio
gross sales
$ COST
50/100
46. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
OTB (retail)
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Adding Fractions
Liquidity
47. 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)
Extremes
Break Even Point Formula
Effective annual rate of interest formula
Simple interest formula
48. Sales - cost of goods sold
Gross margin dollars
Adding Fractions
62%
78
49. The average person will have _ jobs in their lifetime.
16-18
cost of goods sold formula (COGS)
improper
Liquidity
50. The wholesale cost of goods plus the markup
Retail
Current Assets
Margin %
underbought