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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 65% to a decimal
.65
overbought
installment loan
cost of goods sold formula (COGS)
2. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
$6 -655.50
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
25
3. Convert 10/11 to a percent
80/100
Dividing Fractions
90.9%
The sum of a Geometric Progression
4. Wholesale cost
gross margin
underbought
EOM (in terms of invoice)
cost of goods
5. $ RETAIL X (100 - GM %) / 100
Gross margin %
Unit pricing
Dividing Fractions
$ COST
6. What happens when your expenses - etc. are higher than your sales
loss
Sales per Transaction
Liquidity
20%
7. A/b - c/b = a-c/b
Discounting Formula
Cost
Subtracting Fractions
70%
8. Formula: GM = NS - COG; GM$ = NS$ X GM%
$ Cost
20%
gross margin
Extremes
9. Outside numbers in a ratio.
GMROI
Subtracting Fractions
Extremes
Stock to Sales Ratio
10. Commissions - fees for service - merchandise sales - rental income - royalties
60
types of incomes
Quick Ratio
Retail
11. Inside numbers in a ratio.
gross margin
Means
The sum of a Geometric Progression
80/100
12. S=X(1+r1)^y(1+r
Compound interest formula with changing rates
To decrease a number by a given percentage - e.g. decrease 16 by 25%
25
increase=debit
13. Convert 56% to a decimal
.56
125%
gross sales
$ Markdown
14. 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
increase=credit
$ COST
steps in strategic planning
15. cost of an item expressed per unit of measure or count.
25%
Unit pricing
Mark Up %
types of incomes
16. $ Cost/ (100%-markup%)
$ Retail
The sum of a Geometric Progression
Margin %
DOI
17. The average car will lose _% of its value in the first 4 years.
Gross margin %
ROG
16-18
60
18. When sales plans are underestimated and the stock purchases result in a low inventory
$6 -655.50
14/100
underbought
Adding Fractions
19. The wholesale cost of an item (cost of goods - or COG)
62%
Cost
The sum of a Geometric Progression
netprice with a 25/10/10 series discount
20. The average car payment is $_ per month for _ months.
378 63
shortage
With cash discounts and calculating net price - when to add freight
profit
21. Net Sales for period/ Avg Stock for period
EOM (in terms of invoice)
Turnover
Sales per Transaction
2.5% per month
22. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
cost of goods sold formula (COGS)
Average Collection Turnover
Turnover
physical inventory
23. 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
Stock to Sales Ratio
book value
when multiplying numbers that contain decimals:
EOM (in terms of invoice)
24. A form of closed-end credit used for purchasing durable goods such as cars
Current Assets
installment loan
to determine equivalent single discount rate for 25/10/10 series discount
60
25. Turning assets into cash.
Liquidity of Assets
Mark Up %
EOM (in terms of invoice)
netprice with a 25/10/10 series discount
26. Gross Margin/ Average Inventory Cost
Average Daily Sales
36%
FOB destination
GMROI
27. Original retail price - Lower retail price
70%
With cash discounts and calculating net price - when to add freight
.56
$ Markdown
28. If freight is to be paid by the seller - the shipping terms are...
Subtracting Fractions
Stock to Sales Ratio
types of liabilities
FOB destination
29. What does percent mean?
per hundred
overbought
GMROI
types of liabilities
30. 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
types of expenses
OTB (retail)
book value
Subtracting Fractions
31. A team won 16 games and lost 9 games. What percent of games did the team lose?
improper
36%
Proportion
Break Even Point
32. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
50/100
62%
Proportion
With cash discounts and calculating net price - when to add freight
33. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
Break Even Point Formula
Turnover
1.304
ROG
34. Assets - cost of goods sold - expenses
$ Retail
increase=debit
Mark Up %
cost of goods sold formula (COGS)
35. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Gross margin %
per hundred
2.5% per month
COD
36. 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?
ROG
70%
Current Assets
$252
37. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
Sell Thru %
36%
overbought
Cost
38. Net Sales / Average Retail Value of Inventory
stock turn
cost of goods
Gross margin dollars
Inventory Turnover Rate
39. You should never take out more than a _ year mortgage.
15
profit
$2 -127.66
1.304
40. X=S*[1/(1+r)^n] Where: S=the sum to be received after n time periods X=the present value of that sum r=the rate of return (as a proportion) n=the number of time periods - r - rate - is sometimes called cost of capital
shortage
Turnover
Discounting Formula
percent
41. Overage$ = book$ - physical count$; overage% = overage$/NS$
Retail
60
Current Ratio
overages
42. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
percent decrease
operating expenses
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Gross Margin Return On Inventory Investment (GMROII)
43. What happens when your sales are higher than your expenses - etc.
.56
profit
588 mph
Margin %
44. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
16-18
Markdown %
operating expenses
book value
45. total annual sales/365
$ Markdown
60
Average Daily Sales
shortage
46. What is the product of 3.26 and 0.4?
1.304
50/100
Extremes
income statement
47. ($ Retail x 100 / COST) - 100
Mark Up %
Average Collection Turnover
15
$ Cost
48. Convert 3 to a percent
50/100
profit and loss statement
90.9%
3%
49. GMROII = GM% x (Sales / Average Value of Inventory)
Gross margin dollars
16-18
Gross Margin Return On Inventory Investment (GMROII)
Simple interest formula
50. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
increase=debit
Markup
60
netprice with a 25/10/10 series discount