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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. The wholesale cost of an item (cost of goods - or COG)
Mark Up %
Break Even Point Formula
$2 -127.66
Cost
2. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
improper
$ Retail
transportation
3. cost of an item expressed per unit of measure or count.
profit
Turnover
Current Ratio
Unit pricing
4. Direct labor - factory overhead - merchandise inventory - packaging - raw material
costs of goods sold
percent
Break Even Point 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?
5. Inside numbers in a ratio.
60
$ COST
Means
net sales
6. Net Sales / Average Retail Value of Inventory
378 63
Liquidity of Assets
Inventory Turnover Rate
Multiplying Fractions
7. 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
$ Retail
Multiplying Fractions
Compound interest formula with changing rates
steps in strategic planning
8. What happens when your sales are higher than your expenses - etc.
profit
overages
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?
9. Assets - cost of goods sold - expenses
percent
physical inventory
increase=debit
stock turn
10. Amount decrease (Original - New) / Original amount = decimal= convert to %
profit and loss statement
Current Assets
percent decrease
Extremes
11. Convert 50% to a fraction
50/100
Liquidity of Assets
125%
$ Retail
12. Formula: GM = NS - COG; GM$ = NS$ X GM%
20%
Break Even Point Formula
gross margin
loss
13. Units Sold/ (Units Sold + On Hand Inventory)
COD
Sell Thru %
78
underbought
14. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
Subtracting Fractions
Effective annual rate of interest formula
$ Retail
.56
15. 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%
Internal Rate of Return
2.5% per month
gross sales
$2 -127.66
16. If freight is to be paid by the seller - the shipping terms are...
physical inventory
Quick Ratio
FOB destination
loss
17. A/b - c/b = a-c/b
$252
Discounting Formula
14/100
Subtracting Fractions
18. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
To decrease a number by a given percentage - e.g. decrease 16 by 25%
With cash discounts and calculating net price - when to add freight
percent
increase=credit
19. A form of closed-end credit used for purchasing durable goods such as cars
Of what number 16 is a 25% increase
$2 -127.66
installment loan
Extremes
20. A/b + c/b = (a+c)/b
Break Even Point
operating expenses
Adding Fractions
Gross margin dollars
21. Convert 70/100 to a percent
70%
Multiplying Fractions
125%
gross sales
22. Convert 20 to a percent
15
Simple interest formula
Proportion
20%
23. Convert 3 to a percent
GMROI
Margin %
3%
types of incomes
24. Convert 80% to a fraction
80/100
To decrease a number by a given percentage - e.g. decrease 16 by 25%
cost of goods sold formula (COGS)
OTB (retail)
25. Advertising - bad debt expense - conributions and donations - depreciation - educational expense - insurance - interest expense - licenses - office supplies - postage - rent - repairs - salaries and wages - supplies - taxes - travel and transportatio
types of expenses
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Gross Margin Return On Inventory Investment (GMROII)
improper
26. A^m/a^n = a^(m-n)
When Dividing With Exponents
Markup
Adding Fractions
To decrease a number by a given percentage - e.g. decrease 16 by 25%
27. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
net sales
Gross margin %
Liquidity of Assets
overbought
28. Net Sales for period/ Avg Stock for period
Internal Rate of Return
Turnover
Retail
OTB (retail)
29. Sales - cost of goods sold
1.304
income statement
improper
Gross margin dollars
30. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
Mark Up %
profit
OTB (retail)
31. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
Margin %
Sales per Transaction
Markdown %
.56
32. Turning assets into cash.
Liquidity of Assets
Quick Ratio
$ COST
loss
33. total fixed costs/ selling price-variable cost
$ Retail
To increase a number by a given percentage - e.g. increase 16 by 25%
Break Even Point Formula
Current Assets
34. A/b
Dividing Fractions
588 mph
62%
DOI
35. Convert .62 to a percent
20%
transportation
netprice with a 25/10/10 series discount
62%
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)
378 63
Unit pricing
.56
Simple interest formula
37. Divide the result by 1+the increase proportion eg) X=16/(1+0.25) = 12.8 - 16 is a 25% increase over 12.8
Of what number 16 is a 25% increase
Dividing Fractions
Liquidity
14/100
38. $ Cost x (100 + Mark-up %) / 100
Simple interest formula
increase=debit
COD
$ Retail
39. Convert 70% to a decimal
Current Assets
70%
types of assets
.7
40. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
Liquidity of Assets
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Break Even Point
70%
41. ($ Retail x 100 / COST) - 100
stock turn
Gross margin %
Mark Up %
Sales per Transaction
42. What is the product of 3.26 and 0.4?
Proportion
Sell Thru %
1.304
80/100
43. cash + receivables/ current liabilities.
Current Ratio
Quick Ratio
steps in strategic planning
41%
44. 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)
When Dividing With Exponents
Internal Rate of Return
when multiplying numbers that contain decimals:
Break Even Point Formula
45. What happens when your expenses - etc. are higher than your sales
types of assets
underbought
14/100
loss
46. A/b
50/100
Multiplying Fractions
cost of goods
increase=credit
47. Convert 41/100 to a percent
41%
$6 -655.50
overages
70%
48. Convert .4 to a percent
4%
steps in strategic planning
percent decrease
With cash discounts and calculating net price - when to add freight
49. 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
increase=credit
profit and loss statement
Markdown %
15
50. % of 90 days same as cash convert to payments.
steps in strategic planning
78
14/100
4%
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